Court approves $26M acquisition of Indiana Limestone

Victor Oolitic Stone Co., which does business as Indiana Limestone Co., received court approval last week to sell its assets to Indiana Commercial Finance LLC in exchange for $26 million in secured debt.

ILC is the largest limestone quarry company and fabricator in North America, according to its website. Over the years it has supplied limestone for the construction of numerous landmark buildings, including the National Cathedral and 35 state capitol buildings.

The company and its 10 quarries filed a petition for Chapter 11 protection on Feb. 17 in Delaware.

The buyer, a subsidiary of suburban Chicago firm Wynnchurch Capital, bought $53 million in secured debt from ILC leading up to the bankruptcy.

Indiana Finance was approved in March as the stalking-horse, or lead, bidder for last week's auction. It was expected to set the minimum price for other potential buyers to beat, but no other bidders turned out. The sale went off on the schedule that the company proposed when entering bankruptcy.

In addition to bank debt, the Indiana Limestone owed $6 million to trade suppliers and some former owners. The petition shows the business as being worth more than $50 million.

ILC’s quarries cover 4,000 acres, containing a 100-year supply of limestone. The company was acquired from a prior bankruptcy in Indianapolis in 2009.

ILC notified state officials in February that it would lay off 166 workers from its Bloomington operations and Oolitic headquarters.

Indiana Limestone president Duffe Elkins said the business is expected to reopen and rehire workers after the new ownership takes charge.