Press Release

Boston, MA – G2 Capital Advisors (G2) announces the appointment of Randy Lay as Managing Director in the Restructuring & Revitalization group. With over 40 years of comprehensive expertise in financial and operational management, systems implementation, capital raising, restructuring, and M&A across diverse industries, Randy brings invaluable insight and leadership to the firm.

Prior to joining G2 Capital Advisors, Randy was a client in two distinct capacities. He served as the Executive Vice President and Chief Operating Officer of Williams Industrial Services Group, a provider of civil construction services to the nuclear and fossil energy generation markets. Before his tenure with Williams, Randy held various executive positions at GEO Specialty Chemicals, including Executive Vice President, Chief Financial Officer, Secretary, and Treasurer, during which time G2 also served as a strategic partner. 

Randy’s notable career includes pivotal senior financial and operational roles at organizations such as Lazydays RV, Universal Access, Metromedia Fiber Network, International Specialty Products, United Technologies, and Xerox. With extensive experience spanning diverse sectors including construction, chemical, retail, automotive, and telecommunications, Randy has consistently demonstrated his aptitude for navigating complex challenges to achieve favorable outcomes. With a robust background in manufacturing, construction, and distribution, both domestically and internationally, Randy is well-equipped to drive positive results for Restructuring & Revitalization clients on the G2 platform.

“We are thrilled to welcome Randy Lay to the G2 Capital Advisors team,” said Ben Wright, Chief Operating Officer at G2 Capital Advisors. “His wealth of experience and proven track record in financial and operational restructuring will further strengthen G2’s capabilities in serving our clients.” 

Ben Wright emphasized, “Randy’s depth of knowledge and strategic acumen make him an invaluable addition to our leadership team. We’ve seen how his insights have generated tailored solutions and exceptional results for our past clients.”

In addition to Randy Lay’s appointment, G2 Capital Advisors also acknowledges the recent addition of Nick Palumbo as an Associate on the Restructuring & Revitalization Team. Prior to joining G2, Nick served as an Investment Banking Associate at MUFG, where he developed complex 3-statement models, assisted in negotiating terms and credit agreements with private equity clients. Additionally, Nick has experience supporting credit and portfolio management at Galaxy Digital, New Mountain Capital, and Bank of America. Nick brings fresh perspective and dedication to delivering exceptional client service.

Interested in joining the G2 team? Explore and apply to open opportunities now.

About G2 Capital Advisors:

G2 Capital Advisors provides M&A, capital markets, and restructuring advisory services to the middle market. We offer integrated, multi-product, and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be our clients’ trusted advisors of choice, including corporations and institutional investors. For more information, visit www.g2capitaladvisors.com

Randy Lay
Managing Director, Restructuring
[email protected]

G2 Capital Advisors (“G2”), a leading investment banking and restructuring advisory firm, has expanded its senior leadership team by welcoming Jenny Lashway as Vice President of Finance. This strategic appointment aligns with G2’s continued commitment to supporting our firm’s evolution with seasoned and sophisticated executives. 

“We have achieved considerable growth over the last many years, but we are entering an exciting period of opportunity for our firm.  As G2 continues to scale, we need a complete leadership team that reflects and can support—our organizational depth. Jenny’s expertise not only strengthens our leadership team but also plays a pivotal role in shaping G2’s trajectory.” – Matt Konkle, President of G2 Capital Advisors.

Jenny Lashway joins G2 with nearly 20 years of financial experience at leading consulting firms, including Altman Solon, Huron Consulting Group, and FTI Consulting. In addition, Jenny worked in the Financial Reporting group of Boston-based hedge fund, The Baupost Group. As Vice President of Finance at G2, Jenny leads financial operations, including financial reporting, budgeting, forecasting, strategic finance initiatives, system optimization, and process improvement. Her analytic depth and appetite for solving new problems will help G2 optimize operations across diverse client needs and engagements.   

About G2 Capital Advisors:

G2 provides M&A, capital markets, and restructuring advisory services to the middle market. We offer integrated, multi-product, and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be the trusted advisor to our clients, including corporations and institutional investors. 

Interested in joining the G2 team? Explore and apply to open opportunities now.

