Industries

Technology and Telecom Management and Restructuring

Technology and telecom is one of the world’s fastest-moving sectors. Technology industry growth makes this field highly competitive. At the same time, there are many potential roadblocks, such as the need for continuous innovation, costly R&D investments, increasing cyberattacks, growing competition and reduced profit margins, and heightened customer expectations. There is also the volatility of new technologies like cryptocurrency, the impact of economic downturns, and an increasing demand for highly skilled workers.

At SierraConstellation Partners, we help companies in this industry navigate transitions and uncertainties with our technology and telecom management and restructuring services. Our seasoned former executives and bankers have extensive expertise with day-to-day operations and finding business financial solutions for long-term sustainable growth.  

Identify areas for improvement with our management services and expand your team’s capabilities.

Technology and Telecom Interim Management

There are various reasons why a board of directors or other stakeholders may decide to retain an outside party as an interim executive. The company may be struggling with liquidity following an acquisition and unable to repay loans. The management team may not be communicating effectively with lenders. The CEO may be unwilling to make the necessary changes to make the company profitable again.

SCP has helped organizations navigate the most challenging circumstances, providing interim CEO, CRO, COO, CFO, and floor-level managerial services. Our tech industry experts will evaluate the company’s operations and financials and will recommend and implement improvements. They develop revenue strategies and plans to create lasting growth and provide hands-on management alongside the team.

Technology and Telecom Financial Restructuring

A business usually undertakes a restructuring when it has become insolvent. It may have missed covenants in a lender agreement, received a default notice from the bank, or is experiencing a liquidity crisis that affects operations. The company may have filed for bankruptcy or be facing litigation. The board of directors occasionally brings in a financial advisor during a sales process to provide tactical support and oversee negotiations.

SierraConstellation Partners has extensive experience navigating the challenges technology  and telecom companies face and guiding them in financial distress. We offer comprehensive restructuring services that include working with executives on strategic initiatives, getting buy-in from stakeholders, providing M&A support, negotiating restructuring transactions, coordinating due diligence to finalize transactions, and handling post-merger integrations.

Technology and Telecom Turnaround Management

Whether it’s high-profile bankruptcies in the volatile crypto sector, missed debt covenants, bad investments, a loss of profitability, or a liquidity challenge following an acquisition, there are many instances where a technology company may need turnaround management services.

At SCP, we’ve helped businesses and their stakeholders navigate financial and operational difficulties. As part of our turnaround services, we’ve developed restructuring alternatives, negotiated remediation and forbearance agreements, advised on liquidity issues, analyzed cash flow, and helped companies execute recommended strategies to restore liquidity and profitability. Our experts have partnered with technology and telecom companies, working alongside their executives to create a sustainable path forward.

Technology and Telecom Performance Improvement 

A telecom firm may have cash flow issues, requiring revenue monitoring and cost-cutting measures to improve liquidity. A technology company may be the target of an acquisition by a private equity firm that needs a financial and operational assessment before proceeding with the deal. There may be an increase in supply chain or operating costs resulting in a dip in profits. 

SierraConstellation Partners has deep expertise in evaluating technology and telecom companies and executing strategies to turn the ship around. Our team will monitor performance in all areas and take steps to reduce costs and enhance efficiency for improved EBITDA. We help organizations quickly regain liquidity and chart a sustainable path to long-term growth.

Technology and Telecom Talent & Culture

In some instances, whether due to a transition such as an acquisition or merger or the loss of key personnel, a company may need assistance with talent acquisition, professional coaching, managing a reduction of force, or improving employee retention if morale is low. 

At SCP, we partner with executives and HR directors to examine organizational design and development in terms of talent and company culture. We enable seamless leadership transitions and assist with M&A integrations, organizational development, compensation planning, risk planning, and HR compliance matters. Through strategic planning and leveraging our comprehensive talent data intelligence, we help tech businesses assemble winning teams.

Frequently Asked Questions

What challenges are middle-market technology and telecom companies facing in today’s market environment?

With fierce competition from major players and new disruptors, as well as fast-changing technology, companies in this sector experience massive headwinds. They also face cybersecurity risks, fluctuating customer expectations, complex regulations, employee acquisition and retention challenges, sustainability concerns, and the pressure to upgrade while trying to keep costs down.

How can I prevent my business from being consolidated?

There are steps you may be able to take to avoid being acquired by a larger entity for consolidation. These include exhibiting robust financial performance, developing market differentiation, and forming strategic alliances and partnerships. Expand into new customer segments or markets. Communicate with shareholders regarding your growth strategy and vision. A financial consulting firm can assist in such circumstances.

What are the advantages of talent and culture services for the technology industry?

With talent and culture services, a tech company can cost-effectively attract and retain top talent, enhancing innovation through diverse ideas and perspectives. They can boost employee engagement and morale through a positive work environment. Acquiring specialized skills will give them a competitive edge for improved business performance. An advisor can help an organization align its workforce with company goals and values.

