Project Adrian

Exclusive Financial Advisor

Phase 1 Strategic Assessment

ABOUT THE COMPANY:

Adrian is an IT consultancy and managed services provider offering advisory, implementation, and support services to mid-sized businesses through three separate operating divisions. The Company is leader in providing full-scope digital transformation capabilities to its client base.

SITUATION:

Following a debt refinancing to fund working capital and strategic acquisitions, Adrian experienced a significant decline in financial performance – culminating in the Company breaching its financial covenants and entering into a forbearance agreements with its lenders.

ENGAGEMENT:

G2 was engaged by the Company to conduct an operational assessment and evaluate potential strategic alternatives for the business. In addition, G2 provided go-forward recommendations focused on boosting growth and preserving liquidity, as well as an assessment of management’s proposed turnaround plan.

OUTCOME:

G2 completed a strategic alternatives assessment for Adrian’s Board of Directors in late 2017, which served as the foundation for lender negotiations and divisional M&A carveout considerations – which were supported by G2 throughout 2018. Adrian and its first lien lenders are currently finalizing the terms of an amended credit facility.