An equity partnership between Lyon Capital Partners LLC and Revere Finance has acquired nearly all the assets of Lyon Workspace Products LLC and its affiliates. The newly-formed Lyon Capital Partners, formerly Echelon Capital, owns several other metal fabrication companies.
Founded in 1901, Lyon is a manufacturer of lockers, industrial storage and workplace products with three manufacturing facilities and four regional distribution centers.
Lyon Workspace Products, formerly Lyon Metallic and then Lyon Metal, began as a manufacturer of sheet metal products. Now, Lyon is considered a “leading manufacturer and supplier of top quality lockers, industrial storage and workspace products,” according to its website.
The acquisition is good news for the nearly 450 workers at Lyon Workspace.
Last Jan. 19, Lyon filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code, and after 110 days, the business was sold to the joint venture in an auction, the Beacon-News of Aurora, Il. reported. Under the new name Lyon Capital Partners, LLC, the company has a “nice mix” of related companies, company officials said.
Lyon Workspace will remain headquartered in Montgomery, Il. Lyon Capital Partners will have its headquarters in Chicago.
The new business will be led by Gene Berg, who has led a number of successful turnarounds in the last 25 years, and before founding Echelon Capital, served in various executive positions including president of Bergstrom Inc., a leading global manufacturer to the commercial vehicle industry, the Beacon-News said..