SCP’s Telecom and Technology Business Financial Solutions

SierraConstellation Partners is a premier advisory firm that provides professional financial guidance and hands-on management services. Our expertise in the technology and telecom sector will help your business navigate operational or economic challenges. We’ll set you on the path to long-term, sustainable profitability and success.

Get in touch with one of our experts to start planning your future today.

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Case Studies

Technology & Telecom Industry Team Members

William White

Senior Director

Roger Gorog

Senior Director

Christian Sorensen

Senior Director

Philip Kaestle

Managing Director

Bob Riiska

Managing Director

Carl Moore

Managing Director

David Bitterman

Managing Director

Bill Partridge

Managing Director

Kevin Santos

Director

John Halloran

Senior Director

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William White

Senior Director

Los Angeles, CA

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Industry Expertise

William White, a Senior Director at SierraConstellation Partners, has over 12 years of experience advising companies and creditor groups through complex transactions, including in- and out-of-court restructurings, distressed mergers and acquisitions, and challenging financings.

He has worked with clients across a variety of industries and executed transactions ranging in size from less than $100 million to over $20 billion. His industry experience includes apparel, automotive, consumer retail, manufacturing, distribution, infrastructure, technology and telecommunications.

Prior to joining SCP, Mr. White was a vice president in the restructuring group at Rothschild, Inc. in New York. He also worked as a financial analyst in the financial restructuring group at Houlihan Lokey and as a financial analyst in the corporate finance group at Ernst & Young.

Mr. White holds a bachelor’s degree in business administration from the University of Southern California and earned his MBA from New York University.

  • Served as interim manager of a designer, manufacturer and retailer of branded children’s apparel operating 82 stores and an e-commerce platform during its restructuring and sale of assets.
  • Advised a leading manufacturer of waste handling and recycling equipment in North America on the consensual out-of-court restructuring of $725 million in debt obligations.
  • Advised a leading global manufacturer of wire harnesses on its $325 million pre-packaged restructuring.
  • Advised a global Tier 1 automotive supplier during its Chapter 11 restructuring of approximately $22.2 billion of pre-petition liabilities.
  • Advised a Tier 2 industrial supplier on its $335 million pre-negotiated restructuring.

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Awards

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Roger Gorog

Senior Director

Los Angeles, CA

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Roger Gorog, a Senior Director at SierraConstellation Partners, provides operational and financial advisory services to underperforming companies and companies in transition. His experience includes in- and out-of-court restructurings, business cost rationalizations, operational turnarounds, interim management, and transaction advisory services. Roger has experience across a variety of industries including, Aerospace & Defense, Business Services, Construction, Consumer Products & Retail, Energy, Financial Services, Food & Agriculture, Healthcare, Manufacturing, Real Estate, and Transportation & Logistics.

Before joining SCP, Roger was a Director at Alvarez & Marsal in their Healthcare Group where he worked on several large bankruptcy cases and numerous out of court restructurings. Prior to A&M, Roger worked in public accounting at Deloitte & Touche where he worked on financial statement audits of various corporations, both public and private.

Roger received his bachelor’s degree in economics and accounting from Claremont McKenna College and his Master of Business Administration (MBA) from The Peter Drucker School of Management at Claremont Graduate University. He is licensed as a Certified Public Accountant (CPA, inactive) and a Certified Insolvency & Restructuring Advisor (CIRA). He is an active member of the Association of Insolvency & Restructuring Advisors (AIRA) and the American Institute of CPAs (AICPA).

  • Interim CFO to a food manufacturer facing serious operational issues after losing its largest customer. He successfully reduced operating expenses and cash burn while negotiating with major vendors and the Company’s lender to extend their runway.
  • Officer for a leading cancer research institute where he was responsible for all finance and accounting related activities during a Ch. 11 bankruptcy and associated sale.
  • Financial advisor to large retail chain facing serious liquidity and liability issues. Communicated with all constituents, negotiated landlord concessions, and managed cash while we prepared for bankruptcy filing and associated liquidation sales.
  • Served as a financial advisor to a national ambulance company through a prepacked Chapter 11 bankruptcy that reduced balance sheet obligations by $350 million.
  • Financial advisor to an oil and gas E&P company where we successfully sold assets to strategic buyers, providing needed liquidity to maintain go-forward operations and successfully repay lenders and creditors.
  • Lead a due diligence assessment of a target company for a private equity firm that led to a successful transaction of medical information services provider. After the acquisition, he was further retained to assist in developing the integration plan, including development of various strategic initiatives to improve overall financial performance.

Awards

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Christian Sorensen

Senior Director

Los Angeles, CA

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Christian Sorensen, a Senior Director at SierraConstellation Partners, provides operational and financial restructuring and advisory services to both underperforming companies and companies in transition. He has experience with in- and out-of-court restructurings, operational turnarounds/improvement, balance sheet restructurings, debt and equity capital raising, mergers and acquisitions, divestitures, and conducting financial modeling and forecasting.

