Exclusive Financial Advisor
Project Vermilion
About the Company
The Company provides products, services, and turnkey solutions for onshore and offshore drilling and production clients around the world. Its offerings include structural steel design, fabrication, and erection, along with mechanical equipment, piping, pressure vessels, and flow control systems for the midstream and downstream process industries.
Exclusive Financial Advisor
Situation
In 2013 and 2014, the Company experienced significant market shocks through the solar industry as two of its large slurry customers filed for bankruptcy. Following further industry headwinds, revenues declined as the Company’s solar and oil & gas businesses continued to suffer, resulting in a breach of debt covenants and a lack of capital to invest in significant capital expenditures to achieve growth and right-size debt levels.
Engagement
The Company engaged G2 to perform a Phase 1 strategic alternatives assessment, with a scope focused on an evaluation of the Company’s management-derived restructuring plan, which entailed a detailed assessment of potential cost savings and an evaluation of the commercialization of new product lines.
Outcome
G2 worked with Management, sponsor, and lender to assess the Company’s end-market opportunities, evaluate the Company’s restructuring plans, and provide a detailed set of additional operational improvement recommendations. In addition, G2 also provided the lender with an assessment of strategic alternatives outside of continued investment, including sale alternatives and liquidation recovery analyses.
Deal Team
Sub-Sector
- Construction Services
Contact
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Whether you are experiencing strong growth or periods of distress, our team is exceptionally prepared to support your strategic objectives with bespoke solutions. There is no one size fits all approach.