OCTOBER 14, 2009  Two private-equity firms completed their acquisition of Lang Holdings Inc. - a transaction aimed at providing the calendar and stationery maker with the funds and resources it needs to increase its business and weather the economic downturn. The stationery maker's main business is production of writing instruments like pens, notebooks, calendar, memo pads, file folders/binders, photo albums, paper bags, etc. Through an affiliate, Sun Capital Partners Inc. and Catterton Partners pledged to forgive $25 million of Lang's debt in exchange for the company. The sale closed Tuesday.

The deal will enable Lang, which has been busy dealing with liquidity constraints, falling retail sales and bankruptcy proceedings, to focus on expanding its business, Sun Capital Principal Anthony G. Polazzi said in an interview Wednesday.

The company is looking to grow by purchasing competitors, and it is considering offering new products such as personalized calendars - an initiative that involved technology that before was too expensive for the company to take on.

"Sun Capital can help them do those types of initiatives," Polazzi said.

"I think Lang is a company that has had to deal with a number of different capital issues, the economy and things like that over the past year," he said. "The company will now have the benefit of a much more deleveraged balance sheet and capital supporting it. It will be able to invest in certain areas to ... grow certain aspects, even if the overall market is down in the economy."

Lang, which makes calendars, scrapbooks, greeting cards and stationery, filed for bankruptcy protection on July 16 hoping to find a buyer that could help ease financial woes brought on by falling retail sales.

A bankruptcy judge earlier this month authorized Sun Capital and Catterton Partners, through affiliate LHI Enterprises Inc., to purchase Lang. Sun Capital now owns 60% of the company, and Catterton owns 40%.