Brown Gibbons Lang & Co., and investment group, has sold Lionheart Industries, Inc. to Foundry Acquisition Group in a sale under conducted according to the U.S. bankruptcy code. Lionheart is a Salem, OH, producer of specialty castings for various customers that filed for Chapter 11 creditor protection in April 2003.

Lionheart retained BGL to locate a buyer and complete the sale.

BGL explained that it conducted an analysis of Lionheart’s four business units before arranging the sale to FA Group.

.FA Group was formed as a joint venture by Lionheart managers to acquire the businesses. They intend to keep the four business operation as ongoing businesses.

"This transaction is a good example of how a greater value can be attained for a business through a competitive auction process," said BGL director Scott Berlin. "There were several rounds of bidding, both for individual businesses and for the Company as a whole. In the end, the purchase price was substantially higher than where the auction opened earlier in the day."

Philip Jones, CEO of Lionheart, said: "BGL's investment banking expertise, tenacity, and perseverance in a complex sale process were essential to the successful sale of the company. We are indebted to BGL’s professionals for guiding and advising us through the process."