Actively assisted in identifying replacement lenders
Assisted in amending current credit agreement including incremental funding for future acquisitions
The company was a vertically integrated cannabis grower, processor, marketer, and retailer who engaged CR3 Partners to assess the company’s business and performance improvement plan. CR3 reviewed historical performance and market variables, visited operations, and worked with ownership and lenders to assess operational performance and business prospects. The existing lending group allowed amendments to existing credit agreement, allowing management to focus on options for maximizing value and negotiating incremental funding.
Vertically integrated cannabis grower, processor, marketer, and retailer with two grow operations and seven retail stores
After close of debt recapitalization, lender realized they missed several key variables in their underwriting
Company engaged CR3 Partners to assess company’s business and performance improvement plan
Reviewed historical performance, store sales trends, and various market variables to assess feasibility of company’s plan
Visited growing, processing, and dispensary locations to assess impact of recent acquisitions and rebranding on attainability of forecast results
Worked with ownership and senior leadership in developing assessment of operational and financial performance
Worked with agent lender to assess business prospects and amendments to existing credit agreement
Introduced company to prospective replacement lenders, resulting in LOI currently in negotiation
Assisted company in persuading existing lender group to amend credit agreement to allow time to digest and optimize recent acquisitions, which allowed management and equity to focus on options for maximizing value, including negotiation of incremental funding for further acquisitions
Developed trusted advisor relationship with principal owner, enabling CR3 to access capital markets for further assessment
There's a difference between steady state management and change agents. A great steady state management team can execute an operating plan every day with precision. Deviations from a defined process can create conflict in an organization that is dedicated to staying the course.
On September 15, 2021, a grain elevator operator and processor of soybeans submitted an out-of-compliance borrowing base certificate to its secured lender. What followed was a novel bankruptcy case marked by massive complexity and a near-impossible positive outcome.
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.
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' 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.
SSG Capital Advisors, LLC (SSG) acted as the investment banker to New England Orthotic & Prosthetic Systems, LLC and its affiliates in the sale of all of its outstanding senior debt to AHM Healthcare Strategies (AHM), an affiliate of Eschen Prosthetic and Orthotic Laboratories, Inc. (Eschen).