ABOUT THE COMPANY:
The Company is a leader in event services, providing audio and visual equipment on a rental basis for large-scale live gatherings from concerts to conventions. Additionally they provide IT managed services for organizations including equipment monitoring, deployment, security, and support.
SITUATION:
The pandemic's profound impact on live events significantly reduced demand for the Company's services. Nascent business lines focused on equipping remote workers with both gear and help desk support were promising but could not bridge the earnings gap that opened in 2020. The drop in revenue and earnings led to the Company defaulting on its loan agreement.
ENGAGEMENT:
The Company and its private equity sponsor retained G2 as financial advisor to provide guidance in its negotiations with its lenders toward a loan restructuring. As a trusted guide over a two-year period, G2 represented the Company in discussions with its lenders and helped ownership evaluate its strategic alternatives - including an M&A exit, capital raise, acquisition of another business, bankruptcy, and debt restructuring.
OUTCOME:
G2 served the interests of the Company by negotiating the terms of multiple forbearance agreements, providing relief from covenants and shifting the senior lender's penalty from a current cash obligation to payment-in-kind interest.
DEAL TEAM:
TAGS:
Exclusive Financial Advisor
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has received a growth capital investment from BBH Capital Partners
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a portfolio company of Dubin Clark has been refinanced by a subsidiary of Emigrant Bank
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has been acquired by TPS Group Holdings, LLC. through a Chapter 11 Section 363 Sale Process
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ABL Revolver & Long Term Loan Financing from PNC Bank and Energy Impact Partners
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Project Air
Phase 1 Strategic Assessmment and Operational & Financial Restructuring
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