Christian has experience in a variety of industry verticals, including: aerospace and defense; agriculture; automotive; business services; consumer; food and beverage; healthcare; gaming, lodging and leisure; industrial and manufacturing; media and entertainment; oil and gas; restaurants; retail; technology; and transportation and logistics.

Prior to joining SCP, Christian worked at Sun Capital Partners, an operationally-focused middle-market private equity firm that invests in companies that are operationally challenged, experiencing an industry or business transition, undergoing a corporate divestiture, or managing rapid growth, with over $9 billion of capital under management. At Sun Capital Partners, Christian focused on analyzing control equity investment and divestiture transactions, and actively worked with executive management teams to drive performance improvement of portfolio companies. Prior to Sun Capital Partners, Christian worked at the investment bank Imperial Capital, where he focused on restructuring, financing, and M&A transactions.

In 2019, Christian won the M&A Advisor’s Annual Turnaround Award for Restructuring of the Year of between $25-$50 million for his work with the Cranberry Growers Cooperative.

In 2021, Christian received the M&A Advisor’s Emerging Leader Award, which recognizes leading M&A, financial and turnaround professionals who have reached a significant level of success while still under the age of 40.

Christian holds an Honors Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario, where he graduated with Distinction.

  • Financial advisor and part of team that served as Chief Restructuring Officer to cooperative of cranberry growers, which successfully implemented a Chapter 11 Plan of Reorganization. SCP's solutions identified and implemented operational changes to reduce costs by over 20% and improve production yields by over 10%, while providing secured lenders full recovery. The transaction also received a Turnaround Award by The M&A Advisor for restructuring of the year.
  • Financial advisor and part of team that served as Chief Restructuring Officer to agriculture and commodities company during its Chapter 11 bankruptcy restructuring. Executed an orderly sale of all inventory, monetized certain contract assets, and sold individual operating facilities via court-approved Section 363 asset sales to maximize recoveries.
  • Financial advisor to consumer packaging business with over $140 million of indebtedness following events of default. Developed and implemented cash management solution, identified operational changes to reduce working capital accounts and increase cash conversion, and provided strategic review of alternatives.
  • Financial advisor to diversified manufacturing company with prior year revenue of over $700 million, including developing plant idling plans and identifying and implementing operations changes to reduce quarterly cash burn by over $5.0 million, while achieving a successful refinancing.
  • Worked with leading global manufacturing company on key operational enhancement initiatives to generate over $30 million of EBITDA improvement, and sell non-core assets.
  • Led approximate $100 million acquisition of North American manufacturing company. Worked with executive management teams to identify cost savings and synergies across various departments to enhance EBITDA by approximately 50%.
  • Evaluated in- and out-of-court restructuring alternatives to maximize shareholder value for an aerospace company. Negotiated senior debt purchase, and subsequent stalking horse purchase agreement and credit bid in a Chapter 11 §363 asset sale.
  • Closed over $7.0 billion of restructuring, financing and M&A transactions.

Awards

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Philip Kaestle

Managing Director

Seattle, WA

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Philip Kaestle is a Managing Director at SierraConstellation Partners, where he provides financial and operational advisory services to companies in transition. He has experience with balance sheet restructurings, interim executive management, operational turnarounds, identifying strategic opportunities, debt and equity capital raising, mergers and acquisitions, financial modeling and forecasting. Philip has worked in a variety of industries, including aerospace, apparel, automotive, distribution, entertainment, food and beverage, healthcare, industrial services, manufacturing, marketing, media, real estate, restaurants, retail and software.

Philip has served in a variety of senior-level positions including Chief Restructuring Officer, Financial Advisor, Investment Banker, Interim Chief Financial Officer, Interim President and Liquidating Trustee to numerous middle-market companies and is particularly skilled at assisting clients through challenging situations.

Prior to joining SCP, Philip was an associate vice president in OneWest Bank’s Media and Entertainment Finance Group where he was responsible for structuring, underwriting and executing new senior debt transactions and recapitalizations for media and entertainment companies. He was also a senior financial analyst in OneWest Bank’s Commercial Real Estate Group, responsible for managing and liquidating non-performing real estate assets.

Before joining OneWest Bank, Philip was an associate at Arch Bay Capital, a Southern California-based real estate investment fund. He started his career as an investment banking analyst with Imperial Capital, LLC in Los Angeles.

In 2020, Philip received the M&A Advisor’s Emerging Leader Award, which recognizes leading M&A, financial and turnaround professionals who have reached a significant level of success while still under the age of 40. In 2022, Philip was named to the Turnaround Management Association Northwest Chapter Board of Directors.

Philip holds a Bachelor’s degree in Financial Economics from Claremont McKenna College and is one of the co-leaders of the Claremont McKenna College Seattle Alumni Chapter.

