The liquidation of the operating assets of bankrupt supplier/distributor Kevco Inc. was completed as a result of the closure of three sales on June 1.
The three sales, which took place under Bankruptcy Court supervision, raised a total of $15.2 million.
The largest transaction involved the sale of Kevco’s Better Bath subsidiary to entities controlled by Drew Industries Inc. Technically, Better Bath was sold to Kinro Texas LP and BBD Realty Texas LP for $9.5 million.
Earlier, Drew, an RV and manufactured housing industry supplier, reported it paid $9.8 million for Better Bath, but $9.5 million was the amount of the net proceeds received by Kevco.
Meanwhile, Kevco’s Duo-Form subsidiary, based in Edwardsburg, Mich., also was sold to a group including Duo-Form senior management for $5.3 million.
Additionally, certain assets of Kevco Distribution LP were sold to Alliance Investment & Management Co. for $400,000.
Alliance, a closely held company based in Cordele, Ga., bought the inventory of Kevco’s distribution centers in Elkhart, Ind., Lancaster, Pa., Salisbury, Md., Fort Worth, Tex., Newton, Kan., Aurora, Neb., Fort Morgan, Colo., Phoenix, Ariz., Albuquerque, N.Mex., Riverside, Calif., Woodland, Calif., Wilsonville, Ore., Caldwell, Idaho, Redwood Falls, Minn., and Marshfield, Mich.