Jenny Lashway
VP, Finance
[email protected]
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ABOUT THE COMPANY:

The Company developed and manufactured a revolutionary countertop molecular beverage printer. Customers use Cana’s touchscreen display to explore, discover, and create their perfect drink. The signature product, Cana One, “prints” thousands of beverages—ranging from juice to soft drinks to coffee to wine—from a single cartridge without the need for plastic, aluminum, glass or other wasteful containers.

SITUATION:

The Company successfully developed several prototypes proving the technology works. Scaling up the manufacture and distribution of the novel product and its supply chain, however, would require a level of investment that proved difficult to bring in. Facing a difficult fundraising environment for growth capital in 2023, with current investors having reached capacity, the Company needed to weigh difficult options.

ENGAGEMENT:

G2 helped Cana and its primary VC sponsor evaluate various paths forward, and the parties agreed to mutually execute an assignment for the benefit of creditors (“ABC”). G2 created a special-purpose entity to serve as assignee, with responsibility to pursue a sale of the assets and wind down the corporate entity.

OUTCOME:

As assignee, G2’s special purpose entity immediately launched a vigorous IP sale process with an ambitious timeline. In parallel the Assignee wound down corporate operations and oversaw the efforts of an outside equipment liquidator. Leveraging G2’s robust investment banking capabilities and contacts, the team brought multiple parties through advanced due diligence, ultimately negotiating a sale of the IP to a strategic. The Assignee then distributed proceeds to creditors. 

Screenshot 2023 12 08 at 11.43.16 AM

ABOUT THE COMPANY:

Prismo Systems raised nearly $30 million to redesign cybersecurity. Backed by some of the most storied names in venture capital, the Company developed a product providing enhanced security to the software that powers modern enterprises across the software development lifecycle. 

SITUATION:

Rapidly shifting market conditions posed significant challenges to the Company, thwarting its launch of the product it had spent years developing. Further iteration could address these issues but would be costly, and stakeholders had differing levels of support for a go-forward plan. Board members needed a way to satisfy liabilities and otherwise proceed in a responsible manner.

ENGAGEMENT:

The Company engaged G2 to serve as assignee in an assignment for the benefit of creditors (“ABC”) process. As assignee G2 would have the primary responsibility of maximizing creditor recovery by selling the Company’s assets. In addition the assignee was tasked with winding down Prismo’s operations in both the US and India, communicating with interested parties, and overseeing the distribution of funds.

OUTCOME:

Upon launching the ABC, G2 as assignee leveraged its investment banking expertise in a broad sale process. The team identified several interested parties, who engaged in due diligence around the intellectual property as they considered placing a bid. G2 brought these parties together for an auction and closed with the highest bidder at more than double the amount management had expected at ABC outset. The Assignee then distributed funds to unsecured creditors.

Screenshot 2023 12 08 at 11.35.05 AM

ABOUT THE COMPANY:

Triplet Therapeutics, a Boston-based biotechnology startup company, was formed to reimagine and develop treatment options for repeat expansion disorders such as Huntington’s disease. Founded in 2018, Triplet raised over $80 million from life sciences-focused venture capital investors and a premier venture debt provider. 

SITUATION:

Some of Triplet’s test results were promising while others revealed a concerning level of toxicity. Facing limited appetite among its investors to continue funding the company, management initiated strategic conversations with a few large pharmaceutical players. But runway was short and bandwidth limited, compromising the opportunity to run a full process. Meanwhile the Company’s venture lender favored the involvement of a professional firm with a track record of managing challenging situations and maximizing creditor recovery. Without that steward in place to guide the process and negotiate with the potential buyers, a deal was unlikely to be achieved.

ENGAGEMENT:

The Company engaged G2 to serve as assignee in an assignment for the benefit of creditors (“ABC”). This out-of-court insolvency proceeding, which is governed by state statute, is a faster and cheaper alternative to bankruptcy. Upon launching the ABC, the Company’s board and management resigned, with select staff assisting in the ABC effort on a contract basis. As Assignee, G2 launched a process to sell substantially all of the assets including test results, technical documents, patents and other intellectual property.

