Restructuring & Revitalization

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]
Unknown 6

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.

With G2, the management team elevated its financial and operational acumen and established a foundation for future success. Click to download the full situation summary and solution

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 announced today that Kirk A. Waldron has joined the firm as a Managing Director in the Restructuring & Revitalization group. Mr. Waldron represents an integral part of the firm’s continued dedication to expanding the restructuring advisory team to support clients across North America. Kirk will leverage his C-suite restructuring and leadership experience to strengthen G2’s service offerings. He will report to Ben Wright, Chief Operating Officer, and will be based in Los Angeles, CA.

“As we strive to continuously enhance the suite of services G2 Capital Advisors delivers to its clients, Kirk’s experience and skillset as a seasoned leader will be instrumental in expanding and diversifying our restructuring and insolvency capabilities, including Interim management work. Further, with Kirk being based in Southern California, we look forward to focusing on market expansion in what we believe to be an important region for growth across all of our services,” said Ben Wright, Chief Operating Officer and Leader of G2’s Restructuring & Revitalization Group.

“Kirk’s hiring meaningfully enhances our Restructuring & Revitalization platform,” said Matt Konkle, President of G2 Capital Advisors. “His distinguished reputation as a leader and track record of success across complex situational dynamics align with G2’s culture of operational excellence and a commitment to creating value for our clients.”

Mr. Waldron has over 35 years of experience leading companies as an executive (Chief Restructuring Officer, Chief Financial Officer, Chief Executive Officer) and strategic advisor across various industry segments, especially business services and manufacturing. Kirk has extensive C-Suite leadership experience in public and private multi-location companies. Kirk specializes in operational and financial leadership, focusing on strategic and tactical assistance, change management, cost containment/reduction initiatives, turnaround, cultural integration, mentoring, and overall P&L/KPI development and monitoring. Over the course of his career, Mr. Waldron has successfully executed over 50 M&A transactions, countless credit facility negotiations, and supported over half a dozen high-profile distressed situations.

Kirk serves as Interim President for Marquee Event Group, a portfolio company of Dubin Clark and a client of G2 Capital Advisors. He is responsible for overseeing the executive management in running all facets of the company.  Additionally, Kirk serves as a board member on behalf of Chair-man Mills Corp, Canada’s largest event rental company. Over his career, he has served on various public and private equity-backed boards.

Before joining Marquee Event Group as Interim President, Kirk spent five years running his advisory firm, Tres Palomas, Inc. Under his leadership, the firm supported various-sized clients across many industries as a financial advisor and management consultant focusing on corporate improvement, turnaround and restructuring, and interim management services. Before launching Tres Palomas Kirk spent meaningful time in C-suite roles at Qual-Pro Corporation, InfoSonics, Classic Party Rentals, SMTEK International, and AML Communications Inc. He began his career at Ernst & Young where he spent five years as an integral member of the Audit team.

Kirk holds a B.S. in Business Administration from The University of Southern California, Marshall School of Business. He is also a licensed CPA (inactive) in the state of California.

THE 2023 BANKING FAILURES

Two weeks ago, Silicon Valley Bank (SVB) became known as the second-largest commercial bank failure in the history of the United States. In the days that followed the collapse, global financial markets witnessed intense turbulence, with several additional dislocations in the bank and credit markets and mounting distress across institutions that had been struggling against the backdrop of a sharp rise in interest rates this past year. With rapidly evolving, dynamic capital markets combined with the media frenzy surrounding the global economy, many fear what could come next. Investors and business owners should focus on safeguarding their businesses for the future. 

The G2 team supports its clients and industry partners regardless of circumstances. We guide companies through moments of complexity or rapid change through our deep operational experience and dedicated financial advisory expertise. Over the last 12 years, we have helped over 400 clients navigate complex situations across up and downtrend market cycles.  

If you are seeking guidance or looking to better understand potential business implications of the present state of the economy, G2 is here to help. Our restructuring & insolvency, capital markets, investment banking, and interim management teams are ready to extend support through these uncertain times. 

