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Representative Experience > Services & Technology


HOTLINKHR

Investment Banking

Company Description:

  • HotlinkHR was a provider of a hosted human resources on-boarding, training and human resources compliance solution. Their product is a fully hosted solution that automates human resources tasks and assists employers in complying with federal and state requirements through forced processes.

Challenges Faced:

  • HotlinkHR had developed a successful niche with West-Coast automobile dealers but was seeking to partner with a well-capitalized business software provider to expand distribution on a nationwide basis and fund additional functionality.

Solutions Provided by SOLIC Professionals:

  • Acted as financial advisor and worked extensively with HotlinkHR’s stakeholder to effectively market the Company to a diverse group of potential acquirers, highlighting (i) HotlinkHR’s proprietary methodology, (ii) the demand for reduction of litigation risk, and (iii) one of the most comprehensive compliance tools in the industry.
  • Successfully structured, negotiated and closed this sale transaction.

Result Highlights:

  • After a competitive solicitation process, HotlinkHR was acquired by Kip Prahl Associates, LLC.

PROJECT TIME & COST, INC.

Investment Banking

Company Description:

  • Based in Atlanta, GA, Project Time & Cost, Inc. (“PT&C”) is a leading provider of cost engineering and forensic consulting services. The Company provides an extensive array of cost estimating, scheduling, project management and risk assessment services for construction, environmental remediation and nuclear facility projects and forensic engineering services in connection with losses arising from damaged property. The client base primarily consists of federal agencies that are responsible for large, complex construction and environmental projects, as well as insurance companies with significant commercial and residential property portfolios.

Challenges Faced:

  • The founding partners were seeking a sale or recapitalization to provide for liquidity and estate planning.

Solutions Provided by SOLIC Professionals:

  • Engaged as exclusive financial advisors to explore various capital and strategic alternatives including the recapitalization of the Company.
  • Worked closely with the Company’s shareholders and management to identify various liquidity and recapitalization alternatives.
  • In positioning to a diverse group of potential acquirers, successfully highlighted (i) the unique growth opportunities in providing cost engineering and forensic consulting services to the Federal government and the insurance industry, as well as (ii) the Company’s leadership position within its core markets.

Result Highlights:

  • SOLIC professionals secured Hancock Park Associates as a strategic investor in PT&C, acquiring a majority interest in PT&C and providing substantial liquidity to its founders.

AMERICAN CADASTRE, LLC

Investment Banking, Distressed Sale

Company Description:

  • American Cadastre, LLC (“AMCAD”) is a developer of software that automates and streamlines state and local government document recording and filing processes with three primary software platforms: Justice (Courts), Land Records, and Managed Services.

Challenges Faced:

  • Shortly before SOLIC’s engagement, a notable private equity firm made a majority investment to drive growth in AMCAD’s Justice software platform. Due to unforeseen project delays and cost over-runs, the loss of a major client, and fraudulent billing practices, the Company’s financial profile quickly deteriorated, leaving insufficient liquidity to continue operating on a going-concern basis.

Solutions Provided by SOLIC Professionals:

  • Performed an Initial Review & Assessment of the Debtor and provide strategic alternatives that would prevent a Chapter 7 liquidation and maximize recovery on behalf of the Lender via a sum-of-the-parts valuation/sale approach.
  • Developed a list of qualified, potential purchasers of the Debtor’s assets and effectively market such assets until an asset purchase agreement is executed.
  • Developed a detailed 13-week cash forecast to project and monitor liquidity through the solicitation of the Debtor’s assets.
  • Served as financial advisor to the Debtor during Chapter 11 Bankruptcy process, assisting in: (i) the negotiation of bankruptcy related matters with outside constituents, including creditors and their advisors, and (ii) developing and negotiating the use of cash collateral and DIP financing.
  • Facilitated an auction and sale process of the Debtor’s remaining assets during the Chapter 11 Bankruptcy.

Result Highlights:

  • SOLIC professionals, in tandem with the equity sponsor, facilitated the shut-down of the Justice platform, allowing for sufficient liquidity to market the remaining businesses/assets.
  • The Debtor filed for Chapter 11 protection to facilitate and consummate an asset purchase agreement to sell substantially all of the Debtor’s assets pursuant to §363 of the Bankruptcy Code.
  • SOLIC professionals completed an expedited sale of the Debtor’s assets which resulted in a full recovery to the Senior Lender with excess distributions available for unsecured creditors.

INFRASOURCE SERVICES, INC.

Investment Banking

Company Description:

  • InfraSource Services, Inc. (“InfraSource”) was a leading provider of infrastructure services for electric power, gas, and telecommunications intensive industries in the U.S. InfraSource designed, built, and maintained transmission and distribution networks for utilities, power producers, and industrial customers. The InfraSource companies that provided end-to-end T&D solutions with nationwide resources, experience, and knowledge included Dashiell, M. J. Electric, Transmission Services (formerly Maslonka), Underground Services, Engineering (including REALTime Utility Engineers and Technology) and Blair Park/Sunesys.

Challenges Faced:

  • The equity holders of InfraSource were seeking a sale or recapitalization to provide liquidity to its founders.