OUTCOME:

As assignee G2 managed the wind down of corporate operations and put on its investment banker hat during a vigorous marketing effort to find an acquirer of substantially all of the assets. A global biopharmaceutical company emerged as the leading contender in the competitive bidding process. After the Assignee negotiated a significant increase from the initial bid the parties executed an asset purchase agreement. The proceeds provided a meaningful recovery to the secured creditor.

G2 Capital Advisors (“G2”) is excited to welcome Reed Upson as Managing Director of Capital Markets. Located in Denver, Reed counts himself as part of the recent Rocky Mountain migration that has brought more lenders and sponsors to the region. Formerly the Head of Capital Markets at the San Francisco-based debt advisory firm Business Capital (BizCap), Reed has supported companies with capital raises, refinancings, and financial restructurings and has a depth of credit underwriting, transaction execution, and business development experience. To introduce Reed and get his take on current capital markets, we sat down with him to ask five fast questions:

  1. Welcome to G2! What drew you to our firm and convinced you to come aboard? 

    I first met Ben Wright, Chief Operating Officer at G2, about seven years ago in San Francisco—the G2 office was one floor above my office—and I got to know Ben pretty well. I was impressed by G2 early on: its focus on industries and integrated multi-product approach got my attention.

    Over the years, I’ve watched G2 service companies’ complete life cycle, supporting growth and navigating distress with bigger, more sophisticated, and increasingly complex deals. From my perspective, the G2 model is different from anything in the market today, and its growth has been both subtle and significant. I’d say the firm is a sleeping giant in the middle market, and I’m excited to grow professionally within its integrated platform. 

    But what really sold me was coming out and meeting everybody in Boston. The team maintains an all-in, entrepreneurial attitude. The people have a refreshing balance of empathy and intelligence, backed up by tremendously deep product and industry knowledge. It’s an impressive group of smart, low-ego people.

  2. What are you most looking forward to as Managing Director of Capital Markets? What industry and practice synergies are you excited to explore in this role? 

    While I have capital markets experience across G2’s industry sectors, my ability to now partner with our industry experts is a powerful differentiator. It lets me have nuanced conversations with bankers and lenders struggling with liquidity challenges and rising default rates. In addition, I’m able to pull in specialty groups like restructuring, to address clients’ complex situations. And, because our executive team is largely made up of former operators, G2 leadership brings an authentic appreciation to each engagement. Our team members have sat in our clients’ seats.

    I’m also excited to tackle larger, more institutional challenges through private equity partnerships, like raising equity to recapitalize—either a minority raise to help grow a business or a majority recap to return capital to limited partners (LPs). Or bringing other creative financing solutions to the table, such as mezzanine financing and preferred equity structures, which are helping increase portfolio companies’ cash flow by retiring higher amortizing debt structures. 

  3. The interest rate hikes that began in March 2022 have profoundly affected capital markets, inflating valuations and borrowing costs. How does the current environment create challenges and opportunities for our clients? How do you expect the market to change in 2024?

    I don’t think there will be a massive shift in interest rates, especially over the next year. Could rates come down a little bit? Perhaps. But what’s more likely is that strategics and sponsors will adjust to this new normal Eventually, sponsors will have to start returning capital to LPs, and companies will have to transact—and there will be clear winners and losers. Companies with better leverage profiles and capitalization can take advantage of add-on acquisitions. Companies on the other side of that coin will face new challenges: “What do I do? Do I sell? Do I recapitalize? What are my options?” 

    G2 is uniquely positioned to address both sides of that equation, which is exciting.

    I imagine on the lender side, there will be a lot more distress with banks specifically—and some cracks on the private debt side, too. After the whirlwind of M&A activity in 2020 and 2021, many of these businesses now have increased debt, reduced valuations, and face a looming maturity wall in 2024 and 2025. While lenders had previously been happy to amend and extend, I think hard decisions are coming, and the market is going to start seeing more refinancing activity being forced on companies from lenders, especially banks.

    Capital markets advisors will have to get more creative with stretch pieces like preferred equity or mezzanine financing to fill the gaps. The positive backdrop to all of this is that despite the uncertainty in the market, there is still a lot of capital out there—and private credit fundraising is at an all-time high. It’s my job to figure out from where to source it and how we can structure it to best support our clients. 