  • Chief Restructuring Officer to a producer and processor of dried fruits where significantly improved liquidity and profitability, sold non-strategic real estate to reduce leverage and conducted a competitive a refinancing process which resulted in full repayment to the senior lender despite ongoing litigation between the company and the same lender.
  • Liquidating Trustee and Chief Restructuring Officer to a distributor of alcoholic and non-alcoholic beverages where he raised senior debt through a refinancing of the company's credit facility, then sold the assets of the company through a competitive process and completed the wind down despite ongoing litigation between the two shareholders.
  • Interim President and Chief Financial Officer to a dental laboratory manufacturing company where he rebuilt management and finance teams and significantly reduced operating expenses through a series of strategic initiatives despite a volatile operating environment.
  • Chief Restructuring Officer to a clinical-stage biopharmaceutical company which filed for Chapter 11 as a lawsuit with a former co-development partner was coming to a head. SCP led a settlement negotiation to resolve the litigation and completed an orderly wind down of the business, which resulted in full repayment to the pre- and post-petition lenders.
  • Chief Restructuring Officer and Interim Chief Financial Officer to an ethnic grocery store chain. Key responsibilities included cost reductions, vendor relations and cash management. He implemented a $12 million restructuring within a three-month timeframe which stabilized the business and allowed for a sale and subsequent recapitalization.

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Bob Riiska

Managing Director

Los Angeles, CA

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Robert O. Riiska, a Managing Director at SierraConstellation Partners, has over 25 years of turnaround and advisory experience, including serving in interim senior management capacities for clients and performing numerous value-added consulting assignments. Clients have included multigenerational family businesses, sponsor-backed roll-ups and large publicly traded corporations.

Mr. Riiska is a Certified Turnaround Professional (CTP), Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA). He received a Bachelor of Science Degree in Economics from the Wharton School of the University of Pennsylvania, and an M.B.A. in Finance and Marketing from the University of Chicago Booth School of Business.

Mr. Riiska serves on the boards of several leading industry associations including the Executive Committee of the Turnaround Management Association’s Southern California Chapter, the Advisory Board of the American Bankruptcy Institute’s Bankruptcy Battleground West and as a Secured Finance Network member director.

In 2019, Mr. Riiska received the Turnaround Atlas Award for his work as Chief Restructuring Officer of LORAC Cosmetics prior to joining SCP in 2018.

Mr. Riiska’s recent engagements have been in diverse industries, including automotive dealerships, transportation, furniture manufacturing and retailers, apparel, mining, cryptocurrency lending, nonprofits, consumer products, restaurants and industrials.

  • Served as CRO of a gold mine located in the Southwest U.S., spearheading out-of-court restructuring efforts which led to a successful sale.
  • Served as financial advisor to a manufacturer and distributor of commercial office furniture, negotiating a forbearance agreement which would give the company sufficient operational runway to recover from the issues mainly caused by the pandemic.
  • As CRO of a prestige cosmetics company based in Los Angeles, oversaw all aspects of day-to-day operations, including directly interfacing with large national retailers and suppliers, and developing and executing liquidation strategies for excess inventory, while also coordinating successful sale efforts.
  • As financial advisor to a consumer packaging company, negotiated a new financing solution to provide liquidity to maintain core operations and pursue growth initiatives, while also achieving a successful sale of one of the divisions in an expedited timeframe.
  • As financial advisor to a $500 million long-haul trucking company, developed a successful turnaround plan and convinced the lenders to provide a significant structured loan overadvance to facilitate execution of the plan.
  • Served as financial advisor to a $300 million family-owned grocery wholesaler and developed a comprehensive turnaround plan to return the business to profitability.
  • Served as CRO of a $900 million publicly-traded staffing company with over 30,000 temporary employees. Successfully sold several business units after a massive tax fraud related to an affiliated company had been discovered.
  • Acted as Financial Advisor to one of the largest manufacturers of recreational vehicles while it operated in Chapter 11, leading to a successful asset sale.

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Carl Moore

Managing Director

Dallas, TX

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Carl Moore, Managing Director and Head of the Dallas region at SierraConstellation Partners, has over 20 years of experience in distressed investing, private equity portfolio management, and the provision of advisory services to underperforming companies and companies in transition.

Prior to joining SCP, Carl had a 15-year career in the private equity, distressed investment and restructuring groups at Highland Capital Management in Dallas. Most recently, Carl served as the Co-Head of Highland’s Private Equity group managing a portfolio of 7 industrial and healthcare companies with a collective enterprise value of $700M. During and after the financial crisis, Carl co-managed a team of legal and investment professionals that led credit restructuring, amendment and related negotiations for the firm’s $25B+ leveraged loan and high-yield bond portfolio.

Prior to joining Highland, Carl practiced law as an associate with the law firms Brobeck, Phleger and Harrison and Looper, Reed & McGraw with a focus on financing and M&A transactions.

