Études de cas
J.S. Held fait l'acquisition de GLI Advisors, renforçant ainsi ses services d'assistance aux projets de construction dans l'ouest des États-Unis et à Hawaï.
En savoir plusThe client was a Video Technology Company operating in the video communications market space. The Company was based in Massachusetts with revenue of approximately $10.0MM and a total private equity/venture capital investment in excess of $50.0MM.
The Company had extensive private equity investment from two separate funding sources, which ultimately could not reach a cooperative settlement regarding the Company's direction, thereby causing significant disruption at both the operating and Board of Directors levels. Ultimately, the Company did not achieve its goals and objectives, despite a mature management team, a robust structure, and extensive investment, resulting in capital shortfalls. As a result, its senior lender was unable to provide additional financing due to the Company's disrupted state.
As a result of the instability outlined above, neither of the equity participants was prepared to invest additional funds into the Company and could not reach an agreement upon the valuation that would allow either to buy out the other investor(s). This, coupled with the Bank's inability to extend beyond the current credit facility, left the Company with no other option but to begin a winddown process. The selected method, an Article IX sale process (the "transaction"), which is a consensual wind down with the senior lender, allowed for the opportunity to sell the Company as a going concern.
Our experts were engaged to effectuate a sale, within a 90-day period, that would maximize the ultimate value of the Company's material and intrinsic assets. The challenge to our team was the fact that another intermediary, who had substantially over-valued the business to the marketplace, had previously marketed the Company. As a result, there was significant deal fatigue in the marketplace, with very limited initial interest. We were successful in identifying new potential buyers of the Company, who would continue to operate the business as a going concern. Further, our marketing efforts
rejuvenated some of the prior potential strategic buys and ultimately succeeded in creating an auction atmosphere. The resulting transaction provided a maximum value for the assets, thereby satisfying all of its secured and unsecured creditors, left a potential opportunity for the equity stakeholders to recover some of their investment, and allowed for the Company to continue as a going concern with a stable, growth-oriented future.
Joe Nappi, CTP
Directeur général principal
Cabinet de conseil stratégique
+1 617 600 3602
[e-mail protégé]
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