Solutions Provided by SOLIC Professionals:

  • Served as financial advisor to InfraSource in negotiating its sale to Quanta Services, Inc.
  • Previously served as financial advisor to InfraSource on the sale of one of its divisions.
  • Also previously retained by Company to help grow the business through acquisitions.

Result Highlights:

  • InfraSource was acquired by Quanta Services, Inc. (NYSE: PWR) in a $1.47 billion all-stock transaction. Through the acquisition of InfraSource, Quanta created one of the largest specialty contractors in the U.S., with more than $3.2 billion in revenue and a market capitalization in excess of $3 billion. With its enhanced resources, expanded geographic footprint and broader service portfolio, the combined company is well-positioned to profit from anticipated increases in spending on electric power, gas and telecommunications infrastructure.

ALS Resolvion

Investment Banking

Company Description:

  • ALS Resolvion, LLC (“ALSR” or the Company) is a national leader in the provision of location and asset recovery services for automobile and commercial lending companies. Through proprietary methodologies and the use of industry leading technology to leverage a nationwide network of over 700 towing agencies, the Company helps its clients reduce charge-offs and increase cure rates by recovering collateral in an efficient and timely manner. The Company services a diverse customer base including over 60% the top 20 national auto lenders with over 60 active auto finance clients.

Engagement Objectives:

  • ALSR management was seeking opportunities to consummate a business combination or sale with a growth-oriented, well-capitalized partner to assist the Company in continuing to pursue its growth initiatives in the skip investigations and repossession management marketplace.

Solutions Provided by SOLIC Professionals:

  • Acted as financial advisor to ALSR’s Board of Directors to explore a possible sale or recapitalization of the Company
  • Developed and implemented a competitive solicitation process that resulted in a full valuation for the Company
  • Engaged with prospective acquirers, provided valuation support and structured and negotiated the terms of the sale transaction

Result Highlights:

  • SOLIC professionals contacted over 100 qualified buyers including both strategic industry operators and private equity investors. After receiving multiple competitive offers from leading private equity firms and strategic buyers, ALSR agreed to be acquired by Union Lake Management and Spanos Barber Jesse & Co., LLC – who have a 10+ year history of investing together and shared interest in the automotive space. SOLIC professionals orchestrated a 90-day due diligence and closing documentation process.

CLEARPOINT RESOURCES, INC.

Investment Banking

Company Description:

  • ClearPoint Resources, Inc. (“ClearPoint”) was a workforce management solutions provider that provided temporary staffing and vendor management solutions. ClearPoint is also known for its project-based staff augmentation service which includes full service project solutions, executive search and permanent placement services, contract recruiting services and short- and long-term hourly-based assignments. The Company operated through a network of 29 branches with over 3,500 field associates.

Challenges Faced:

  • ClearPoint had changed business models, de-emphasizing its traditional industrial staffing operations and seeking to develop a leading vendor management services platform to serve as master procurement vendors for staffing services for large corporations. The shift in business models had negatively impacted the Company’s growth.

Solutions Provided by SOLIC Professionals:

  • SOLIC professionals acted as financial advisor to ClearPoint, assisting the company in negotiations with selected strategic acquirors.

Result Highlights:

  • Executed a targeted solicitation process, resulting in successful merger with Terra Nova Acquisition Corporation (OTCBB: TNVA).

NEONOVA

Investment Banking

Company Description:

  • NeoNova was a subsidiary of Digitel Corporation and provided outsourced ISP (Internet Service Provider) capabilities to independent rural telephone and cable service providers. NeoNova had approximately $10 million in recurring net revenues and a loyal base of independent phone company clients.

Challenges Faced:

  • Digitel was seeking a sale of NeoNova in order to provide liquidity for its other operations.

Solutions Provided by SOLIC Professionals:

  • SOLIC professionals marketed the company to a targeted group of ISP hosting providers and regional telecom and related investors, highlighting the ability to leverage NeoNova’s highly scalable platform, recurring revenue, sizable subscriber base and relationships with independent telephone companies as well as opportunities to significantly reduce fixed operating expenses.

Result Highlights:

  • NeoNova was sold to Azure Capital which was building a platform of service companies supporting the independent phone market for $18 million, realizing 4.0x gross profit.

SELECT STAFFING

Investment Banking

Company Description:

  • Select Staffing (”Select”) is one of the 10 largest temporary staffing firms in the industry, with annual revenues in excess of $1.5 billion, more than 300 offices located throughout the U.S., and over 10,000 customers.
  • Select acquired Tandem Staffing Solutions, Inc. (“Tandem”), a leading provider of temporary staffing services to the light industrial, logistics and manufacturing sectors of the U.S. staffing industry.

Challenges Faced:

  • Tandem was owned by Cerberus Capital, who had retained a sell side advisor to monetize its interests.

Solutions Provided by SOLIC Professionals:

  • SOLIC professionals acted as exclusive buy-side financial advisor on the transaction, providing valuation analysis, an assessment of contingent liabilities and negotiating the terms of the transaction.

Result Highlights:

  • Select was successful in its acquisition proposal for Tandem.
  • The acquisition allowed the Company to expand its geographic market coverage in the U.S., gain new client relationships, and acquire new management talent critical to continuation of the Company’s rapid growth.

Representative experience includes transactions led by SOLIC professionals at predecessor firms