Carl graduated from the University of Texas at Austin with a BA in the Plan II Honors Program and a BBA in Finance, and then received a JD from the University of Houston Law Center. He is a member of the State Bar of Texas, and was licensed as a Certified Public Accountant (currently inactive).

  • Served as CRO of GDC Technics, a Fort Worth aerospace company focused on complex interior modifications and connectivity solutions for wide-body aircraft. SCP helped the client navigate a contentious bankruptcy process during which it completed an expedited transition into two new lines of business, settled a major lawsuit with a former contract counterparty, and sourced exit financing from a sponsor-backed customer that supported its post-emergence business plan.
  • Served as Interim Management for a Dallas-based distributor of fuel and lubricants. The client faced significant pressure from fluctuating commodity prices, customer concentration in oilfield service clients, and a thinly-staffed central management team. SCP improved reporting and internal controls, led communications and negotiations with the client’s main vendor and asset-based lender, and assisted the sourcing and onboarding of a permanent CFO.
  • Served on a SCP team that was the CRO for a Silicon Valley-based digital medicine company. In addition to customary bankruptcy-related matters, oversaw an extensive IP sale and technology transfer process to a former strategic partner.
  • Served as Chairman of the Board of a major chauffeured transportation portfolio company. Took an operational role in efforts related to the transition from an independent operator to employee business model and related litigation in several jurisdictions, as well as a comprehensive strategic and SG&A overhaul resulting in significant EBITDA improvement.
  • Served as Board member and worked with investment professionals and portfolio company management team to prepare a healthcare DME company for sale under an expedited time frame and intensely competitive industry environment. Managed multi-party negotiations with the Seller’s stakeholder group and a foreign strategic buyer. The sale resulted in significant value realization in the face of rapidly deteriorating subsector dynamics.
  • As Chairman of a development stage medical device company, led team that overhauled the finance function as well as provided operational guidance for its commercialization efforts. Led negotiation for distribution agreement with, and ultimate sale to, a major medical device company.

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David Bitterman

Managing Director

Boston, MA

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David Bitterman, a Managing Director at SierraConstellation Partners, has nearly 30 years of experience as a financial advisor, investment banker and sell-side research analyst mostly serving the automotive, transportation and general industrial sectors. His career has provided him with great connectivity to lenders, lawyers, private equity firms and other return-oriented investors. David has enjoyed great success professionally both in an execution and business development capacity. At SCP, David is focused on maintaining support from his longstanding relationships to expand SCP’s presence in new markets, mostly on the east coast.

Prior to SierraConstellation, David spent 11 years at Huron Consulting Group where he first served in a capital raising capacity, eventually co-heading the firm’s broker-dealer and, subsequently, running new business development nationally for the Business Advisory practice.

Prior to Huron, David was 8 years at Deutsche Bank Securities, mostly in leveraged finance, first running the High Yield Research group and then moving onto the Industrials investment banking team where he worked on financing transactions in the automotive, commercial truck and car rental industries. David helped arrange and finance several leveraged buyouts of automotive suppliers and well as finance consolidation in the car rental industry and in support of several car OEMs as they managed through the Great Recession.

Since then, David has helped to raise capital for many stressed and distressed middle market companies and has worked alongside many lenders and investors to manage through some very challenging credits and platform companies.

In 2021, David won the 15th Annual M&A Advisor Turnaround Award under the category of ‘Information Technology Deal of the Year’ for his work with Wave Computing.

David received his bachelor’s degree in International Relations from Tufts University and his MBA in Finance from the NYU Stern School of Business.

  • Ran several successful debt capital raises concurrent with Financial Advisor roles at several stressed automotive suppliers through the Great Recession when credit appetite for the sector was particularly tight.
  • At SCP, David led the successful refinancing of a non-emergency ambulatory care provider.
  • Completed successful rights offering for an automotive supplier.
  • Ran a sellside advisory for Contech Castings in bankruptcy.
  • Ran a sellside advisory for a west coast-based digital marketing and advertising agency.
  • Served as Financial Advisor to a Georgia-based Payday lender, which ultimately resulted in a successful high yield bond offering.

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Bill Partridge

Managing Director

San Francisco, CA

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Bill Partridge, a Managing Director at SierraConstellation Partners, has over 25 years of corporate finance, restructuring and capital markets expertise, across multiple industries including technology, biotech, media, energy and construction. Since joining SCP, Bill has worked closely with management teams, boards of directors, and stakeholders through many complex situations, leading them to successful results.

Prior to SCP, Bill spent several years as an interim executive and turnaround consultant taking on many unique and challenging engagements for private companies throughout the U.S.

Bill’s experience also includes leadership roles in private equity, banking, and as management at several operating businesses including Suntech, where he worked on its successful restructuring. His private equity and banking experience includes JP Morgan Partners, Credit Suisse and ABN AMRO Bank.

