A Walworth company is suing the owner of two manufacturing companies based in Minooka, Illinois after they allegedly accepted partial payment for the assets of both companies, per a purchase agreement, but later failed to transfer the assets in question.
Walworth-based
Window Well Experts, Inc. manufactures, installs and sells window wells and accessories. Window Well is suing the owner of
Safety Well Inc., which manufactures window well covers and accessories and egress ladders, and
Dyne Inc., which also manufactures well covers and egress ladders.
A complaint in the case explains the owner of Window Well approached the owner of Safety Well and Dyne to see if they were interested in selling the assets of both companies.
In October of 2020, the owner of Window Well, and the owner of Dyne and Safety Well, signed a letter of intent laying out the terms for how Window Well would purchase the assets of Dyne and Safety Well. The letter of intent stated the purchase price for both companies’ assets was $720,000 plus inventory, which had a projected value of $480,000.
Window Well made an earnest money payment of $10,000 and later wired $240,000 to a trust account to close on the sale of Dyne and Safety Well, according to the complaint. This fulfilled a $250,000 cash payment required at closing, per the letter of intent. In November of 2020, a bill of sale was signed that showed ownership of both Safety Well and Dyne’s assets belonged to Window Well.
However, Window Well alleges no assets were ever transferred to the company following the signing of the bill of sale. This includes customer lists, a list of vendors and suppliers, domain names and websites, tradenames, intellectual property and equipment.
“Window Well demanded return of the $250,000 cash payment, but Safety Well and Dyne have refused to return the cash,” according to the complaint.
Window Well is seeking an order forcing Dyne and Safety Well to transfer the assets in question, as well as damages in an amount to be determined.
The owner of Dyne and Safety Well did not immediately respond to a request for comment.
