Crossroads Capital Makes 1st Acquisition
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NEWPORT BEACH — Crossroads Capital Partners LLC, founded last August to invest in distressed businesses, has announced its first acquisition, a bankrupt Texas manufacturer of medical and electronic products and components.
The Newport Beach firm was founded by former Price Waterhouse corporate recovery expert Dennis I. Simon and other turnaround specialists. They plan to take over management of the companies and return them to profitability and possibly target similar types of firms that can be rolled together into a larger venture. Institutional investors have pledged more than $200 million in capital for investment by Crossroads.
The acquisition of C-Power Products Inc. of Rockwell, Texas, which entered Chapter 11 reorganization proceedings in December 1996, is expected to be completed by Friday. Terms were not disclosed.
The firm’s largest customers are Abbott Laboratories and Texas Instruments.
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