Carl Marks Advisors completed the restructuring and successful sale of Aztec Events & Tents and Shaffer Sports, collectively known as Aztec/Shaffer, LLC. Carl Marks Advisors served as restructuring advisor to the Company with partner Brian Williams acting as Chief Restructuring Officer.
Aztec is the largest tent and event rental provider in Houston, Texas providing tents and equipment for events including the Houston Livestock Show & Rodeo and the Texas MS150 Houston to Austin bike ride. For the past year the Company has provided tents and services for the largest COVID-19 testing and vaccination sites in the region. Shaffer is the largest provider of hospitality structures and tents to the PGA Tour and other sporting events in the country, including Formula 1 and NASCAR at Circuit of the Americas and the Breeders Cup.
The Company experienced a severe reduction in revenue as a result of COVID-19, which curtailed events in the Houston area and at PGA Tour events nationwide. As Chief Restructuring Officer, Carl Marks Advisors helped Aztec/Shaffer stabilize its operations, manage its day-to-day processes, and retain critical customer and vendor relationships. Carl Marks Advisors also prepared the Company for a process that culminated in the sale of the business pursuant to Section 363 of the U.S. Bankruptcy Code on April 23, 2021. Aztec/Shaffer had filed for Chapter 11 bankruptcy on November 18, 2020 and was successfully sold to a consortium of co-bidders led by Arena Events Group plc (“Arena”), a global provider of turnkey event solutions, Summit Investment Management LLC (“Summit”) and certain affiliates of American General Life Insurance Company (“AIG”).
“We are pleased with the end result this process achieved for Aztec/Shaffer and its stakeholders, and we believe the talented team, large and high-quality equipment base and impressive clientele will add significant value for Arena as demand for large-scale events continues to return,” said Mr. Williams, Partner at Carl Marks Advisors.
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