Bill’s work has yielded positive outcomes and earned him several recent industry awards:

  • In 2022, Bill was recognized in Global M&A Network’s 9th annual list of Top 100 Restructuring Professionals.
  • In 2022, Bill won the 14th Annual Turnaround Atlas Awards under the category of Private Equity Acquisition Deal of the Year.
  • In 2021, Bill won the 15th Annual M&A Advisor Turnaround Award under the category of ‘Information Technology Deal of the Year’ for his work with Wave Computing.

Bill received a BBA in Finance from the Mendoza College of Business at the University of Notre Dame and an MBA from the Marshall School of Business at the University of Southern California.

  • Financial advisor to the board of Embark Technology, Inc, a publicly traded autonomous trucking software company sold to Applied Intuition.
  • Financial advisor to board and CEO team leader for IT services and solutions provider based in Canada and US.
  • Financial advisor to board of a data center and fiber to the home outsourced service provider.
  • Financial advisor to board and Trustee to Debtor in Chapter 11 of publicly traded bio-pharma company, Zosano Pharma Inc.
  • Financial advisor in sale of private equity backed healthcare AI driven SaaS provider JVION to health analytics company, Lightbeam.
  • Financial advisor to Weldmac, a steel fabrication company, in its successful sale to TriMas (NASDAQ: TRS).
  • CRO team leader for business services company, Metco, in accelerated private sale process.
  • CRO team leader for Wave Computing, Inc. Chapter 11 reorganization. Debtor is a Silicon Valley based fabless semiconductor and AI technology company that owns MIPS IP core technology. Successfully orchestrated a plan of reorganization that provided liquidity for new product growth, while satisfying allowed creditor claims.
  • As interim CFO at a private B-corporation, improved liquidity through refinancing and the securitization of $40 million capital lease financings funded by a consortium of family offices and non-bank lenders.
  • Served as interim CFO at renewable energy company during refinancing and entry into foreign market. Bill led the expansion of the finance and accounting departments and successfully structured and raised corporate capital and off-balance-sheet project financing.
  • Financial advisor to rebar fabrication and construction company.
  • Financial advisor to stakeholders in a discount grocery store chain.
  • Financial advisor to board of a data center and fiber to the home outsourced service provider.
  • Represented debtor in restructuring of $2 billion multinational manufacturing company with headquarters in China.
  • Prior member of general partnership managing $360 million portfolio of private equity investments in technology companies.

Awards

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Kevin Santos

Director

San Francisco, CA

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Kevin Santos, a Director at SierraConstellation Partners, provides financial and operational advisory services to underperforming companies and companies undergoing transition. His over seven years’ experience includes in- and out-of-court restructurings, operational turnarounds, transaction advisory services, and conducting financial modeling and forecasting.

Kevin has experience in a variety of industry verticals, including construction, consumer retail, business services, distribution, food and beverage, industrials and manufacturing, media and entertainment, pharmaceuticals, and technology.

Prior to joining SCP, Kevin co-founded a finance and accounting solutions firm where he focused on building offshore full-service accounting teams that supported US-based companies. He was also a Senior Financial Analyst at a private roofing & solar construction firm where he supported restructuring efforts, developed and maintained financial models, and led an ERP implementation. Kevin started his career as a Financial Analyst at a public global media company, where he managed financial reporting of new and existing film, television, and online media production and distribution products.

In 2021, Kevin won the 15th Annual M&A Advisor Turnaround Award under the category of ‘Information Technology Deal of the Year’ for his work with Wave Computing.

Kevin received his Bachelor of Science degree from the University of California, San Diego, where he majored in Management Science. He also successfully completed ACG’s Middle-Market Certification program. Kevin grew up in the Philippines and currently lives in the San Francisco Bay Area with his wife and dog.

  • Chief Restructuring Officer Support to a wholesale distributor of beer, wine, spirits, and non-alcoholic beverages where he assisted the CRO in raising senior debt through a refinancing of the company’s credit facility, then sold the assets of the company to one of the world’s largest brewing companies in a competitive process. He also assisted in maintaining the 13-week cash flow model, conducted extensive inventory analyses, and supported transaction diligence.
  • Financial Advisor Support for a consumer products company where he developed the 13-week cash flow model, supported a Series F equity raise along with a refinancing of an ABL facility.
  • Chief Restructuring Officer Support to a publicly traded clinical-stage biopharmaceutical company which filed for Chapter 11 bankruptcy. Supported the SCP team in settlement negotiations, created and maintained the 13-week cash flow model, and is in the process of effectuating an orderly wind down of the business, which has since resulted in full repayment to pre- and post-petition lenders.
  • Chief Restructuring Officer Support for Wave Computing, Inc. in their Chapter 11 reorganization. Responsibilities include maintaining 13-week cash flow, financial model projections, case management, and overall bankruptcy support.
  • Chief Restructuring Officer Support for a business services company in an accelerated private sale process. He developed and maintained the 13-week cash flow model, and supported the sale process including transaction diligence.
  • Financial Advisor Support for a medical device manufacturer that effectuated an Article IX foreclosure to the senior secured lender. Responsibilities include creating and maintaining the 13-week cash flow model, creating forecast models, and transition services.
  • Financial Advisor Support of a data center and fiber-to-the-home outsourced service provider.