  4. How have you generated new business and steered clients through challenging market cycles?

    My business has been built on relationships with trusted advisors—lenders, attorneys, and CPAs with clients facing default and needing capital to either exit or pivot. I’ve tended to work with the same clients over time and across multiple situations—whether they’ve hit a speed bump or they’re continuing to grow. Anchoring long-term relationships will be easier at G2 as our investment bankers are so plugged in and can stay on top of industry-specific needs. There’s a natural progression of working alongside our clients’ business evolution.

    As a capital markets advisor, that parallel momentum is essential. I’m in the market every day, talking with lenders and investors and figuring out what the capital markets are actually doing. At G2, the question goes beyond, “Can we raise this capital or not?” Our team can see the sector-specific implications and the restructuring opportunities. With G2, the greatest value I can pass on to our clients is to anticipate what’s next and act as a comprehensive resource through any market cycle. 

  5. When not sourcing debt and equity, how do you spend your time? 

    I have two young kids who keep my wife and me pretty busy. As a family, we lean into all of Colorado’s outdoor activities—hiking, skiing, and biking. I’ve had to dial back my golf game, but I’ve gotten back into tennis. 

Like the markets, Reed is in perpetual motion and will be a tremendously valuable addition to G2’s team. For more information on G2’s capital markets capability, visit us online or contact our team leaders.

Reed Upson
Managing Director, Capital Markets
[email protected]
415.755.8851
Ben Wright
Chief Operating Officer
[email protected]
619.972.3586

CLIENT

Momentum is a leading global managed service provider focused on connectivity, communication, and collaboration solutions for more than 5,000 customers across 60 countries.  Momentum offers a comprehensive platform including a voice enablement solution for Microsoft Teams, managed network including SD-WAN, global connectivity, contact center, and cloud voice. Momentum is based in Atlanta, GA and has more than 500 employees.

SITUATION

Momentum hired G2 as its exclusive financial advisor to help execute on its inorganic growth strategy, with the primary goals being to expand its managed cloud services and UC offering, broaden its international footprint, and deepen its market penetration in key verticals.

ENGAGEMENT

“G2 is thrilled to support the Momentum team in what has been an aggressive acquisition roadmap that has further entrenched the company as a clear global leader in a rapidly consolidating space.  Asset Black expands Momentum’s geographic reach, bolsters scale and adds specialized vertical depth in the financial technology sector,” said Jereme LeBlanc, G2 Managing Director in Technology & Business Services.  

OUTCOME

“We are delighted to announce the acquisition of Asset Black, representing another milestone in our growth strategy,” said Todd Zittrouer, CEO of Momentum. “The addition of the complementary Asset Black portfolio and team further solidifies our position as a leading provider of managed cloud and network services. This acquisition aligns with our mission to enable customers and partners to thrive through superior technology and premier customer service.”

“We couldn’t be more excited to combine forces with Momentum. With Momentum’s proven track record and commitment to excellence, we are confident that together we will deliver exceptional solutions to our customers and achieve remarkable success in the managed network space and beyond,” said Mark Weeks, CEO of Asset Black. 

About G2 Capital Advisors

G2 Capital Advisors provides M&A, capital markets and restructuring advisory services to the middle market. We offer integrated, multi-product and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be the trusted advisor to our clients including individuals, corporations,  and institutional investors.

G2 Capital Advisors (“G2”), a leading investment banking and restructuring advisory firm, has expanded its Restructuring & Revitalization Group by welcoming Jeff Elmore as Managing Director, Sydney Exler as Senior Associate, and Owen Gordon as Analyst. These strategic appointments underscore G2’s commitment to providing best-in-class advisory services and to investing in exceptional individuals who can set the pace amid evolving client situations. 

“Jeff, Sydney, and Owen, the latest additions to our Restructuring & Revitalization Group, further solidify our commitment to delivering strategic guidance to our clients during times of financial transformation. Their diverse backgrounds and talent complement our firm’s capabilities,” said Ben Wright, Chief Operating Officer at G2.

Jeff Elmore joins G2 with a 25-year track record of navigating complex financial challenges and identifying innovative solutions. Formerly a business owner, Jeff sat in the seat of the family- and founder-led firms he champions today, giving him first-hand experience leading through disruption. Jeff works nimbly across industries—with expertise in Louisiana and Texas’s energy and industrial services sectors—to deliver fresh perspectives to companies and workable solutions to leading lenders and stakeholders. His deep understanding of bankruptcy and proven leadership skills make him an invaluable asset to the firm and its clients.

