Ravinia Capital LLC (“Ravinia”), a Chicago-based investment bank focused on sell-side M&A for middle market companies, is pleased to announce the sale of Perfect Brow Art, Inc. et al. (d/b/aBrow Art 23) through a Chapter 11 Section 363 sale process. The transaction closed in lateSeptember 2019.
Due in part to declining foot traffic in shopping malls, higher rents and increased labor costs, Brow Art 23 (“BA23”) and its affiliated companies filed for Chapter 11 bankruptcy in late January 2019. At the time of filing the company had a total of 187 company-owned and franchised stores located across the United States.
Once the Bankruptcy Court approved its retention, Ravinia worked quickly to launch a full-scale sales process, and marketed BA23 to various private equity firms and strategic buyers. Working closely with BA23’s other professional advisors, Ravinia was able to identify a Stalking HorseBidder, negotiate bid documents, and then bring additional prospective buyers to the auction. Upon closing the company was preserved as a going concern, helping save jobs and positioning BA23 for future growth.