Special Situations M&A
Providing accelerated M&A and non-core corporate carve-out solutions to clients facing challenging, complex or business critical issues where specialist situational expertise and experience is key to delivering the optimal outcome.
We provide a full suite of sell-side and buy-side services for a range of clients including corporates, investors and lenders. Our reputation is cemented by a track record of delivering successful outcomes for clients facing complex and business critical situations. We are a senior-led, full-service team of situational M&A specialists who leverage broader technical expertise as required.
Latest Financial Advisory Insights
Our unique blend of corporate finance and restructuring experience, together with a senior led and hands on approach, positions the team as the optimal partner for clients seeking the best outcome in what are often strained and challenging conditions.
Our dedicated Special Situations M&A team has advised on c.170 transactions since its inception in 2008 and has a track record of maximising value across a range of sectors and deal sizes. The team has a reputation for delivering both sell-side and buy-side transactions in complex situations and through alternative structures and delivery mechanisms including solvent processes, pre-pack sales and sales of businesses through administration.
The team has continued delivering transactions in complex situations and through alternative structures and delivery mechanisms, advising on c. 40 transactions since 2018.
When to Reach Out
Changes in strategic or operational direction
- A material adverse change to the business (e.g. loss of a key contract) or sector in which it operates (e.g. a change in regulations) which raises concerns over its future viability.
- The financial performance or strategic focus of a group is negatively impacted by one or more loss making subsidiaries.
- A decision has been made to dispose of non-core portfolio companies.
"Plan B" preparation
- A corporate or financial investor has identified a distressed acquisition target and requires advice in navigating the process and transaction challenges.
- A significantly over-leveraged company requires a solvent or insolvent restructuring mechanism to deliver a sale.
- Growing uncertainty that a consensual financial restructuring can be delivered in the time available.
- Recent attempts to refinance a company’s debt or raise new funding have failed.
- A short-term cash flow issue has been identified that requires a funding solution or sale to be delivered in an accelerated timeframe.
- The board of a company that is trading in or close to the zone of insolvency is considering whether a sale of the business would maximise recoveries to creditors.
Sale of group which delivered premium outcomes on a high-profile retail administration situation.
- Accelerated M&A advisory to a large and complex UK retailer comprised of a number of iconic fashion brands.
- Executed the sale of all brands to strategic buyers via three separate transactions within an accelerated timeline.
- Process tactics accommodated significant interest, while creating competitive tension between lead buyers which drove enhanced value outcomes.
- Total M&A realisations significantly ahead of expectations.
Achieved a going concern sale which maximised recoveries for creditors.
- UK’s largest retailer of solid hardwood furniture, with 105 stores across the UK and 1 store in the US, in addition to online platforms serving the UK, Ireland and the US.
- A cross service-line team leveraging capabilities from Special Situations M&A, core Restructuring Services and Real Estate worked hand in glove to secure the optimal outcome.
- A going concern sale was achieved which secured over 1,400 jobs, 78 nationwide stores and maximised recoveries for creditors during the first national Covid-19 lockdown.
Sale of a listed business which secured significant value despite an accelerated timetable and other challenging situational dynamics.
- Listed operator of small sided football clubs across the UK and the US.
- Developed bespoke sale narrative isolating the factors attributable to the distress and highlighting the strong operational performance
- Ensured the process adhered to the requirements of the PLC environment.
- Maintained bidder engagement, despite uncertainty created following media leaks.
Successful international disposal of a non-core, underperforming business unit for a UK PLC.
- UK listed operator and largest Franchisee of Domino’s Pizza outside the USA, with operations in Norway, Iceland, Sweden and Switzerland.
- Leveraged the international network to access a wide range of potential investors and to provide real-time market analysis.
- Developed innovative reverse ratchet mechanism to account for the losses in the business and secured a successful exit from the Norwegian operations in the face of poor trading conditions and increased losses.
Non-standard M&A process which generated a successful exit for a “Lender owned” corporate.
- Independent North Sea oil and gas company which was owned by a group of US lenders.
- Delivered a successful exit following a failed investment bank led process.
- Enhanced value by negotiating an exit from multiple non-performing joint venture assets.
- Executed via a complex delivery mechanism involving a share receivership and wind down of legacy entities.
Successfully advised overseas PLC on acquisition of UK restaurant business out of administration.
- Approached by Singha Corporation, a Thai brewery, to assist them in buying the Oriental Restaurant Group out of administration.
- This was a specific carve-out from a larger pub business and was Singha’s first UK acquisition and its first acquisition of a distressed business.
- Ultimately, we were able to get Singha comfortable with the deal structure, the lack of warranties, the assignment of leases and dealing with the administrators and completed the transaction within three weeks.
Details of the entity providing services, legal and regulatory information in respect of the Teneo entity are also included in our engagement letters.
Teneo Financial Advisory (DIFC) Limited is authorised and regulated by the Dubai Financial Services Authority for the provision of Advising on Financial Products or Credit and Arranging Credit or Deals in Investment services
Specific information relating to our regulated entities which provide services to clients is detailed below:
|Registered Name||Legal Form||Registration Location and Reference||Registered Office||Data Protection||Regulator(s)||Professional Indemnity Insurance|
|Teneo Financial Advisory Limited||Limited Company||England & Wales, 13192958||5th Floor, 6 More London Place, London, SE1 2DA||UK - ZA920639||The Institute of Chartered Accountants in England and Wales (“ICAEW”) C008873136. All insolvency practitioners are licenced by the ICAEW. ICAEW Designated Professional Body licence for a range of investment business activities.||Details of the professional indemnity insurer can be provided on request.|
|Teneo Securities LLC||Limited Liability Company||USA - Delaware||280 Park Avenue, 4th Floor, New York, NY 10017||N/A||Financial Industry Regulatory Authority (FINRA) #151256. Securities and Exchange Commission (SEC).||Details of the professional indemnity insurer can be provided on request.|
Teneo Securities LLC’s Business Continuity Planning
Teneo Securities LLC has developed a Business Continuity Plan (“BCP”) on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our BCP.
The Firm has developed and installed a BCP in the case of any business disruption that causes the Firm to have limited or no communications with its employees or customers. Our plan anticipates two types of business disruptions, internal disruptions which affect only our Firm’s ability to do business (such as a fire in our building) and external disruptions that prevent the operation of securities markets or other firms (such as natural disasters or acts of war).
The Firm intends to stay in business during both internal and external disruptions due to the fact that the Firm employees can conduct Firm related business from alternate off-site physical locations and the Firm maintains an alternate location for the maintenance of its books and records. We anticipate that the Firm will recover from internal business disruptions within 24-48 hours. An outage due to an external business disruption may be longer and is beyond the control of the Firm. However, the Firm will endeavor to resume business as soon as it is possible for the Firm to establish business operations from alternate off-site physical locations.
The Firm’s BCP specifically addresses the following areas related to Firm operations:
- Data back-up and recovery (hard copy and electronic);
- All mission critical systems;
- Procedures to test and determine the Firm’s ability to do business (i.e., financial and operational assessments);
- Alternate communications between customers and the Firm;
- Alternate communications between the Firm and its employees;
- Alternate physical location of employees;
- Critical business constituent, bank, and counter-party impact;
- Regulatory reporting; and
- Communications with regulators.
If you have questions about our business continuity planning, you can contact us (212) 886-1600.