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John Halloran

Senior Director

New York, NY

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John Halloran, a Senior Director at SierraConstellation Partners, provides interim management and operational and financial advisory services to underperforming companies and companies in transition. He leverages a growing track record at SCP and prior experience as a management consultant and private equity investor to help middle-market companies navigate through difficult business challenges. His experience includes exposure to various industries, such as pharmaceutical/biotechnology developers, consumer-facing brands, retailers, and distributors, media & entertainment providers, and information technology services and platforms.

John’s recent work at SCP has been recognized by industry awards, including:

  • In 2023, John was recognized by the Global M&A Network as an Americas “Rising Star Dealmaker,” which recognizes outstanding young dealmakers from the North and South American private equity, growth investing, lending, M&A and restructuring communities for their achievements in the space.
  • In 2023, John won the M&A Advisor’s Emerging Leader Award, which recognizes leading M&A, financial and turnaround professionals who have reached a significant level of success while still under the age of 40.
  • In 2023, John was recognized with colleagues by the Global M&A Network’s 15th Annual Turnaround Atlas Awards for the SCP team’s leadership of NewAge, Inc. in the category of Chapter 11 Restructuring of the Year (sm).

John has completed relevant professional education including the Chartered Financial Analyst (CFA) and Certified Insolvency & Restructuring Advisor (CIRA) designations.

Prior to joining SCP, John was an investor with Omaha Beach Capital. There, he supported management of private equity investment vehicles, with a focus on underwriting lower- and middle- market transactions. He began his career as a management consultant with Booz Allen Hamilton’s Strategic Innovation Group.

John holds a B.S. and M.S. degree in Political Science from the Massachusetts Institute of Technology (MIT). He is an alumnus of Chaminade High School in Long Island, New York.

  • Financial Advisor and Deputy Chief Restructuring Officer to a commercial-stage developer of branded OTC pharmaceutical products. As a Financial Advisor, analyzed cash flow assumptions, assisted the board in evaluating strategic alternatives, and conducted out of court negotiations regarding the settlement of liabilities. As Deputy Chief Restructuring Officer, facilitated negotiations to secure a stalking horse bidder, completed a sale of the company's assets through a 363 sale, and coordinated the Chapter 11 case requirements in Delaware.
  • Financial Advisor and Chief Restructuring Officer Support for a national dance events producer. Completed a review of company liquidity and business plan and assisted in negotiating a capital infusion from the senior lender to bridge the company to a sale transaction after events of default. Managed the company's cash flow and implemented cash controls on behalf of CRO and Board during the sale. The company was successfully sold to a private equity buyer in an out-of-court transaction.
  • Chief Restructuring Officer Support for the restructuring and sale of a global, publicly traded multi-level marketer of health and wellness products. Instrumental in ensuring that the company could prepare for and meet bankruptcy case requirements despite the limited budget and timeline. Key contributor on the SCP project team in their coordination of the company's finance function during the Chapter 11 proceedings in Delaware despite significant management turnover.
  • Interim CEO Support to a diversified IT services and solutions provider based in Canada and US. Assisted the CEO in overseeing company operations and communications with lenders regarding the company's capital needs in connection with a potential restructuring transaction. Oversaw the cash flow forecasting and reporting process for two independent operating entities and presented regular updates on behalf of company to lender group.
  • Chief Restructuring Officer and Liquidating Trustee Support to a wholesale distributor of beer, wine, spirits, and non-alcoholic beverages where he facilitated extensive transaction diligence for its acquisition by one of the world’s largest brewing companies and assisted the Liquidating Trustee in managing the satisfaction of all company obligations during its wind down post-close.

Awards

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Wave Computing, Inc.

Situation

  • This venture-backed fabless semiconductor and AI company founded in 2010 had raised five rounds of venture capital, the last at a $500 million valuation. In 2018, in conjunction with its acquisition of an IP core licensing business – MIPS Tech, Inc., the company raised a Series E round of venture capital, that was soon contested after closing by shareholders who alleged an insider-driven motivation for the acquisition.
  • This led to a share repurchase by Wave, which combined with the failure to commercialize any products outside of the MIPS core licensing business, caused a cash shortfall. As the Company entered 2020, it continued to face a larger cash shortfall, increasing legacy liabilities, shareholder contention and lawsuits.
  • Wave and its affiliates sought protection under Chapter 11 of the United States bankruptcy code on April 27, 2020.

