Force Ten Partners, LLC (Force 10), a leading corporate restructuring advisory firm, was instrumental in two transactions that received awards at the 14th Annual Turnaround Atlas Awards ceremony. The Global M&A Network notes that these awards honor excellence in the restructuring, insolvency, distressed investing, and mergers and acquisitions (M&A) industries.
The transactions recognized are:
“Best Special Situation M&A Deal of the Year – Middle Market”
for CarbonLite Holdings, LLC and related Debtors’ Section 363 sales pursuant
to their Chapter 11 bankruptcies.
Brian Weiss, Force 10 co-founder and Partner, served as the Debtors’ Chief Restructuring Officer and Force 10 served as financial advisor to the Debtors.
Force 10 was initially retained by CarbonLite to analyze the company’s underperformance, operational challenges, and solvency issues, including a complicated capital structure of $250 million of secured indebtedness across three publicly traded municipal bonds, a $100 million term loan, a $15 million ABL facility, and multiple capital lease obligations.
CarbonLite Holdings, LLC was one of the largest suppliers of post-consumer recycled polyethylene terephthalate (rPET). Force 10 implemented various strategies to maximize value for the Debtors and their creditors, including securing $80 million in debtor-in-possession financing and managing a complex sale of CarbonLite’s manufacturing facilities to four separate purchasers. The rPET plants were sold for over $230 million.
For more information please see: Force 10 Partners Successfully Executes Restructuring Effort for CarbonLite Holdings LLC
“Best Value-Creating Transaction – Private Equity Turnaround/Acquisition“
– for the $436.5 million acquisition of more than 1.4 million square feet of commercial and multifamily space in Northern California from Professional Financial Investors, Inc., and related Debtors.
Force 10 represented a joint venture led by Hamilton Zanze – the successful stalking horse” and winning bidder – in the $436 million, bankruptcy court-supervised Chapter 11 sale of a 60-property multifamily and commercial property portfolio in Northern California.
Michael VanderLey, a Partner at Force 10, and head of its real estate practice, led the effort by identifying the opportunity, and analyzing the return on investment, capital requirements, and acquisition structure. Along with fund management and its investment bankers, Mr. VanderLey aided with raising capital and supported the acquisition team through the nuances of the bankruptcy process.
Force Ten Partners, LLC is an advisory firm with deep domain knowledge in financial and operational corporate restructuring, fiduciary, valuation, forensic accounting, and complex litigation support. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals by providing turnaround-management services, fiduciary and financial advisory services, expert witness support, and investment banking services.