Control Buyout – 363 Bankruptcy Sale
International Wholesale Tile (the “Company”), based in Palm City, FL, is a value-added reseller of ceramic floor and wall covering products to the new construction and remodeling industries. The Company, under the housing downturn pressures and previous expansion efforts, was forced to file for protection under chapter 11. An entity formed by Ausable principals was the successful “Stalking Horse” bidder and immediately implemented an operating plan to retrench the expansion and focus on its core market. In addition, excess inventory was reduced and sold off, new systems were installed to deal with ongoing inventory and waste challenges. Operating efforts produced positive cash flow within the first year of ownership, notwithstanding the difficult housing and remodeling market the Company faced in 2008 and 2009.