Harper Brush sale nets $3.45 million for assets
The assets of Fairfield’s Harper Brush Works Inc. were bought for $3.45 million by Cequent Consumer Products during an auction Nov. 19.
According to the Bloomberg Briefs dated Nov. 21, “there were six bidders, 22 bids and an ultimate high bid of $3.45 million” from Cequent “for the family-owned brush maker’s assets.”
Cequent of Solon, Ohio, is an auto aftermarket products and accessories company. It is owned by TriMas Corp. of Bloomfield Hills, Mich., a diversified manufacturer of engineered and applied products.
In February, Cequent bought Laitner Brush Company, a niche designer, manufacturer and supplier of cleaning products for the home/hardware, automotive and household products markets. The company in Traverse City, Mich., has made small brushes and brooms since 1855.
The closing date for Cequent’s purchase of Harper’s assets is set for Dec. 4.
The Harper Brush Works buildings and real estate are still held by the banks.
Harper Brush Works, a Fairfield filed for Chapter 11 bankruptcy organization May 29. At the end of July, a U.S. bankruptcy court judge gave Harper 120 days to continue operations and attempt to find a buyer.
The sale and auction process was approved Oct. 30 in U.S. Bankruptcy Court in the Southern District of Iowa, and the auction was held Nov. 19.