Project Vermilion


Project Vermilion

Phase 1 Strategic Assessment & Operational Restructuring

ABOUT THE COMPANY:

The Company provides products, services, and turnkey solutions for onshore and offshore drilling and production clients around the world. Its offerings include structural steel design, fabrication, and erection, along with mechanical equipment, piping, pressure vessels, and flow control systems for the midstream and downstream process 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.

DEAL TEAM:

SUB-SECTOR

Construction Services

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