Clay Art has been an industry leader in the creation, sourcing and wholesaling of theme-based ceramic serve ware, dinnerware, and novelties for over 25 years.
With a history of declining sales and profitability combined with increasing debts, the founders of Clay Art desired to exit the business and repay all of the company and personal obligations. Due to its financial distress, Clay Art had not been investing in new product design, deferring investment in a product procurement system and had been reducing employee headcount.
Renovo structured an asset sale transaction which allowed the company to retire its senior debt, eliminate founder personal obligations and maintain the integrity of Clay Art as a going concern. Since the acquisition, Renovo has invested into both new product development and the Clay Art infrastructure and has developed a much more efficient business model through the combination of Clay Art with Formation Brands, LLC.