Updated on July 19, 2019
As reported earlier by Ag Equipment Intelligence, Unverferth Mfg. announced its intent to acquire Thurston Mfg.'s line of Blu-Jet agricultural equipment.
The most recent bankruptcy petition released earlier this week shows the selling price came in at $7,560,000, plus inventory. The purchase is expected to close by Aug. 2, 2019, and no later than Aug. 21, 2019.
Timothy Meyer of Equity Advisors, Barrington Hills, Ill., is providing the marketing services to dispose of the Thurston assets. Meyer indicates Unverferth Mfg. emerged from a pool of 33 potential buyers to obtain the greatest value of the sale.
Earlier this year, Thurston filed for Chapter 11 bankruptcy with assets estimated at $8,913,350 and liabilities of $9,485,519. The two largest creditors were BizCapital Bidco with $3,300,000 in claims and Crestmark Bank with $1,600,000 in claims.
Sales for Thurston were $13,902,374 for the period between Oct.1, 2017 and Sept. 30, 2018.