Slade Gorton

Situation

G2 was engaged in 2012 to develop strategic alternatives for the board of directors and assist the Company in initiating and executing an operational restructuring plan to better align with market needs and improve efficiency. G2 was re-engaged in 2015 to explore a minority and majority sale of the Company. Most recently G2 was contacted to provide financial advisory services.

Engagement

G2 was awarded the mandate to develop and execute a strategic alternatives process which included a formal assessment of exit strategies, divestitures, bolt on M&A, financing options, and liquidity improvement strategies. G2 refinanced the existing ABL lender to provide more liquidity, and drove significant operational improvements. G2 then served as the exclusive sell-side advisor to Slade, responsible for running a robust, hands-on sale process, which ultimately resulted in a minority recapitalization to Samherji. Currently G2 has placed an interim CFO at Slade, and is driving significant profitability enhancements.

Outcome

G2 identified and executed over $14MM worth of operational improvements, raised additional equity refinancing which added $10MM of additional liquidity, and lowered overall costs of capital. The refinancing of the revolver facility freed up an additional $1MM in debt service costs, significantly increased overall revolver availability, and led to significant liquidity improvements. G2 then led a minority recapitalization of the Company soliciting a cross border family office with principal investments in a large strategic player in the sector. Most recently, G2’s interim CFO discontinued low-margin customers / products, developed financial controls, refinanced the Company’s $45MM revolver, and helped the Company raise additional equity.