Crystal Financial LLC and Balmoral Funds are pleased to announce that both firms will be awarded with the Turnaround Management Association’s (TMA) Transaction of the Year Mid-Size Company for the acquisition and financing of Intelligent Global Pooling Systems (iGPS).
Founded in 2006, Intelligent Global Pooling Systems (iGPS) is the operator and owner of the world’s first and largest plastic pallet rental pool. It operates from a robust network of depots serving over 100 manufacturers and 2,000 retailers by lowering their logistics and related operating costs.
Crystal provided both a DIP facility and a $20.0 million exit facility to support the acquisition of the Company by Balmoral Funds and other investors. Balmoral completed the acquisition through a complex series of steps including the purchase of pre-petition debt, the offer of a stalking-horse bid, zealous advocacy in the Delaware courts and ultimately a successful acquisition of the iGPS assets in a section 363 sale process.
The Crystal deal team included Stephen Krawchuk, Managing Director, Rebecca Tarby, Managing Director and Timothy Lawlor, Senior Associate. The Balmoral deal team included Jonathan Victor, Managing Director, Robin Nourmand, Principal, Travis Haynes, Senior Vice President and David Shainberg, Senior Associate. These individuals will be honored at The TMA Annual, taking place in Toronto, Ontario from September 29th – October 1st.
“Crystal Financial is honored to receive this award and recognition from the TMA and our peers. Our standard is for excellence and to deliver comprehensive solutions to complex financing needs. Our team worked tirelessly to identify a creative approach and a financing structure that met Balmoral’s needs and led to a successful acquisition of the Company that otherwise would have been liquidated. We very much enjoy our partnership with Balmoral,” said Ward K Mooney, CEO of Crystal Financial.
“Consistent with our reputation as friendly, creative and responsive lender, we are pleased to have created a unique bankruptcy lending solution which provided for both the Company’s DIP and emergence lending needs. We were privileged to work with Balmoral Funds, which in conjunction with a strong new management team, orchestrated an exceptional bankruptcy acquisition solution and turnaround,” noted Crystal’s Stephen Krawchuk.
“Crystal went well above and beyond the role of a traditional lender. They were patient and supportive. Their thoughtful and practical approach to a very challenging situation led to a very positive outcome. We could not have done it without them,” added Robin Nourmand, a Principal at Balmoral Funds.
Crystal Financial LLC, a portfolio company of Solar Capital Ltd., is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries.
Balmoral is a private equity firm focused on investing in corporate carve-outs, restructurings and other special situations. Balmoral's investment strategy focuses on partnering with talented management teams to invest in and revitalize companies with strong market positions that are going through a period of transition or experiencing operating or financial challenges. Balmoral targets investments in companies that have historically generated $30 million to $300 million of revenues at their peak. Balmoral is headquartered in Los Angeles, CA and has a strong track record of structuring creative investments in challenged companies and returning them to financial stability and profitable growth.
The Turnaround Management Association (TMA) is the leading organization dedicated to turnaround management, corporate restructuring, and distressed investing. Established in 1988, TMA has more than 9,300 members in 49 chapters worldwide, including 31 in North America. Members include turnaround practitioners, attorneys, accountants, advisors, liquidators, executive recruiters, and consultants, as well as academic, government, and judicial employees.