Post by **GRUMPY** on Mar 2, 2012 8:48:02 GMT -5
Feb.29,2012
Barjan LLC's brand names and related inventory were sold Wednesday to Pennsylvania-headquartered DAS Inc.
The sale was announced by both DAS and TSC Global, Barjan's parent company. The TSC news release said PNC Bank, Barjan's senior lender, completed the sale to DAS on Wednesday. Sold assets included the company's Astatic, Francis and Wilson brands.
"This sale assists Barjan, LLC, with its ongoing restructuring process," the release stated.
Attempts Wednesday to find out what the sale means to the Rock Island TSC Global facility, formerly known as Barjan, were unsuccessful. A contact on the news release from Charlotte, N.C.-based TSC Global did not respond to requests for comment. Neither did a contact on a DAS Inc. news release.
The sale of the names and assets is but the latest development in a complex series of transactions that began when Pfingsten Partners, then the owner of Rock Island-based Barjan, sold the company in 2006 to Monomoy Capital Partners, a New York-based private equity firm.
In 2010, Monomoy sold a controlling interest in Barjan to TSC Group, which rebranded itself as TSC Global in March 2011. Later that year, TSC Global began laying off employees, including 380 in Rock Island and 120 in North Carolina, according to an employee lawsuit filed this year.
In February, TSC and 10 of its affiliates filed Chapter 11 bankruptcy petitions in February. Barjan, LLC was not among those filing.
The release announcing the sale of the Barjan brands says Barjan believes the sale and the reduction of debt owed PNC Bank will facilitate PNC's continued support and funding for the company's restructuring process.
Barjan will continue to focus on Mistic, its e-cigarette, which the company believes will continue to grow and gain market share, according to the release.
"With support from its secured lenders and loyal customers, Barjan and TSC Global believe their reorganization efforts will be successful and benefit their creditors and customers," the release states.
In a news release, the Palmyra, Pa.-based DAS Inc. said the brands they bought "have served professional drivers and CB enthusiasts across North America with popular antennas, radio microphones, and CB accessories." DAS is "transitioning existing inventories, manufacturing equipment, and brand ownership to facilitate an effective transition for active customers," the release states.
DAS described itself as a privately held manufacturer, importer and distributor of automotive accessories, travel-related products and consumer electronics.
"Like our recent RoadKing acquisition, today we amplify our brand investments in our markets," DAS president/CEO Mike Abel said in the release.
The TSC Global release describes TSC Global and Barjan as leading companies in the sales, marketing and distribution of consumer brand products to America's top retailers, travel centers and convenience stores.
Founded in 1962 by Orion native "Buzz" Moore, Barjan distributed more than 8,000 products to truck stops and travel centers around the nation.