SCP'S SOLUTION

  • SCP was retained as Chief Restructuring Officer by Wave Computing, Inc. to help prepare for and see the Company and its affiliates through the Chapter 11 process.
  • Once engaged, SCP immediately took control of cash and operations and implemented a budgeting tool, identified key customers and employees, implemented a strategy to stabilize the operations, retained key employees and communicated with customers and vendors to ensure operations as normal.
  • SCP focused on reducing costs, including potential employee headcount reductions, closing foreign offices, moving the Debtors into a smaller and more affordable office, and centralizing the assets for the Chapter 11 process, among other things.

Results

  • Under SCP’s leadership, the company executed a successful restructuring. SCP brought discipline, competence and attention to detail that the Company needed.
  • SCP accurately forecasted cash disbursements, while outperforming cash receipts.
  • SCP managed the production of accurate financial statements, compiled schedules and statements, retained key customers and ensured retention of key employees.
  • SCP was able to identify critical issues regarding prior contracts, NOLs and tax liabilities.
  • SCP, with the assistance of an investment bank, successfully sold Wave Computing in a 363-auction resulting in a purchase price of $61.7 million, enough consideration to repay all secured and unsecured creditors in full as well as provide a new Exit Facility of about $5 million.
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Computer Integration Company

Situation

  • A profitable $200 million computer/technology integration company had tripped several debt covenants and sought lender approval to make a substantial bolt-on acquisition. 
  • An SCP professional was retained to advise the agent on the financial and operational impact of making the acquisition.

SCP'S SOLUTION

  • SCP assessed the liquidity and operational issues facing the company to identify a cohesive strategy.
  • The plan investigated the financial and operational aspects of the target to determine impact on existing operations.
  • SCP also reviewed and provided recommendations regarding the Company’s business plan and forecast.

Results

  • The lenders provided forbearance to allow time to renegotiate the covenants..
  • The lenders approved the acquisition of the target company.
  • As a result of SCP’s work, financial results improved in line with forecast and all debt covenants were renegotiated. 
  • The Company ultimately refinanced out the existing lenders at par.
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Advisor to Crypto Lender

Situation

  • The 2022 crypto winter resulted in several high-profile bankruptcies, including Celsius Network, Three Arrows Capital and Voyager Digital.
  • A lender was faced with defaulted, distressed and undersecured loans in its portfolio of loans to large and mid scale cryptocurrency miners and related service providers and sought our advice.

SCP'S SOLUTION

  • SCP was retained to assist in developing and evaluating different restructuring alternatives for individual loans in the portfolio.
  • SCP embedded in the client’s credit/lending operations and was an integral part of daily internal strategy sessions.
  • SCP reviewed all existing loan files, developed financial information requests tailored to each borrower, provided input on borrowers’ viability and participated in meetings and negotiations with management of the borrowers.

Results

  • The collective working group, composed of the client’s internal credit team, internal and external counsel and SCP, were able to negotiate forbearance and remediation agreements with borrowers.
  • SCP also significantly improved the lender’s collateral position and assisted in tightening up covenants regarding use of cash and financial reporting.
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Telecommunications Company

Situation

  • A $50 million telecommunications company was experiencing severe liquidity issues as a result of a $55 million cost overrun on a capital project. 
  • SCP was retained to serve as the financial and operational advisor to the executive team and BOD to support the restructuring and turnaround of the business.

SCP'S SOLUTION

  • Assessed the situation and determined the remaining steps needed to complete the construction project within a newly defined budget and oversaw the completion of the project within that budget.
  • Established a cash management process to monitor revenue and expenses on a weekly basis in order to improve liquidity.
  • Facilitated significant reductions and operating costs by reducing all non-essential Company spending.
  • Implemented a KPI system to monitor performance across all areas of the company including, sales, customer service, field operations, HR, and finance, and drove accountability across the management team to improve company performance.

Results

  • Service delivery time to customer base was significantly improved.
  • Completed the construction project within the newly defined timeline and reduced the budget by $20 million.
  • Improved EBITDA performance from $15 million EBITDA to $24 million EBITDA per year.
  • Successfully refinanced the business with the existing lender and returned the loan to normal credit status.
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Manufacturer of Network, Storage & Ethernet Semiconductors

Situation

  • A $200 million manufacturer of network, storage and Ethernet semiconductors with manufacturing operations domestically, in Asia and in Europe, was facing substantial liquidity and operational pressures due to the global slowdown.
  • The company was also under an investigation by a federal agency.

SCP'S SOLUTION

  • Assessed the liquidity and operational issues facing the company to identify a cohesive strategy.
  • Reorganized the divisional structure of the company to more accurately reflect its customer and cost base including the moving, mothballing, consolidation and sale of various manufacturing assets.
  • Teams led the turnaround from assessment through plan execution.

Results

  • Manufacturing facilities and capacities were rationalized and consolidated.
  • One customer division was sold to a strategic competitor for a premium valuation.
  • Short- and long-term commercial agreements were negotiated with customers.
  • Long term financing was secured to fund the additional turnaround process.