Company – Amfuel

American Fuel Cell and Coated Fabrics Company (Amfuel), based in Magnolia, Arkansas, manufactures self-sealing, crash resistant aviation fuel cells and liquid logistic tank solutions. As one of two qualified aviation fuel cell manufacturers for U.S. Department of Defense aircraft, Amfuel maintains a significant competitive advantage over its smaller domestic competition. The Company utilizes complex, proprietary tooling and manufacturing processes to produce collapsible, flexible, rubberized fuel storage bladders that are crash resistant and provide ballistic protection qualities for military, commercial and general aviation aircraft (fixed-wing and rotary). In addition, Amfuel manufactures non-aviation, commercial liquid, multi-use storage containers that are designed for large volume and multi-use liquid transport of industrial chemicals, potable water, sewage or ground fuel storage.


As a result of a relocation to and then from Texas, between 2016 and early 2018, Amfuel’s operations, liquidity and financial performance were adversely impacted. This precipitated the need for Amfuel to seek a restructuring of its finances and explore strategic alternatives.


Amfuel filed for Chapter 11 bankruptcy protection in November 2017.

SSG was retained by Amfuel in early 2018 to explore strategic alternatives, including a sale of its assets. On November 30, 2018, Amfuel was sold in a Section 363 Bankruptcy process to an affiliate of LBA for $1.6 million (including assumed liabilities).

Company – Arzon Limited

Arzon Ltd., based in Burlington, Ontario (Canada), is a leading global manufacturer of thin-wall high frequency welded (“HFW”) brass and aluminum tubes for heat exchanger manufacturers in automotive, power generation, off-road, heavy duty, and military applications. Arzon was founded in 1980 and operates out of a 55,000 square foot leased facility that operates 5 mills (3 brass, 2 aluminum). Total manufacturing capacity is 9.1mm lbs. per year, which is among the highest globally.

The Company is the HFW tubing supplier of choice for customers in North America and globally. Arzon sells its products to customers in over 15 countries. Long-term relationships and manufacturing excellence result in 95% of sales from repeat customers. Arzon’s seasoned management team, coupled with its manufacturing and operational capabilities enable the execution of complex designs/orders in a highly efficient manner. In addition, its strategic location near major manufacturing centers in North America enables industry-leading turnaround times (2-3 weeks).


Arzon operated as a division of The Kothar Group. Due to the end of the investment horizon of The Kothar Group, the decision was made to sell Arzon, Ltd in 2023. All of the sister companies of Arzon owned by The Kothar Group had been sold. This created economic and tax drivers to sell Arzon by year end. Given the strong relationship with the investment banker, LB Advisors, LLC was chosen as the buyer because of its ability to close quickly and with certainty. This created a dynamic that yielded a favorable purchase price for LB Advisors, LLC. There are several organic and inorganic opportunities to grow Arzon, which predominantly sells its products outside of Canada.


Arzon, Ltd. was sold through a limited shop process conducted by GLC Advisors & Company. Given the need for certainty and a quick close, LB Advisors was selected as the buyer, despite not being the highest bidder. LB Advisors, LLC leveraged it relationship with Bank of Nova Scotia to provide committed financing during the 60-day diligence process, providing the Seller with certainty of closing within the time table required.

The purchase price of Arzon, Ltd. was attractive for a company of the quality of Arzon, Ltd.