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).
Opportunity
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.
Transaction
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 on a risk adjusted basis.
Company – Core Equipment Group (FKA Groff Tractor Mid Atlantic)
Located in Essex, Maryland, Core Equipment Group (CORE) is a leading CASE Construction Equipment dealer (sales, rental, parts, and service) with a broader offering of complementary brands and products, providing a one-stop solution for sales, rentals, parts and service. GTMA’s diverse selection of equipment types addresses heavy & light construction, road building & maintenance and material processing & recycling, which are complemented by a suite of attachments and parts. In addition to being the largest CASE construction equipment dealer with 8 locations in the Mid-Atlantic region of U.S., CORE is a dealer for Astec, Leibherr, Sakai, and Volvo (Rokbak).
CORE’S history can be traced to the founding of Groff Tractor in 1958 in Highspire, PA, as a CASE dealer for South Central Pennsylvania. The company expanded its operations, opening additional branches and made several acquisitions. During this time, the business changed ownership several times.
The Company caters to a diversified base of repeat customers and has excellent customer retention rates. Customers value CORE’ long history and customer- focused approach, selection of leading OEM brands, and broad product offering.
Opportunity
In October 2025, GTMA filed bankruptcy, which was precipitated by litigation against the previous owner, unrelated to CORE, and CORE’s RCF lender calling a covenant default. The bankruptcy was not driven/caused by operating results, and it remains a relatively strong operating business.
Given the financial impact resulting from the non-related lawsuit and bankruptcy filing in 2025, LBA had the opportunity to purchase the business at an attractive price. LBA plans to work closely with the management and its operating partners to execute on a range of near and medium-term growth initiatives. LBA will utilize its experience and relationships to support CORE in returning to historic levels of profitability and future growth.
Transaction
The Company was sold pursuant to a Section 363 bankruptcy sale process, with LBA selected as the winning bidder following a competitive auction held in January 2026. The transaction closed on February 27, 2026.
LBA acquired the business through a court‑supervised process designed to maximize certainty of close and provide a strong capital foundation for the Company’s next phase of growth. In connection with the transaction, LBA partnered with MidCap Financial, which provided debt financing and also participated as a co‑investor in the equity.
Together, LBA and MidCap are supporting the Company with long‑term, flexible capital and a shared focus on operational stability, customer continuity, and strategic growth initiatives.