In February 2010, Delaware Machinery entered a general receivership established by the Delaware County Circuit Court in the State of Indiana. Following a substantive marketing process, the receiver executed an asset purchase agreement on November 5, 2010 with an affiliate of Revstone Industries (the “Stalking Horse”), and a sale procedures order was approved by the Court, setting an auction date of December 2, 2010. At the auction, the Stalking Horse was outbid by Delaware Dynamics, a special purpose entity affiliated with DTM Company. It was determined by the receiver that the bid from DTM Company was the highest and best proposal. Subsequently, the receiver and DTM Company entered into a definitive purchase agreement whereby DTM Company would acquire essentially all of the operating assets of Delaware Machinery. On December 3, 2010, the Delaware County Circuit Court approved the sale transaction, which was completed on December 14, 2010.
DELAWARE MACHINERY & TOOL COMPANY, INC.
Delaware Machinery & Tool Company, Inc. (“Delaware Machinery” or the “Company”) founded in 1938 and based in Muncie, IN, is a leader in the full service design, engineering, manufacturing, testing and sampling of highly complex tools utilized to manufacture die cast components for the automotive, defense, medical and other industrial markets.
DAN T. MOORE COMPANY, INC.
Dan T. Moore Company, Inc. (“DTM Company”) founded in 1969 and based in Cleveland, OH, is an R&D and acquisition entity and business incubator starting one new business per year based upon internally generated technology. The company actively manages the other companies in the portfolio and oversees 28 non-controlling private equity investments.