– Banking Syndicate Supports Debt Restructuring, Providing
New Owners with Increased Liquidity –
FORT LAUDERDALE, FL — JUNE 2000 – Synergy Enterprises, LLC, a firm specializing in restoring distressed and underperforming companies to profitability and positive cash flow, in partnership with Parthenon Capital, LLC of Boston, MA, has acquired Gemini Industries, Inc. from Merrill Lynch Capital Partners. Terms of the transaction were not disclosed.
Gemini Industries, Inc. is a leading manufacturer and distributor of consumer electronic accessories marketed under many of today’s prominent brand names, including Philips®, Magnavox® and Southwestern Bell®. With over 1,800 products including headphones, antennas, audio/video cables, surge protectors, telephone accessories and CD media products, Gemini’s primary customers include mass merchant, discount and specialty retailers such as Wal-Mart, Kmart, Target, Sears, Best Buy, Circuit City, Menards, Lowes, TruServ and CVS, representing more than 20,000 retail locations.
Gary Nacht, Chairman and CEO of Synergy Enterprises, said “We are very excited about working with the Gemini team. Our game plan, with the full support of our partner and the lending syndicate, is to leverage Gemini’s historic service strengths and introduce new merchandising strategies, brands and product offerings to expand the business, increase revenues and profitability.” Mr. Nacht said.
Synergy Enterprises, LLC is a Fort Lauderdale-based firm owned by Gary Nacht, its Chairman and CEO. Founded in 1995, Synergy has been acquiring and advising distressed and underperforming companies for over 20 years across a wide diversity of industries, including Kmart Canada, Northern Reflections, Gemini Industries, DPI International and AmerTac Inc. Recently, Synergy launched its Quick Strike Advisory Service to help companies experiencing operating losses achieve short-term recovery.