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June 27, 2007
PHILADELPHIA (June 27, 2007)—Phoenix Capital Resources announced it landed two prestigious awards for outstanding achievements in the middle market financing industry at the second annual M&A Advisor Middle Market Financing Awards.
Phoenix Capital was the winner in the award categories of:
To be nominated for the awards, Phoenix Capital submitted the details of its $28.5mm recapitalization and refinancing of Home Market Foods, Inc., which closed in March, 2007. “All of us at Phoenix Capital were honored to simply be nominated amongst this distinguished group of professionals. We are truly humbled to win these awards,” stated Vincent J. Colistra, Managing Director and Shareholder.
The M&A Advisor, a conference producer and newsletter publisher serving the middle market finance industry, hosts the annual Middle Market Financing Awards, honoring excellence in transacting equity, debt and mixed debt-equity deals involving companies between $10 million and $1 billion (with capitalizations between $10 million and $1 billion).
Phoenix Capital was engaged to recapitalize and refinance the debt for Home Market Foods, a $100 million progressive and diversified premium food and meal solutions company based in Norwood, MA that was experiencing a liquidity crunch. Phoenix Capital delivered a financing memorandum within three weeks of beginning the engagement, and identified, justified and quantified add-backs and adjustments to the prior year’s EBITDA ” enabling Phoenix Capital to generate interest with several new investors and lenders in the company’s future enterprise value based on the company’s projected EBITDA for 2007, and thereby justifying a 4x plus leverage ratio based on 2007’s projected EBITDA.
Phoenix Capital structured the complex financing to provide the company with substantial new working capital and availability at closing. In addition to addressing the company’s current and future working capital needs, Phoenix Capital helped enhance and preserve the value of Home Market Foods by de-leveraging the balance sheet by more than $22.0 million; allowing the owners to retain majority ownership of the company while eliminating certain personal guarantees; and better positioning the company for future growth.
The awards ceremony was held at the conclusion of the M&A Advisor’s Middle Market Financing Conference, June 25-26, 2007 at The Standard Club, Chicago, Il.
For more information about Phoenix Capital’s capital advisory services, please contact Vince Colistra, Managing Director and Shareholder, at vcolistra@phoenixmanagement.com.
Phoenix Capital Resources specializes in providing capital advisory services to middle market companies in transition. As an operationally-focused firm, Phoenix Capital assists distressed and growth-oriented companies with complex transactions including re-financings, restructurings, capital raising, mergers and acquisitions, recapitalizations and auctions in the context of a bankruptcy. Headquartered in Philadelphia, Phoenix Capital’s mission is to maximize transactional value and return on investment for its clients.
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