Nationwide Acquires PAA Companies

The debt that accrued in financing the purchase of the 11 companies, coupled with a stagnant 2001 economy, forced PAA into bankruptcy. Marion Antonini, an operating principal with Kohlberg who succeeded Tevis as CEO at PAA, left in 2001. Joe Ahearn of Pilgrim Associates then became restructuring officer during bankruptcy proceedings. Harris DeWese, of Compass Capital Partners, was engaged to provide valuation and M&A services during the transactions.