Sydney Exler joins G2 after spending five years at Silicon Valley Bank, where she oversaw loan workouts across various industries. Her analytic depth and appetite for solving new problems will help G2’s clients turn risk mitigation insights into operational action. 

Owen Gordon joins G2 as an Analyst after interning with the firm, during which time he served as a financial and operational analyst for a mattress recycling company. A recent graduate from Colgate University, Owen brings tremendous energy and attention to client needs.

With these additions, G2 further cultivates a team of dynamic and adaptable professionals equipped to navigate complex financial challenges in an ever-changing business landscape.

About G2’s Restructuring & Revitalization Group:

Comprised of 25 seasoned C-level executives, restructuring specialists, financial consultants, and a 150-person interim resource bench, the Restructuring & Revitalization Group has executed over 160 total restructuring engagements at G2, including bankruptcies and wind-downs. The team is currently working on 23 engagements. 

G2 serves companies seeking turnaround management support and optimized performance through operational and financial restructuring services, including:

  • Operational revitalization
  • Financial restructuring 
  • Insolvency services
  • Strategic assessments 

To join G2’s Restructuring & Revitalization team, please apply to open opportunities now.

For more information on how our Restructuring & Revitalization team can put your firm on the path to long-term operational stability, contact:

Ben Wright, Chief Operating Officer

[email protected] | 619.972.3586

About G2:

G2 Capital Advisors provides M&A, capital markets, and restructuring advisory services to the middle market. We offer integrated, multi-product, and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be the trusted advisor to our clients, including corporations and institutional investors. 

G2 Capital Advisors, a leading full-service investment bank and restructuring advisory firm, announced the continued expansion of its investment banking team today with the addition of Heidi Piché, a managing director in the firm’s consumer and retail group. As Managing Director, Heidi will spearhead the firm’s efforts in the Consumer & Retail industry, leveraging her extensive expertise and industry knowledge to deliver exceptional advisory services to G2 clients within the Consumer & Retail vertical, specifically the restaurant and franchised business sectors. 

“We are thrilled to welcome Heidi as a senior member of G2’s consumer and retail team,” said President of G2, Matt Konkle. “Her deep experience and relationships across the consumer and retail space both complement our existing capabilities and reinforce our ability to deliver best-in-class client outcomes.”

Piché brings over 20 years of banking experience, primarily in helping middle-market restaurant companies raise capital for growth and/or M&A activity. Prior to joining G2, Heidi spent 15+ years at Wells Fargo, most recently as a Segment Leader within the Restaurant Finance Group. During her tenure, she was pivotal in establishing Wells Fargo as an industry leader in Restaurant Finance, executing high-profile transactions, fostering valuable client relationships, and developing innovative financial strategies. 

Before leading a division of the Restaurant Finance Group, Piché was an officer in the Credit Resolution Group, providing risk management and industry expertise to clients most impacted by the COVID-19 pandemic. She began her tenure at Wells Fargo as a Business Development Officer, managing and developing client relationships, working closely with both founder-owned businesses and private equity sponsors active in the C&R industry. Before joining Wells Fargo, she worked at Bank of America in the Corporate Banking Restaurant Group.

“Heidi’s appointment represents a significant milestone for our firm as we continue to strengthen our position in the consumer and retail sectors,” said Jeffrey Unger, Chairman & CEO of G2 Capital Advisors. “Her expertise and dedication to delivering exceptional client service align perfectly with our mission of providing best-in-class investment banking services. We are delighted to welcome Heidi to our team and look forward to the success she will have on the G2 platform.”

G2 Capital Advisors offers M&A advisory services, including sell-side and buy-side advisory capital markets, operational and financial restructuring, and related strategic advisory services to complement a client’s growth plan. With a distinguished track record of advising on nearly $4 billion in closed M&A transactions, providing integrated investment banking services for high-growth companies in the Consumer & Retail, Industrials & Manufacturing, Technology & Business Services, and Transportation & Logistics industries.

