POMPANO BEACH, Fla., Nov. 2 (UPI) -- A Sun Capital Partners affiliate has acquired substantially all of Point Blank Solutions' operating assets through a U.S. 363 bankruptcy sale.
The sale was approved Oct. 28 by the U.S. Bankruptcy Court in Delaware, Point Blank said.
Sun Capital, a private investment firm, specializes in leveraged buyouts and investments in market-leading companies.
Point Blank Solutions Inc., through subsidiaries Point Blank Body Armor and PACA Body Armor, manufacturers and markets protective technologies, such as bullet, fragmentation and stab-resistant apparel and related ballistic accessories.
"A new chapter in our corporate evolution has begun and we can now focus fully on executing our strategy and exceeding the expectations of our customers," Point Blank Chief Executive Officer James Henderson said.
"I am proud of the collective efforts of the Point Blank team. We have all worked diligently to move our business forward through this reorganization process.
"We are especially pleased to have the support of Sun Capital, given their strong track record, their understanding of our industry, and their commitment to growing our business."
Sun Capital Vice President Brian McGee said that "with Protective Products Enterprises, Paraclete, and now Point Blank Body Armor and PACA Body Armor, Sun Capital is proud to own some of the most trusted brands in the industry.
"These companies have great potential, offer unique and differentiated products and are privileged to serve some of the world's most important customers."
