NEW YORK, Dec. 16, 2011 – The M&A Advisor announced the winners of the 10th Annual M&A Advisor Awards on Tuesday, December 13. The out-of-court restructuring of PlayPower, Inc. was honored with a 2011 M&A Advisor Award for excellence. The team was recognized in the award category “Industrial Manufacturing/Distribution Deal of the Year ($250 Million and over).”
PlayPower, the world’s largest, fully integrated manufacturer of commercial playground equipment and floating dock systems, completed a restructuring transaction with its lenders in June 2011 to extend maturities and eliminate approximately $145 million of debt. In connection with the restructuring, the Company received $45 million in new capital from Apollo Investment Corporation (“Apollo”). As a result of the transaction, Apollo acquired 100% of PlayPower. In addition, certain lenders provided a new working capital facility.
Mackinac Partners, LLC and Miller Buckfire & Co., LLC served as financial advisors to PlayPower and Willkie Farr & Gallagher LLP served as legal counsel to PlayPower. Wachtell, Lipton, Rosen & Katz LLP served as legal counsel to Apollo.
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