CLIENT

ITOCHU International Inc. is the North American flagship company of the Japan-based trading company, ITOCHU Corporation. Industrious Group Inc. (formerly Enprortech Corp.), wholly owned subsidiary by ITOCHU International Inc., is a leader in maintenance, repairing, and overhauling services (“MRO”) for heavy industrial machinery and equipment throughout North America.   

SITUATION

ITOCHU International Inc. and Industrious Group are working to become the leading North American solutions provider for heavy industrial machinery and equipment, bringing together innovative technologies and best-in-class engineering to deliver single-source solutions for the modernization, maintenance, and repair of industrial equipment, facilities, and complex manufacturing systems, through a targeted M&A effort. . 

ENGAGEMENT

G2 Capital Advisors, LLC (“G2”) served as the exclusive buy-side advisor to Industrious Group & ITOCHU International Inc., leading a strategic M&A effort focused on identifying and engaging with potential acquisition candidates in the renewable MRO services sector. Industrious Group and ITOCHU International Inc. partnered with G2 to leverage the firms’ deep-rooted expertise across the Industrials and Manufacturing practice area, particularly within the Industrial Equipment MRO segment.

OUTCOME

In May 2023, Industrious Group, having been rebranded from Enprotech Corp., successfully executed the transaction  through the acquisition of American Hydro, a leading provider of hydropower turbine services to customers throughout North America. 

American Hydro was previously owned by Wärtsilä, a global leader in technology and lifecycle solutions for the marine and energy markets.  American Hydro is a supplier of hydro upgrades, specializing in the design, engineering, manufacture, installation and servicing of high-performance hydro-turbines and pumps. The business has a full-service modernization offering and capabilities for hydropower plants across North America. 

Chris Pascarella, CEO of Industrious Group Corporation commented “The Industrious Group is thrilled to join forces with American Hydro and leverage each other’s expertise to build out a more diverse business unit within the renewables and heavy industrials service market. With the support of our partners, ITOCHU, we have been examining the Hydro landscape and are optimistic in our ability to penetrate this market with Industrious Group’s existing infrastructure, American Hydro’s specialization, and ITOCHU’s global position. We thank the G2 team for running an efficient and collaborative mandate in helping our team partner with the highly reputable American Hydro business.”

Victoria Arrigoni, Managing Director of Industrials and Manufacturing at G2 Capital Advisors commented “It has been an honor to be a part of expanding ITOCHU’s footprint in the hydropower and renewables market. The opportunity for ITOCHU to expand to the hydropower space is a pivotal moment for their machinery division’s go-to-market strategy and positions the group well for further expansion into the renewable energy and other industrial end markets.”

About Industrious Group

Industrious Group is a global provider of high-value-added services, products, systems, and solutions for customers in steel, automotive, beverage, and other heavy industries. The business supports, maintains, repairs, and rebuilds heavy production equipment and controls. They also supply spare parts and sub-assemblies. Industrious Group is a subsidiary of ITOCHU International’s Machinery Division. 

About American Hydro, Inc.

American Hydro is a leading hydropower turbine provider in North America. The business is a supplier of hydro upgrades, specializing in the design, manufacture, installation and servicing of high-performance hydro-turbines and pumps. This business is headquartered in York, PA and was previously owned by  Wärtsilä. For more information, visit www.ahydro.com.

About ITOCHU International

ITOCHU International Inc. is the North American flagship company of the Japan-based trading company, ITOCHU Corporation. ITOCHU International provides trading services for a portfolio of over twenty subsidiaries and affiliates within their 7 divisions: Textile, General Products & Realty, Energy & Chemicals, Food, Machinery, Metals & Minerals, ICT & Financial Business. For more information, visit www.itochu.com.

About Wärtsilä

Wärtsilä Corporation is a publicly traded Finnish company which manufactures and services power sources and other equipment in the marine and energy markets. The business is headquartered in Helsinki, Finland. For more information, visit www.wartsila.com.

About G2 Capital Advisors

G2 Capital Advisors provides M&A, capital markets and restructuring advisory services to the middle market. We offer integrated, multi-product and sector-focused services by pairing highly experienced C-level executives with specialist investment bankers. We aspire to be the trusted advisor of choice to our clients including corporations and institutional investors. For more information, visit www.g2capitaladvisors.com.