With financial and operating experience spanning over 30 years, Mike Caruso is a proven problem-solver with the ability to quickly adapt to different environments and produce quantifiable bottom-line results.
Tom O'Donoghue offers a special perspective and deep understanding of business needs and objectives from serving numerous businesses as a turnaround manager, financial advisor, investor, and corporate executive.
Barak Tulin is a creative, analytical, and effective executive with over 20 years of experience in performance improvement, restructuring and turnaround, financial planning and analysis, transaction services and general management.
The company is a family-owned retailer of specialty gifts with 86 locations in the northeastern U.S. The company’s term lender engaged CR3 to evaluate its position before and during the company’s Chapter 11 bankruptcy filing, in which the company agreed to sell itself to a stalking-horse bidder comprised of company management and one of the company’s landlords. CR3 assisted the lender in developing a strategy to competitively bid against the stalking-horse bidder to increase the lender’s potential recovery. Ultimately, CR3 succeeded in helping the lender receive a higher recovery from the stalking-horse bidder without having to bid successfully for the assets.
Family-owned retailer of specialty gifts with 86 locations in the northeastern U.S. and over 2,000 employees
Company had funded a growth plan by taking on outside investors and raising additional funding
2020 sales were negatively impacted by COVID-19 pandemic, which generated significant P&L losses and reduced company’s ability to service its debt
As a result, company filed for Chapter 11 bankruptcy with goal of selling itself as a going concern to a group of company’s insiders and one of its landlords
Financial advisors to company’s term lender
Assessed company’s bankruptcy plan and financial projections
Assessed company’s sale strategy and liquidation analysis to determine range of lender’s potential recovery in a bankruptcy sale process
Commissioned an alternate liquidation analysis from an outside party to determine range of recoveries in a liquidation and calculated range of cash flows
Assisted lender in mounting a rival bid for assets in which lender would fund a liquidation with an outside party and receive a potentially higher recovery than it would from stalking-horse bid
Provided financial analysis and strategic counsel before and during negotiations between lender and company’s stalking-horse bidder
Stalking-horse bidder agreed to provide a guaranteed recovery to lender in exchange for exiting the bidding process
Lender received a recovery within the range estimated by CR3 and without the risks of a liquidation
Roll-up mergers can create significant value through scale and cost savings, but not all roll-ups perform as expected. Speed of integration may be the most challenging factor when acquiring and consolidating multiple assets.
CR3 Partners is proud to announce that Michael Sicari has joined the firm as a Senior Associate in the New York office. Dallas-based Partner, Mike Juniper will appear as a panelist in "Out-of-Home Entertainment: Ready for TakeOff, or Ready to Disappoint?" on May 6 at ABI's Virtual VALCON experience.
Reed Smith's Keith Aurzada joins William Snyder and Dawn Ragan, both of whom served as financial advisors to the equity committee in the JCPenney case. Our speakers explain the valuation of JCPenney assets and how restructuring support agreements shaped this case.
CR3 Partners Adds Manager and Two Senior Associates
CR3 Partners is proud to announce its new Manager, Mark Kennedy, and its new Senior Associate, Lee Hiles, in the Atlanta office. We also made a recent addition to its new Richmond office with Senior Associate, Katie Usera.
CR3 Partners is proud to announce the expansion of its rapidly growing Los Angeles office by adding two Senior Associates, Alex Pettee and Ashtynn Baltimore. Along with the additions to the Los Angeles office, CR3 Partners would also like to announce its new Director, Avery Alcorn out of the Houston office.
CR3 Partners' clients and referral sources agree that additional capital will be needed to return operations to the "new normal" after COVID-19. But how much capital will they need, where will it be deployed, and who will provide it?
The restaurant industry has been one of the hardest-hit industries during COVID-19. Director, Kep Sweeney, gives advice on how to best navigate through it and shares what his current client has done to actually improve during these difficult times.
CR3 Partners is pleased to announce that Sean Cunningham has joined as a Partner of the firm and will be based in its New York office. David Tiffany has been elevated to Partner of the firm in the Los Angeles office.