TrueNorth’s team of senior bankers provide a full range of services in completing middle-market transaction and strategic advisory assignments for our clients. This array of services, coupled with our knowledge of the global markets for middle-market M&A and institutional financing transactions, enable our senior bankers to work with our clients in developing, implementing, and successfully completing transactions crucial to achieving our clients’ strategic objectives.
TrueNorth’s senior banker delivery model ensures that our clients receive outstanding service. Every transaction is led by one or more bankers who have many years of transactional experience. Our senior bankers don’t delegate responsibilities to junior bankers learning the ropes; they remain on-point throughout every transaction, investing the extensive time required to prepare for and execute transactions and, every day, utilizing their significant transaction experience, market knowledge, and professional approach in behalf of their clients.
In taking on these time-consuming transaction and intermediary responsibilities, our senior bankers enable their clients to keep focused on a critical component for the successful completion of every transaction – that being the utilization of our clients’ expertise in the day-to-day management of their businesses.
With respect to every transaction, the responsible TrueNorth senior bankers are supported by our full team of bankers. Our team is comprised by professionals who, during the course of the their varied careers, have accumulated the experience and wisdom to become a valuable resource for our deal teams and clients. Collectively, we rarely come across a client opportunity or issue that we’ve not previously encountered numerous times.
We will develop a potential market consisting of a universe of prospective regional, domestic, and international buyers – including corporate, private equity, family office, and other buyers – all of which we research for suitability. Before approaching this client-approved target list of potential buyers, our senior bankers will expertly position our clients with professionally prepared marketing materials, such as the crucial Confidential Information Memorandum, based on our deep understanding of our client’s business and its industry niche.
Once the transaction process begins, our senior bankers are on the front line providing experienced and directly communicated guidance to our clients. We also work closely with interested buyers and investors (and their various advisors) to create a competitive environment, develop options for our client’s consideration, negotiate all economic and other key terms identified by our clients, and drive the transaction to a successful close.
More than twenty years of experience has led to the refinement of a “bottom up” approach to buy-side assignments. Unlike many firms that rely on a “top down” approach: hoping to see transactions as they come to market; the TrueNorth approach is to work with clients to develop clear target criteria and then identify all companies that meet the criteria. Once identified, TrueNorth will initiate contact and cultivate sellers. Contact and cultivation is more art form than science. This is demanding work that requires experience and patience.
Notwithstanding the aforementioned, we do customize each buy-side transaction to meet the needs of our client. For example, in cases where our client has already identified the target, our senior bankers will assist the client in completing the transaction, working closely with the client in the valuation, negotiation, due diligence, and documentation phases, straight through the transaction closing.
Similar to the M&A sell-side transaction process, the capital-raise transaction process entails three overlapping phases: (1) preparation & positioning, (2) marketing & proposals development, and (3) negotiations & closing.
Depending upon our clients’ business prospects and goals as well as their debt capacities and capital-raise amounts, TrueNorth will develop a potential market consisting of appropriate institutional investors and lenders, which could include (a) banks, insurance companies and other senior short-term and long-term lenders, (b) mezzanine groups and other subordinated debt providers, and (c) private equity, venture capital, and other minority equity investors. Again, our senior bankers’ deep involvement and experienced day-to-day guidance and professional advocacy for our clients ensures a competitive process among prospective lenders and investors that is designed to yield various financing options for our clients’ consideration and, ultimately, the optimal capital structure and financing terms.
Often, a restructuring client is in danger of precipitous decline if urgent liquidity and other financial and operating issues are not quickly addressed. These complex, fast-moving transactions usually utilize our expertise in either raising capital and/or effecting a sell-side transaction.
Restructurings require a specialized skill-set, including an in-depth understandings of bankruptcy laws and security interests. For example, TrueNorth is experienced in advising clients on pre-packaged Chapter 11 bankruptcies Section 363 sales in bankruptcy, Article 9 transactions, and negotiation of composition agreements outside of Chapter 11.
In addition to working with distressed and special-situation clients, our restructuring specialists have extensive experience in providing creditor & debtor advisory services and bankruptcy advisory services.
All fairness opinions and most valuation analyses are related to M&A or restructuring transactions being contemplated by our clients. In many of these cases, TrueNorth also performs the transaction advisory services for the client. Outside of transaction-related valuations, there many other situations that give rise to valuation work, including trust/estate requirements, related-party transactions, tax purposes, and accounting purposes such as purchase price allocations and goodwill impairment tests.
As a private, independent investment banking firm that is active in various markets for middle-market companies, TrueNorth is free of internal and external conflicts and is able to provide real-world assessments, opinions, and recommendations.