An investment firm is offering $26 million to take over an Indiana company that supplied limestone to the Empire State Building, the Pentagon and other iconic buildings.
A bankruptcy court auction for Indiana Limestone Co. that had been set for Monday was called off after a subsidiary of suburban Chicago firm Wynnchurch Capital was the only party that expressed interest in bidding, The Herald Times of Bloomington reported.
The subsidiary, known as Indiana Commercial Finance, is now in line to buy the limestone company's assets.
Indiana Limestone filed for bankruptcy protection in February and notified state officials it would lay off 166 workers from its Bloomington operations and Oolitic headquarters.
Indiana Finance was approved in March as the stalking-horse, or lead, bidder for Monday's auction. It was expected to set the minimum price for other potential buyers to beat, but no other bidders turned out. Indiana Finance is making a credit bid, offering to forgive debt, instead of putting up cash.
Indiana Limestone president Duffe Elkins said the business is expected to reopen and rehire workers after the new ownership takes charge.
ILC is the largest limestone quarry company and fabricator in North America, according to its website. Over the years it has supplied limestone for the construction of numerous landmark buildings, including the National Cathedral and 35 state capitol buildings.
Resilience Capital Partners, a private equity firm based in Cleveland, acquired ILC from Columbus-based Johnson Ventures in 2010 for an undisclosed amount.
Resilience merged the company with Victor Oolitic Stone Co., which it acquired in 2009. The company has struggled with debt since the merger and owes creditors tens of millions of dollars.