Soft-Lite to Acquire Gorell Assets
Soft-Lite LLC, a vinyl window manufacturer based in Streetsboro, Ohio, has reached an agreement to acquire the product lines of Gorell Windows & Doors LLC. Gorell, based in Indiana, Pa., entered receivership last week with The Meridian Group, a Pittsburgh-based turnaround firm, appointed receiver.
“We are very excited about this acquisition and what it means for our company,” says Roy Anderson, Soft-Lite president. “It will allow Soft-Lite to expand its operations to better service our existing customers, to further grow our network of dealers and distributors, and to offer a broader range of products and sales tools to our customers.”
Soft-Lite is excited to begin working with Gorell’s dealers and distributors and looks forward to forming a lasting business relationship with all of these parties, Anderson continues. While Soft-Lite is only purchasing the assets relating to the product lines from the receiver, it is nevertheless looking forward to establishing new relations with Gorell's prior supplier, he notes as well.
Under the agreement reached today, Soft-Lite is acquiring the assets of Gorell. The receiver will address creditors’ claims against Gorell.
No decisions have been made regarding continued window and door production at the Gorell operation in Pennsylvania for the long term. The receiver has agreed to operate the facility for a long period of time for Soft-Lite to assess the situation, Anderson states. "The people at Gorell are good hard working Americans who care greatly about Gorell and its customers. The receiver has been an absolute delight to work with and this lengthy transition period will allow us time to explore all options toward a long term solution that is good for everyone," he continues.
"For now it is business as usual. We have met with all the employees and everyone is onside to make the new venture successful," Anderson adds. "Gorell is open for business ready to accept orders and continue to delight its customers with the great products they are accustomed too."
After the closing, Soft-Lite will be offering the same warranty on the Gorell products it manufactures and sells and is committed to working on any warranty obligations that belong to Gorell with previous Gorell customers that continue to support Gorell products, Anderson says.
“It is a testament to the quality of Gorell’s product, brand and employees that we were able to find a buyer as quickly as we did," says The Meridian Group's Margeret Good. "When combined with Soft-Lite’s stellar reputation in the industry, we believe this transaction is the best possible result, given the difficult situation at hand.”