Wolverine Corporation is a Massachusetts based manufacturer of industrial ovens and food processing equipment serving customers worldwide. The control shares of the company were held by a bankrupt parent company operating under Chapter 7 of the United States Bankruptcy Court for the District of Massachusetts. CRP, on the behalf of the bankruptcy trustee marketed the estates control stake in Wolverine as well as certain minority shareholder shares in a broad effort resulting ultimately in an open courtroom bidding procedure. The shares were sold to the successful bidder, a Boston based private equity firm that paid a significant premium for the company. The proceeds of the sale fully satisfied all of the estate's debt, providing a distribution to the equity holders of the bankrupt estate.

© 2020 by Capital Research Partners and Co.