News

Traxi Serves as Exclusive Investment Banker and Bankruptcy Advisor for World’s Largest Wrought Iron Furniture Manufacturer

Prominent Advisory Firm Announces Completion of $7.5 Million Disposition

October 1, 2009


Traxi, LLC, a national full-service advisory firm, acted as the exclusive investment banker to Meadowcraft, Inc. (the Debtor), the world’s largest manufacturer of wrought iron furniture, in the $7.5 million bankruptcy sale of the company’s metal and cushion divisions. Meadowcraft’s wrought iron manufacturing division in Wadley, AL was acquired by Southern Patio of Atlanta, GA for $4.0 million, under Section 363 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The transaction closed in September 2009. This sale comes on the heels of the disposition of the company’s cushion “cut & sew” facility located in Selma, AL to Home Casual, LLC for $3.5 million. Both sale orders were signed by Bankruptcy Judge Brendan L. Shannon.
“We are delighted to have arranged and executed this sale, especially given the challenging environments for financing and manufacturing,” said Anthony J. Pacchia, Traxi’s CEO who advised Meadowcraft along with Traxi team members Kelly Stapleton and Richard Saltzman. “The successful sale of the Wadley, AL manufacturing plant gives hope to countless workers in the area, who were dependent on the jobs generated by Meadowcraft.”
Following Meadowcraft’s Chapter 11 bankruptcy protection filling, Traxi was retained by the Debtor to explore strategic alternatives for the company. Meadowcraft is a leading manufacturer of wrought iron outdoor furniture, cushions and umbrellas, as well as garden products. Its customers included all of the major “big box” retailers, such as Home Depot, Target and Sam’s Club and a network of approximately 1,500 specialty retailers. Its brand names include, Meadowcraft, Visions by MWI, Plantation Brands, Arlington House, Salterini and Tommy Bahama Home.
Southern Patio, the buyer of Meadowcraft’s metal division, designs and manufactures lawn and garden products and other accessories. This acquisition provides the company with the ability to further its brand offerings.
 
Traxi is a premier advisory firm providing comprehensive, practical, and streamlined solutions to complex business situations. As experts in assisting clients with a high degree of financial, operational and situational challenges, the firm offers specialized services in corporate restructuring, advisory, finance, asset recovery, portfolio management, dispute and forensic analysis, and fiduciary positions. Traxi has assisted organizations operating in nearly every industry, including many of the nation's Fortune 500 companies, financial institutions, and government agencies.
In addition to Traxi, the following firms were involved in the transactions:
• Getzler Henrich & Associates, LLC
• Drinker Biddle and Reath LLP
• Lowenstein Sandler PC
• Monzack Mersky McLaughlin and Browder, P.A
• BDO Seidman LLP
• Otterbourg, Steindler, Houston & Rosen, P.C.

About Traxi LLC
Traxi, LLC, is a premier national full-service restructuring and workout advisory firm. The only company to offer comprehensive advisory services – including investment banking, restructuring, management and transactional expertise – Traxi is recognized for its ability to provide innovative, tailored solutions, crafted by a deep roster of senior, experienced banking, legal, accounting and management professionals.