Universal Protection Service LLC is buying IPC International Corp. for $24 million.
Bannockburn, Ill.-based IPC provides mall security staffing services.
IPC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware in Wilmington in August to facilitate the sale to Universal, which won at auction.
IPC listed assets and laibilities between $10 million and $50 million on its Aug. 30 petition. The company's liquidity tightened as a result of shopping mall owners pulling back on spending in 2008, as consumers cut back, according to court documents.
Universal, headquartered in Santa Ana, Calif., provides security services, maintenance services and emergency preparation services. The buyer will also assume some liabilities through the deal.
Livingstone Partners LLC provided financial advice to IPS on the sale. Paul Possinger and Brandon Levitan of Proskauer Rose LLP are acting as debtor counsel. Michael Silverman, Constadinos Tsitsis and Ryan Perrone of Silverman Consulting also provided financial advice to IPC.
For more on distressed companies, see "Turnaround Tuesday: Eagle Bulk Joins List of Shippers Suffering from Low Charter Rates" and Mergers & Acquisitions Distressed Company Watch List.