Brimfield, OH – Hess Print Solutions and its subsidiaries (HPS), a provider of accountable print performance solutions and other value-added services for catalogs, books, publications and educational printed products, announced today that HPS has entered into an agreement to sell substantially all of its assets to an affiliate of Bang Printing.
The decision to sell to Bang Printing followed an extensive process of reviewing various strategic opportunities for HPS that was aimed at ensuring it will remain a viable long-term business partner for customers, vendors and employees. This sale will allow HPS and Bang Printing to combine their existing capabilities and provide customers with a more diversified suite of products and services.
“The strategic decision to pursue a financial restructuring through a sale will allow us to proactively and quickly improve our financial position and ensure we have the resources to meet the needs of our clients, suppliers, employees and other business partners going forward" said Jerry Haywood, interim CEO of HPS.
Bang Printing has over 100 years of experience in the book and commercial printing industry. Bang Printing, which has its corporate offices in Brainerd, MN, offers complete printing, binding and fulfillment services at a competitive price. Bang Printing has facilities in both Minnesota and California.
“Bang Printing is excited to announce this opportunity to acquire Hess Print Solutions. The combination of Bang Printing’s extensive product line and the strong reputation of HPS will allow us to offer our customers one-stop solutions to their print and marketing needs,” said Chris Kurtzman, President and CEO of Bang Printing.
To facilitate the sale of assets, HPS has commenced a prepackaged voluntary Chapter 11 proceeding in the United States Bankruptcy Court for the District of Delaware. HPS has obtained debtor-in-possession financing with certain of its existing secured lenders, which, along with the company’s cash flow, is expected to provide the working capital necessary to meet its ongoing obligations while the company pursues approval of the sale.
HPS has filed a number of motions with the Court requesting authority to keep the business operating as usual. The immediate relief being requested includes a request to pay all wages, salaries and commissions, as well as honor the employee benefits programs, and to continue existing customer programs.
After the sale is approved by the Bankruptcy Court and consummated, HPS will work with the purchaser to address the structure of the combined organization, with the primary objective to continue to provide superior product, service and technology offerings in a cost-effective way.