Ravinia Capital Wins Turnaround Atlas Award Special Situation M&A Deal of the Year for Allied Healthcare Products Chapter 11 §363 sale to Flexicare
CHICAGO, Sept. 7, 2024 /PRNewswire-PRWeb/ — Ravinia Capital is pleased to announce that a recent transaction has been recognized by the Global M&A Network for excellence and outstanding achievement in the restructuring community. The firm was awarded The Turnaround Atlas Award-for Special Situation M&A Deal of the Year 2024 at the 16th Global M&A Network Annual Gala. These awards celebrate exemplary work in the restructuring industry and honor firms that have achieved the “Gold Standard of Performance,” evaluated from more than 320 eligible deals in the U.S. and abroad.
Allied Healthcare Products Chapter 11 §363 sale to Flexicare
Allied was on track to shut down after decades in business and to stop manufacturing important medical products, lay off most employees and have essentially no recoupment to unsecured creditors. Initial liquidation analyses pegged the return at barely paying off its secured lender, leaving nothing for general unsecured creditors, the landlord, or the Union pension withdrawal deficiency. Tom Goldblatt knew that a Section §363 sale process would free up a new owner to purchase the company as a going concern and the responsibility for potential regulatory liabilities, environmental issues and the unfunded pension balance problems could be addressed and solved. The urgent nature of the issue made it necessary to firmly line up a Stalking Horse buyer within weeks. More than 1,500 potential buyers were contacted.
In the end, the shutdown got reversed and up to 100 jobs were saved, as well as countless lives through the continued use of Allied Healthcare products. Ravinia Managing Partner Goldblatt was able to secure a Stalking Horse bid for a price amounting to more than four times projected liquidation returns. “The result of the Allied Healthcare’s professionals’ work represents the restructuring community at its best, utilizing the skill sets and integrity of various professionals to deliver a win-win result for all constituents,” said Tom Goldblatt. He continued, “Creditors received a substantially better recovery than originally projected, workers retained jobs, and patients continued to receive treatment from AHPI’s lifesaving medical products.”
Primary Financial Advisor Mark Welch, Principal of MorrisAnderson & Associates, Ltd., agreed. “Back in December 2022, there were not many options remaining for Allied. Through immediate and steadfast decision making, operations were improved to allow for a great outcome for all creditors. Jobs were saved and suppliers/vendors will receive payouts far exceeding any initial projections. This case is a great example of how turnaround professionals can work together utilizing operational efficiencies and the bankruptcy code to sell assets.
About Ravinia Capital
Ravinia Capital is an elite and independent boutique investment bank committed to supporting middle-market transactions and delivering outstanding results. Investment banking services encompass the areas of mergers and acquisitions and debt advisory.
When the stakes are high and a “best practices” competitive process is the way to go, Ravinia’s emotionally intelligent, independent approach clears pathways to success. As the go-to firm for middle-market companies, Ravinia Capital is a mercenary for the stakeholders, delivering expert guidance and customized solutions to each unique situation.
Media Contact
Shari Giddens, Ravinia Capital LLC, 1 2244227764, [email protected], www.raviniacapitalllc.com
SOURCE Ravinia Capital LLC
