Cerberus Capital Management Acquires Bankrupt Corvest
Corvest Promotional Products, Largo, Fla., the parent company of Adva-Lite, Toppers and It’s All Greek To Me, has been acquired by a subsidiary of Cerberus Capital Management. The deal will enable Corvest, which is currently operating under federal bankruptcy protection, to emerge from Chapter 11 on firm financial footing, according to company personnel.
Mark Holland, Corvest vice president of marketing, said: “This is truly an exciting event for all of us. Cerberus is a first-class operation with a reputation for innovative thinking and inter-company collaboration. We believe this mindset, combined with the new capital structure, positions all the Corvest brands for an extremely successful future.”
The three Corvest subsidiaries will continue to be run as independent lines.
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