Friendly foreclosing

A recent distressed deal takes advantage of a little-used foreclosure method. By Aaron Lovell.

New York-based distressed investor Monomoy Capital Partners acquired Barjan Products earlier this month in an interesting, if little used, transaction called a “friendly foreclosure.”

The business, Barjan Products, is a distributor of consumer products to travel centres, truck stops and convenience stores throughout the US, and was acquired in early January for $20 million (€16 million) in cash and debt.

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