IBJ Whitehall Retail Finance Provides $15 Million Financing to Buyers of Strauss Discount Auto

Business Wire, June 22, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--June 22, 2000

IBJ Whitehall Retail Finance announced today that it has provided a $15 million, three year, revolving credit facility to a new company formed to acquire the assets of Strauss Discount Auto, a 70-year old retailer of aftermarket automotive replacement parts headquartered in South River, New Jersey. Strauss Discount Auto, which currently has 91 stores in New York, New Jersey and Pennsylvania, has been operating in Chapter 11 since June 1998.

Glenn Langberg of Charon Investments LLC, together with Schottenstein Bernstein Capital Group, were successful in their bid to purchase the company's assets out of bankruptcy in February. Their successful bid was supported by the $15 million credit facility provided by IBJ Whitehall Retail Finance. "All the professionals we worked with at IBJ Whitehall Retail Finance were very knowledgeable about retailing, the bankruptcy process, and financing acquisitions, and they provided us with a competitive financing arrangement. We were very impressed with their responsiveness given the complexities of this transaction," stated Langberg, who is now Chairman and principal stockholder of Strauss Discount Auto.

According to Robert Barnhard, President of IBJ Whitehall Retail Finance, "At IBJ Whitehall, we aggressively seek opportunities such as this one where we can utilize our retail expertise and lending creativity to help clients achieve their goals. Today, retailers are recognizing the benefits of our middle market retail expertise and how it can help them in a variety of acquisition, restructuring and recapitalization situations. IBJ Whitehall is looking forward to a long and successful relationship with Strauss Discount Auto."

IBJ Whitehall Retail Finance provides asset-based financing arrangements and a full array of commercial banking products exclusively to middle market retailers nationwide. It specializes in senior secured debt facilities for growth, acquisition and restructuring situations, including debtor-in-possession and emergence financing. IBJ Whitehall Retail Finance is a division of New York-based IBJ Whitehall Financial Group, a leading provider of financial services to middle market companies since 1923.