You are not alone. Here are some of the ways we can help:

  • Our restructuring and insolvency advisors can help triage portfolio exposure and evaluate risk for borrowers/portfolio companies.  
  • Our capital markets team can secure additional financing to ensure your companies have sufficient liquidity.
  • Our team of over 50 professionals is ready to support complex operational needs in helping your company proactively adapt to the changing environment, reduce costs, develop forecasts, and manage liquidity.  
  • We have a deep bench of interim management executives and subject matter experts to deploy as CEOs, CROs, or CFOs for short or long-term assignments to help your companies navigate the current environment.

Reach out to learn more about how we can support you today.

Our team focuses on assisting private equity partners by providing high quality deal flow, add on acquisition, capital markets and restructuring support. G2 continues to invest in the private equity community as trusted partners of choice.

2022 SELECT TRANSACTIONS COMPLETED WITH SPONSORS

Screen Shot 2023 01 31 at 8.38.51 AM

PARTNERS FROM BEGINNING TO END.

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.

CAPABILITIES:

Screen Shot 2023 01 31 at 8.40.07 AM

INDUSTRY FOCUS:

Screen Shot 2023 01 31 at 8.40.13 AM
Screen Shot 2023 01 31 at 8.41.03 AM

Record-breaking post-Holiday sales masked a marked slowdown in overall retail spending. Despite Black Friday and Cyber Monday sales surpassing $20 billion for the first time in history, U.S. retail spending experienced its most significant decline of the year, suggesting households are making strategic financial decisions as they plan for the road ahead. The economy remains at an unprecedented crossroads, with many questions looming:

Will inflation continue to slow, and how much further could interest rates rise? The Fed continues to raise rates at a slightly slower pace and has signaled its intention to continue doing so at least through the spring.  

Will a slightly slowing economy morph into a full-blown recession, and will the labor market remain strong? While sales and margins show signs of softening, the labor market continues to defy expectations, making it hard for the Federal Reserve to further ease the policy. Layoffs in the technology, media and real estate industries make headlines. Still, they represent a minuscule portion of the labor force, with overall jobless claims falling by 20,000. 

How much longer will pandemic-era savings and easing supply chains buttress consumer spending, and will they continue to spend more on necessities? While personal savings soared to nearly $6.5 trillion in 2020, they’ve since dropped to below $500 billion, lower than the $1.4 trillion pre-pandemic. Despite supply chain imbalances driving discount sales as retailers looked to shed excess inventory, consumers are focusing their budgets on food and other staples and spending less on holiday categories such as electronics, clothing, and sporting goods. 

Ultimately, is a recession inevitable, and how bad might it get? This remains anyone’s prediction, but for business owners, management teams, and industry leaders, any level of uncertainty should be met head-on – waiting to seek clarity can be a losing move. 

Connect with G2 to discuss your 2023 strategic objectives. At G2 Capital Advisors, deep sector and operational expertise underscore our dedication to achieving success at all costs. We support clients through both healthy market cycles and times of distress, with a refusal to fail. We provide highly tailored advice to company-specific circumstances in an ever-changing world. Reach out today to start the conversation. 

G2 has had an exceptional start to the year, actively supporting over 95 engagements across four industries, serving investment banking and restructuring clients. The firm has made significant investments to expand our leadership functions across the organization with the addition of:

  • Brian Steffens – Managing Director, Buy-Side Advisory
  • Brian Schofield – Managing Director, Head of Capital Markets
  • Jim Cotter – Managing Director, Industrials & Manufacturing
  • Jereme LeBlanc – Director, Buy-Side Advisory

As we carry our momentum to the back half of 2022, G2 maintains a steadfast commitment to meeting the evolving needs of our clients across all stages of the business lifecycle. Whether executing strategic growth through M&A or supporting businesses troubled by unsustainable capital structures or challenging industry or operating conditions, G2 is your partner from beginning to end. 

CLOSED TRANSACTIONS:

VitalystDCLBiotronMTC
Anyone HomeZRGAndler
Cibes

NOTABLE ENGAGEMENTS:

Project RockProject StealthProject MiznerProject Hoops
Project AirProject GreenProject ViennaProject Delicious

PERSPECTIVES FROM LEADERSHIP

BSschofield
bcohenarrigoni
varsalonekonkle
kfordcasteleyn