National Envelope

With eight plants and two distribution centers capable of producing 37 billion envelopes a year, National Envelope was the oldest and most respected brand in the envelope industry in the United States.
After years of declining sales resulting from a shift to electronic mail over traditional mail, the envelope giant filed for Chapter 11 Bankruptcy in May of 2013. At that time, Hilco Receivables was approached by Cenveo, a large competitor of National Envelope, which was in need of additional capital in order to acquire National Envelope out of bankruptcy.
The Hilco team structured a transaction to partner with Cenveo on the deal to purchase National Envelope by acquiring the accounts receivable of the company. Having the unique understanding of the value of the A/R assets, Hilco was not only able to empower Cenveo to complete the transaction but also helped save thousands of jobs.
Utilizing the capital from Hilco Receivables purchase of the A/R, Cenveo had raised enough capital to complete the deal and buy National Envelope.