Wind Point portfolio company files for Chapter 11 again

Taylor-Wharton International, a portfolio company of Illinois’ Wind Point Partners, has filed for Chapter 11 bankruptcy protection for the second time.

On 7 October chief restructuring officer Thomas Doherty submitted an application for voluntary bankruptcy to the US Bankruptcy Court for the District of Delaware. Doherty, who is managing director at Massachusetts financial advisory firm Argus Management, did not respond to requests for comment.

Wind Point acquired the Minnesota industrial gas storage product manufacturer from New Jersey’s Harsco in 2007 through a deal reportedly valued around $300 million. 

The company filed for Chapter 11 protection in November 2009. 

As part of the company’s reorganisation in 2010, Wind Point Partners VI, a 2005 vintage $715 million fund, invested new equity into the business. The restructuring also included mezzanine financing from Carlyle Group, with the investors providing $12 million in payment-in-kind debt financing, according to court filings.

The latest petition noted that Taylor-Wharton’s revenues were undercut as a result of the 2008 financial crisis, and that it was unable to become profitable over the last seven years.

Taylor Wharton employs 164 workers in the US that make equipment such as both small and large metal containers designed to store and transport industrial gases from manufacturing facilities in Alabama to China, Malaysia and Slovakia. 

According to its Chapter 11 filing, the company has received a bid from Haier Medical and Laboratory Products USA to acquire part of its business for $24 million. 

Wind Point is reportedly fundraising for its eighth vehicle, seeking to raise between $800 million to $900 million. The firm did not respond to requests for comment.

Wind Point is focused on investing $30 million to $150 million in businesses with enterprise values ranging from $100 million to $500 million, according to its website. The firm raised $915 million for its 2009 vintage seventh fund.

Taylor-Wharton did not return calls seeking comment.