10.23.23
Hello Bello , a brand of premium, affordable baby and family care products, announced that it has reached an agreement in principle to be acquired by Hildred Capital Management ("Hildred"), a healthcare-focused private equity firm that seeks opportunities to create value in middle-market companies.
To facilitate the acquisition, Hello Bello and its affiliates have filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware. The Company is seeking approval of the proposed transaction pursuant to section 363 of the United States Bankruptcy Code, which will subject the proposed transaction to higher or otherwise better offers.
Hello Bello's secured lenders are supportive of the transaction and have committed to provide debtor-in-possession financing. The Company anticipates that this financing, as well as cash generated from ongoing operations, will be more than sufficient to fund its business operations through the sale process, which it expects to conclude within the next few months.
"Given macroeconomic trends, including inflation and increased shipping costs, we believe that this course of action is the best path forward to ensure that Hello Bello continues to bring families the highest quality and most environmentally friendly products at affordable prices," says Erica Buxton, CEO of Hello Bello.
Hello Bello has filed a number of customary first-day motions with the Bankruptcy Court seeking authorization to support its operations during the Court-supervised sale process, including the continued payment of employee wages and benefits without interruption and continued payments to key vendors and suppliers for goods and services. The Company expects the Bankruptcy Court to approve these requests, which should minimize the impact of the sale process on Hello Bello's customers, employees, and other key stakeholders.
To facilitate the acquisition, Hello Bello and its affiliates have filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware. The Company is seeking approval of the proposed transaction pursuant to section 363 of the United States Bankruptcy Code, which will subject the proposed transaction to higher or otherwise better offers.
Hello Bello's secured lenders are supportive of the transaction and have committed to provide debtor-in-possession financing. The Company anticipates that this financing, as well as cash generated from ongoing operations, will be more than sufficient to fund its business operations through the sale process, which it expects to conclude within the next few months.
"Given macroeconomic trends, including inflation and increased shipping costs, we believe that this course of action is the best path forward to ensure that Hello Bello continues to bring families the highest quality and most environmentally friendly products at affordable prices," says Erica Buxton, CEO of Hello Bello.
Hello Bello has filed a number of customary first-day motions with the Bankruptcy Court seeking authorization to support its operations during the Court-supervised sale process, including the continued payment of employee wages and benefits without interruption and continued payments to key vendors and suppliers for goods and services. The Company expects the Bankruptcy Court to approve these requests, which should minimize the impact of the sale process on Hello Bello's customers, employees, and other key stakeholders.