Bankrupt Omega Polymers Technologies Find Buyer

Resilience Capital Partners, a Cleveland-based private equity firm, today signed a definitive purchase agreement to acquire substantially all the assets of Omega Polymer Technologies Inc. headquartered in Aurora, Ohio subject to court approval. Omega listed 225 employees when it filed for bankruptcy court protection citing recent raw material price increases and high operating costs.

"There is no question in our minds that with our significant equity investment and proper execution Omega can stem its losses, quickly be stabilized and eventually turned around. In most businesses today you are competing with the world and there are some tough competitors out there. It is clear that in the coming years many companies will find themselves in a similar situation as Omega of having to manage aggressively and find new investment capital in order to survive" said Steven Rosen, a Managing Partner of Resilience Capital.

Omega has been in a turnaround situation for the several months leading up to its bankruptcy filing. "Omega is fortunate to have dedicated employees and customers and we are very much looking forward to working with them," added Bassem Mansour, a Managing Partner at Resilience Capital.