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Edwin Clark
Director, Other Professionals
Edwin Clark has extensive experience in private equity and investment banking, with knowledge of principal investing and debt capital markets.
Eileen Frino
Director, Other Professionals
Eileen Frino is a seasoned finance professional with over ten years of experience spanning investment banking and credit advisory to operational and regulatory consulting.
Kenny Greenstein
Senior Associate, Other Professionals
Kenny Greenstein is a finance professional with experience in financial analysis and internal audits, serving several clients across the manufacturing industry. He has provided financial insights and analysis to companies for accurate forecasting for upcoming challenges.
William Snyder
Partner, Partners
With executive and entrepreneurial experience spanning close to 40 years, William Snyder has restructured, managed, and guided a multitude of companies in a wide variety of industries.
Partner William Snyder, Director Eileen Frino, and Manager Edwin Clark, with support Senior Associate Kenny Greenstein discuss downturns and private debt in the most recent installment of the Turnaround Management Association‘s Journal of Corporate Renewal.
For those who survived the global financial crisis (GFC) in 2007 and 2008, the aftershock seemed inevitable—and indeed it was. The capital invested in the middle market by private equity firms is exemplary. In 2007 there were 6,374 private equity M&A deals closed, representing $650.9 million of invested capital at an average debt-to-EBITDA multiple of 6.86x.1 It wasn’t until 2014—a full seven years later—that a similar amount of capital was invested in this market. But that was only the beginning of what turned out to be unprecedented growth in investment in this market.
Many recall hearing industry experts commenting from 2008 to 2010 on the immense amount of private equity capital that had been put to work pre-GFC funding middle market M&A. Many thought that there would never again be a time when so much money would be deployed at such “crazy multiples” with minimal structure or covenant-lite terms. However, by 2021 there were 9,446 M&A deals closed, representing a total of $1.1 trillion of invested capital.
Read full article here at TMA Journal of Corporate Renewal.
Jun 1, 2023