Local business survives after investment company takeover
Here's a great story about a business that has survived a takeover by an investment company
Lee Defense Company Back On Feet After Near Closure
LEE, Mass. — It is a tale of war, out-of-town investors, explosions and employees on the verge of pink slips that led a local businessman to risk his own money to save a bankrupt company in the Berkshire Hills.
After watching an investment company jack up US Armor's overhead costs and then locking the doors, the company's lead salesman Tom Briggs put his own money down to buy the company, bring it back to life and save 40 jobs.
"I went to the bank who owned all the equipment and offered to purchase it all just to keep this business going. We had a huge backlog and they just closed the doors. They took all the money and ran," Briggs said on Thursday. "We tried getting loans but being a new company trying to buy a bankrupt company, we had to wait four or five months."
The company that specialized in laminating and cutting bulletproof glass for the military, armored vehicles and embassies, was formed in 1993 as an offshoot of Protective Armored Systems by Briggs' stepfather Phil Martino.
http://www.iberkshires.com/story/41606/Lee-Defense-Company-Back-On-Feet-After-Near-Closure.html?source=top_stories
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