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Five Star Products’ Bankruptcy Clarified

Thursday, May 19, 2011

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Five Star Products Inc. of Fairfield, CT, a global provider of high-performance cement and epoxy-based products, sought Thursday to clarify that it is not the industry company of the same name affected by the bankruptcy filing of The Merit Group Inc.

Several news stories this week, including one by PaintSquare News, confused the two companies.

The Connecticut-based Five Star (www.FiveStarProducts.com) company is a privately held subsidiary of Babcock and King Inc. and is not covered by the Merit Group Inc. action. The company provides high-performance, non-shrink cement and epoxy-based construction grout and concrete repair solutions for the industrial, commercial, infrastructure and marine markets.

“Five Star Products Inc. and its sister subsidiary, Five Star Marine Inc., have seen vibrant growth and expansion in the last several years,” the company said in a release Thursday.

For information on Five Star products, call 203.336.7900. For technical assistance, contact the company’s Engineering and Technical Support Group at 800.243.2206.

The Merit Group

Delaware-based Five Star Products Inc. is a subsidiary of The Merit Group Inc. (formerly Lancaster Distributing Co. and Lancaster Paint Sundries Inc.), which filed Tuesday for Chapter 11 bankruptcy protection.

In late 2009, Spartanburg, SC-based Merit agreed to acquire Delaware-based Five Star for about $33 million from National Patent Development Corporation. The Delaware company is a wholesale distributor of paint sundry and hardware products.

However, the 2010 acquisition proved more costly than anticipated and was a significant factor in Merit’s decision May 13 to file for Chapter 11 protection.

The reorganization also covers all of Merit’s subsidiaries: Merit Transportation Inc., Merit Paint Sundries LLC, Merit Supply Company LLC, Merit Pro Finishing Tools and Five Star Products of Delaware.

PaintSquare News regrets the error.

   

Tagged categories: Bankruptcy; Concrete; Infrastructure; Protective coatings

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