HALO Branded Solutions Completes Acquisition of Newton Manufacturing Company
HALO Branded Solutions, Sterling, Ill., announced the completion of its purchase of the business assets of Newton Manufacturing Company, a century-old promotional products distributor based in Newton, Iowa. Newton Manufacturing Company filed for Chapter 11 Bankruptcy protection in the U.S. Bankruptcy Court in Des Moines, Iowa on May 31, 2015. HALO Branded Solutions provided debtor-in-possession financing to Newton Manufacturing Company to fund the Chapter 11 proceeding.
“We are thrilled to be joining forces with the Newton sales professionals,” Marc Simon, CEO of HALO Branded Solutions, said. “And, we are pleased that we were able to retain key, experienced Newton staff in our new Newton, Iowa permanent office to help HALO grow our new account executives’ businesses for many years to come.
“We have additionally announced details of the Newton Supplier Recovery Program to Newton trade creditors, whereby we will be voluntarily compensating Newton’s suppliers with pre-Chapter 11 debt over the next two years based on the sales performance of those Newton account executives that transition to HALO,” Simon added. “Each of these three endeavors—helping sales professionals grow their business, providing career opportunities for highly skilled staff, and working closely with our valued suppliers—reflect the value we have for those key groups aligned with our success.”