Clover Imaging Group Business Acquisition Completed

Clover Imaging Group recently announced that Clover Imaging Group’s executive leadership team and Norwest Equity Partners, a leading middle-market investment firm, have completed the acquisition of the Clover Imaging Group business unit from 4L Holdings Group.

Clover Imaging Group is now a separate and independent company. There are no shared financials, facilities, operations, or personnel with 4L Holdings Group or Clover Wireless. Financial terms of the transaction were not disclosed.

Previously, RT Media reported that Clover Imaging Group (“Clover”) and Norwest Equity Partners (“NEP”) have entered into a definitive agreement with 4L Holdings Group to acquire the Clover Imaging business unit. And the transaction had been approved by 4L Holdings’ lenders.

Later, 4L Holdings (“4L”), which operates as Clover Technologies Group announced that it, along with certain of its affiliates, has entered into a restructuring support agreement (the “Agreement”) .

Under the Agreement, the comprehensive financial restructuring of 4L – the parent company of Clover Wireless – is expected to be implemented through a prepackaged chapter 11 plan of reorganization (the “Plan”) that would be filed shortly. The Company has already received significant support for the Plan from a group of its lenders and equity holders, who have consented to the transaction in the Agreement, and is currently in the process of soliciting additional support from all of its lenders and equity holders, with the goal of obtaining consensus. As a result, it is expected that 4L will be able to complete its financial restructuring process quickly. In addition, the Company’s operations are expected to continue as usual throughout the financial restructuring process. 4L’s non-U.S. subsidiaries and affiliates – including Teleplan – are not expected to be included in the financial restructuring process, including any chapter 11 filing, or affected by the process.

Clover Imaging will not be part of the financial restructuring process, including any Chapter 11 filing.

(Source: https://www.cloverimaging.com/)