Project Slugger

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Phase 1 Assessment

ABOUT THE COMPANY:

The Company is a leading provider of filtration and separation engineering solutions serving the solar, semiconductor, metals, and industrial manufacturing industries.

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.