Mackinac Partners

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Mackinac Partners Receives Two Deal of the Year Awards from The M&A Advisor for the Restructuring of Colt Defense and the Restructuring and §363 Sale of Quantum Technologies

March 15, 2017

Bloomfield Hills, MI – March 15, 2017 – Mackinac Partners, a leading financial advisory and turnaround management firm has been awarded two 2016 Deal of the Year Awards from the M&A Advisor for recent corporate restructuring and turnaround management successes.

Mackinac Partners was awarded the 2016 Distressed M&A Deal of the Year ($250MM to $500MM) for its role as restructuring advisor to Colt Defense LLC, the iconic American supplier of firearms to U.S. military, law enforcement and civilian customers.

Mackinac Partners was also awarded the 2016 Materials Deal of the Year (Under $250MM) for its role as Chief Restructuring Officer and financial advisor in the restructuring and strategic §363 Sale of Quantum Technologies (now Quantum Fuel Systems Technologies Worldwide Inc.) to Douglas Acquisitions LLC, a $1B private equity firm in Northern California. Quantum Fuel Systems Technologies Worldwide Inc., is a leader in the innovative manufacturing and sale of compressed natural gas (CNG) fuel storage tanks and systems for the transportation and shipping industries, as well as powertrains, industrial systems and embedded controls.

Keith DOTY photo Colt team

Mackinac Senior Managing Director Keith Maib and members of the Colt Defense Restructuring Team

The awards will be presented on March 23 at the M&A Advisor’s 11th Annual Turnaround Awards Ceremony and 2017 Distressed Debt Summit. The 2016 Distressed M&A Deal of the Year ($250MM to $500MM) will be presented to Mackinac Partners and other professional and legal advisors on the Colt Defense Chapter 11 Plan of Reorganization team including O’Melveny & Meyers; Perella Weinberg Partners; GLC Advisors; Brown Rudnick; Skadden Arps Slate Meagher & Flom; and Willkie Farr & Gallagher.

The 2016 Materials Deal of the Year (Under $250MM) will be presented to Mackinac Partners,  professional and legal advisors and deal team members on the Quantum Fuel Systems Technologies Worldwide Inc. sale, including Foley & Lardner, Armory Securities, Davis Wright Tremaine, Douglas Telecommunications Inc., and Kerr, Russell and Weber.

“We are very grateful to be recognized by industry and business peers for our team’s effort in helping to drive Colt’s successful plan of reorganization and restructuring as well as the successful restructuring and strategic sale of Quantum Fuel Systems Worldwide to Douglas Acquisitions” Mackinac Partners Founder and Managing Partner James Weissenborn said. “Our many thanks go out to Colt’s CEO, Dennis Veilleux and his leadership team, as well as everyone on the Quantum Fuel Systems restructuring team and to Douglas Acquisitions”.

Mackinac Partners’ Senior Managing Director Keith Maib served as Colt’s Chief Restructuring Officer throughout Colt’s plan of reorganization and restructuring. Under the Plan, Colt reduced its debt by approximately $200 million, improved its capital structure by giving effect to $50 million of new capital raised, and enhanced its liquidity profile. In addition, Colt executed a long-term lease for its West Hartford Facility and entered into a Memorandum of Understanding with the United Auto Workers that reaffirmed its strong relationship with the union and its workforce.

“This was a true win-win for everyone involved – including Colt, their stakeholders, their employees, and the West Hartford community” Mackinac Partners Senior Managing Director and Colt CRO Keith Maib said. “In addition to delivering a significantly improved capital structure and greater financial flexibility, we were able to restructure the balance sheet while meeting obligations to customers, vendors, and suppliers throughout the process – which is a real testament to Dennis Veilleux, his team, and all parties assisting in the restructuring”.

Mackinac Partners Senior Managing Director Nishant Machado, who helped lead the restructuring and §363 Sale of Quantum Fuel Systems Worldwide to Douglas Acquisitions LLC, was very positive on the outcome of the sales transaction and future prospects for the company.

“The restructuring and sale to Douglas Acquisitions really provides Quantum with a terrific platform for financial stability and next-phase growth including higher volume manufacturing of virtual pipeline trailers, CNG truck modules and single tank sales” Machado said. “The new management team was able to achieve a zero-debt balance sheet quickly, which really underscores the strategic fit and value of this sale and the commitment of new ownership to expanding the business.”

The M&A Advisor Turnaround Awards are awarded annually to recognize excellence among the world’s leading M&A, Financing and Restructuring professionals and firms. The 2017 Awards Gala is a feature of the 2017 Distressed Investing Summit, taking place on March 22-23 and featuring 200 of the industry’s leading professionals participating in exclusive interactive forums led by a faculty of restructuring industry stalwarts and business media experts.

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About Mackinac Partners:

Mackinac Partners is a leading financial advisory and turnaround management and restructuring firm that helps clients address and resolve financial and operational crises and pursue new growth opportunities. Mackinac Partners helps clients improve capital structures and financial performance, overcome liquidity challenges and improve operations, support litigation and investigations, enhance brand performance, improve profitability, achieve new growth and increase stakeholder value through an array of strategic, restructuring, M&A and financial advisory services including:

  • Turnaround Management & Financial Restructuring
  • CRO and Interim Management
  • Strategic, Operational and M&A Services
  • Business Intelligence, Corporate Security and Cyber Security

For additional information, please visit us at www.mackinacpartners.com. Or if you have a specific situation or inquiry you would like to discuss, please contact us at (248) 258-6900 or email us at: http://www.mackinacpartners.com/contact/.

 

About The M&A Advisor:

The M&A Advisor was founded in 1998 to offer insights and intelligence on M&A activities. Over the past nineteen years we have established the premier global network of M&A, Turnaround and Finance professionals. Today, we have the privilege of presenting, recognizing the achievements of, and facilitating connections between the industry’s top performers throughout the world with a comprehensive range of services. To learn more visit: www.maadvisor.com