Big Erics Inc. to field interest in investment opportunities or sale through formal process
ST. JOHN'S, NL, Oct. 26, 2023 /CNW/ - Big Erics Inc., the almost 80-year-old hospitality, sanitation, and janitorial commercial distribution and sales organization, with strong roots in Newfoundland and more broadly based in the Atlantic Region of Canada, obtained an order from the Supreme Court of Newfoundland and Labrador on September 29th, 2023, approving the implementation of a Sale and Investment Solicitation Process ("SISP") to be conducted by a SISP advisor, accounting firm Noseworthy Chapman.
This is an opportunity for potential investors and purchasers to invest or acquire interests in a historic company with turnkey operations and a proven track record for strong topline performance and brand recognition in Atlantic Canada.
The SlSP is intended to solicit interest in, and opportunities for: (i) an investment in, restructuring, recapitalization, refinancing, or other form of reorganization of BEI or its Business; and (ii) one or more sales or partial sales of all, substantially all, or certain portions of the Business.
The key SISP milestones and timeline is as follows (subject to change):
- December 8, 2023: Phase 1 deadline to deliver non-binding letters of intent
- February 16, 2024: Phase 2 deadline to deliver definitive offers by Phase 2 Qualified Bidders
- April 1, 2024: Deadline to seek Court approval of a successful offer
The Company has commenced Companies' Creditors Arrangement Act ("CCAA") proceedings. Copies of the SISP procedures, SISP NDA in the Court approved form, and various other documents related to the CCAA proceedings can be accessed at the Court-appointed Monitor's website: www.GrantThornton.ca/BigErics
Parties wishing to participate in the SISP process will need to execute the Court-approved Non-Disclosure Agreement ("NDA") as found on the Grant Thornton website and deliver it to the SISP Advisor by email at BigErics@nccpas.ca.
All inquiries related to the SISP process only should be directed to: David Howe, FCPA, FCA and Jeanette Wade, CPA, CA, CBV via email: BigErics@nccpas.ca
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Big Erics Inc. is a leading provider of end-to-end products in the commercial kitchen equipment, sanitation, janitorial, concessions/convenience equipment, consumable foods, and cleaning products to commercial B2B and residential B2C customers across Canada. Big Erics at Home, a store-within-a-store, welcomes home chefs and home entertainers to shop the quality-centric offering of residential small appliances, gadgets, cooking, cleaning, and entertaining wares at reasonable prices.
Big Erics started with humble roots as Sani Pro, in Newfoundland and Labrador in 1945, and then grew throughout the Atlantic as many family operations were combined, over the last 18 years, becoming an industry leader throughout Atlantic Canada. Now Big Erics has evolved further and is a household name to many, both within and beyond the Atlantic region, through its e-store bigerics.com.
Boasting a strong history in business of 78 years, a wide product offering, and a skilled projects team have Big Erics positioned to deliver to satisfy customers everyday needs as well as executing on commercial installation projects across Canada and into the US. Big Erics has two brick and mortar retail stores in both Dartmouth, NS and St. John's, NL, as well as a large distribution warehouse boasting 60,000 cubic feet of space housing over 50,000 products ready for same and next-day delivery service in the Atlantic Region.
To see newswire Press Release see: https://bit.ly/BEIPRCNWSISP