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The Truelink Capital acquisition, which closed Nov. 30, comes after a period of instability for Ansira. Written by independent director Steven Panagos to Ansira's "Limited Partners," the letter explained the reasons for the sale came down to money problems.Ugh.... maybe it's just time to find a new vendor. Truthfully, the only reason I haven't is that I have a phenomenal rep.
"For some time now, Ansira has been under financial stress," Panagos wrote, noting that Ansira "started to fail to meet certain covenant obligations to its lenders" going back to August 2022. Panagos said he was appointed as an independent director Oct. 13, 2022, to help identify strategic alternatives for Ansira "in light of these defaults and the difficult circumstances facing Ansira."
The firm was sold at a "significant discount" vs. what it owes lenders, Panagos wrote, adding that dozens of potential investors were considered before Truelink's offer was determined to be "the best deal available to maximize value for Ansira's stakeholders and represent the best strategic alternative."
The sale agreement takes steps to reduce Ansira's debt, avoid liquidation, unload unused office space, "preserve hundreds of jobs and continue to serve its clients," the letter said.
https://www.autonews.com/marketing/ansira-acquired-private-equity-firm-truelink-capital