JD Merit Advises Apex Linen Service on Chapter 11 §363 Sale

LAS VEGAS - Nov. 25, 2020 - PRLog -- Founded in 2010 by long-established industry experts, Apex Linen is a provider of dry cleaning and laundry services to the hotel and gaming industry in the Las Vegas metropolitan area. Apex Linen maintains a reputation for providing the highest quality commercial laundry services in the region and services many of the largest hotels on the Las Vegas strip.

Apex Linen's bankruptcy was the result of the disruption the coronavirus pandemic created in the Hotel Casino and travel business. Apex Linen noted that the sharp decline in tourism and the closure of Las Vegas hotels and casinos for such a prolonged period caused a significant drop in demand for the laundering of bed linens, towels, employee uniforms, and for guest dry cleaning. As a result, Apex Linen undertook a sale of its assets to satisfy its creditors, allowing Apex to emerge once again as a leader in the LV market for these services.

Phillip Cooper, a Managing Director of JD Merit, stated, "Like many companies operating in the hospitality space, Apex Linen was heavily impacted by COVID-19. Having worked with Apex and understanding the space well, we understood uniquely that we had a great company, well-positioned in its industry, that simply experienced a temporary halt to its operations. Given the time limits of a §363-bankruptcy sale we aggressively marketed the company and ran a robust sale process in a very short timeframe that included both strategic and financial buyers and generated significant interest from a number of these firms. We believe our view of Apex Linen is shared by the company's lenders who submitted their own bid and ultimately prevailed in the purchase of the company's assets."

Craig Dickens, CEO of JD Merit, adds, "Our restructuring team, led by Phillip Cooper, did an outstanding job of demonstrating a deep understanding of the company and its position in the market as a valuable asset to be saved through reorganization versus liquidation. Phillip secured an outcome that respected all stakeholders' positions in the process."

About JD Merit
JD Merit is a leading Boutique Investment Bank focused on serving middle-market companies. JD Merit executes sell-side M&A, buy-side M&A, and capital advisory services with specific emphasis on the technology, software, consumer, telecom/ wireless, and manufacturing sectors. In addition, JD Merit Securities offers other Investment banking services such as debt and equity capital raises, restructuring advisory services, business valuations, and project financing. JD Merit Securities, member FINRA / SIPC, is a full-service Broker-Dealer licensed in 50 states.

Learn More about JD Merit Restructuring Practice
http://www.jdmerit.com/services/strategic-advisory/restru...