FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


SSG Capital Advisors Wins TMA Transaction of the Year Award

October 05, 2015, 07:49 AM
Filed Under: Turnaround Management

SSG Capital Advisors, LLC ("SSG"), a leading independent special situations investment bank, has been selected as a recipient of TMA's Transaction of the Year: Large Company Award for its role in the successful restructuring of Cooper-Booth Wholesale Company, LP and Affiliates ("CBW" or the "Company"). The winners will be honored at The TMA Annual conference on October 5-7 at the Fairmont Scottsdale Princess in Arizona.

SSG acted as the investment banker to CBW in the placement of an exit financing package which enabled the Company to refinance existing indebtedness and successfully exit Chapter 11 through a Plan of Reorganization.
Headquartered in Pennsylvania, CBW serves retailers in the Mid-Atlantic region and is one of the top 20 convenience store wholesale distributors in the United States. The Company was forced into bankruptcy as a result of a cigarette-smuggling investigation by federal and New York state agencies involving one of its customers, although it was not accused of any wrongdoing. The Company was unable to access funds for day-to-day operations because its bank account was frozen by a federal seizure warrant and also lost its line of credit and access to its surety bond. Six months later, CBW settled the seizure warrant investigation with the federal government. The Company was able to secure exit financing of $35 million and the company's stamp tax bonding program was reinstated, providing a substantial improvement in working capital. CBW successfully exited Chapter 11 with a reorganization plan that paid all creditors in full, plus interest and more than 200 jobs were preserved.

"I am excited that SSG Capital Advisors was selected to receive the Transaction of the Year: Large Company Award for our role in the Cooper-Booth Wholesale Company L.P. transaction along with the other professionals involved in the matter," said J. Scott Victor, Managing Director. "To be recognized by our peers is a testament to the efforts of all of SSG's professionals, who approach each transaction with experience, creativity and tenacity to maximize value for our clients and key stakeholders." This is SSG's second Transaction of the Year Award from TMA.

Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions. This year's winners saved countless jobs and made a significant positive economic impact, both locally and globally.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.