Recap: Current Capital Partners’ 2022 Year in Review
New York, New York, January 31, 2023 – Thank you to all of our clients, Advisory Board and Executive Network members, and friends for your continued support in 2022. We are gratified by our clients’ accomplishments last year and excited about 2023 and beyond. We hope to work with you this year. Our 2022 highlights are summarized below. Here is to continued health, happiness and success in 2023.
2022 Financial Advisory Highlights:
We offer high quality financial advisory services – including ideas, buy-side, sell-side execution, strategic and capital structure reviews, capital raising, restructuring advisory and related services – for corporate and investment firm clients seeking an independent perspective, senior attention and industry expertise.
Mergers and Acquisitions Advisory
Acuren, a portfolio company of American Securities, acquired Versa Integrity Group, an industry leading provider of nondestructive testing (NDT), mechanical integrity, rope access and advanced services across the U.S. and Canada. Current Capital advised American Securities.
Current Capital is advising Pacur, a portfolio company of Gryphon Investors and leading custom sheet extruder specializing in light and heavy gauge polyester, copolyester and polypropylene resins for medical packaging products, on a strategic acquisition search in North America and Europe.
Current Capital is advising Tada Cognitive Solutions, a B2B SaaS platform that connects disparate data to provide actionable insights across its clients’ supply chain, on raising capital.
Current Capital advised Klöckner Pentaplast, a global manufacturer of sustainable and recyclable plastic films and high-barrier protective packaging for food, pharmaceutical, health and durable products, on potential strategic acquisitions in North America.
Current Capital is advising Rovensa, a portfolio company of both Bridgepoint and Partners Group and a leading provider of specialty crop nutrition, protection and biocontrol products, on potential strategic acquisitions in North America.
Current Capital is advising Salis Holdings, a private holding company founded by Steve Salis who founded and exited &pizza, on a proprietary acquisition opportunity in the restaurants sector.
Oak Hill Advisors
Current Capital is providing independent valuation services for Oak Hill on the transfers of various loans and other financial instruments.
Strategic and Operations Consulting
Our consulting effort helps to define the operational roadmap to address productivity and other issues that are impacting margins and limiting potential growth for acquisition targets, corporations and portfolio companies of private equity firms. Our experienced operating executives sometimes become directors and / or executives of these companies post-closing. Such advice was provided this year to Warburg Pincus, American Securities, Huron Capital, Genstar Capital and others.
2022 Corporate Management Services Highlights:
In our management services effort, we manage investments, sit on Boards of Directors and provide related consulting services for other investors and financial institutions; and offer advice and expert witness services in complex corporate litigation.
Selected Board Seats in 2022
Selected New Board Seats in 2022
Air Pros is an HVAC contracting and installation company that operates in eight states and a dozen metro areas, founded and owned by an individual. A Current Capital Managing Director was appointed as an Independent Director.
NBG Home is a leading global designer, manufacturer and marketer of affordable home décor products owned by Sycamore Partners. A Current Capital Managing Director was appointed as an Independent Director to help oversee a restructuring.
Lumileds is a global leader in automotive lighting, camera flash for mobile devices, MicroLED and general lighting owned by investors led by Anchorage, Cerberus, Nut Tree and Nuveen. A Current Capital Managing Director was appointed as Chairman following the Company’s emergence from Chapter 11.
Pipeline Health is a hospitals company providing care and services for communities. A Current Capital Managing Director was appointed as an Independent Director and Member of the Special Committee to help oversee a restructuring.
The Board of Tesla, Inc. retained Jonathan foster as an expert witness in a stockholder litigation claim concerning a significant acquisition where there were alleged conflicts of interest. Jon opined, was deposed, and testified at trial in Delaware Chancery Court on custom and practice and the process the Board undertook in the consideration, evaluation, and ultimate approval of the acquisition.
Selected 2022 Expert Witness Services Cases
Twitter brought a suit against Elon Musk to seek to hold him responsible for completing his proposed $44 billion deal to acquire the company. Jonathan Foster was retained by counsel for Elon Musk. He prepared an expert report with opinions on custom and practice regarding various disclosure, information, merger agreement and compensation issues, but the litigation was settled before the report was filed.
Intrivo brought a suit against Access Bio concerning a supplier/distribution agreement for Covid-19 tests, alleging Access Bio was in breach of contract. Jonathan Foster was retained by counsel for Intrivo and provided an expert report opining that Access Bio’s conduct, from a business perspective, was consistent with supplier opportunism and economic coercion.
A suit was brought against Larry Ellison and other Oracle directors regarding the acquisition of NetSuite and the role of Oracle’s Special Committee. Jonathan Foster was retained and provided two expert reports and deposition testimony on custom and practice for establishing a Special Committee and whether the committee acted consistently with custom and practice in evaluating and ultimately approving this major acquisition.
Private Equity Investing
Current Capital made a co-investment alongside Genstar Capital, in connection with Marcone’s acquisition of Munch’s Supply, a leading distributor of HVAC equipment, parts and supplies. Marcone is a portfolio company of Genstar Capital.
About Current Capital Partners
Current Capital Partners LLC is an independent advisory and merchant banking firm focused primarily on the industrial and services sectors. We provide mergers and acquisitions advisory services, corporate management services and private equity investing. The mergers and acquisitions advisory effort offers high-quality financial advisory services – including actionable ideas, buy-side and sell-side execution, strategic and capital structure reviews, restructuring advisory and related services – for corporate and investment firm clients seeking an independent perspective, senior attention and industry expertise. In our management services effort, we manage investments, sit on Boards of Directors and provide related consulting services for other investors and financial institutions; and offer advice and expert witness services in complex corporate litigation. Our private equity investing business helps create value, primarily in lower middle market and smaller companies, with an integrated operating, finance and investment approach. Our Advisory Board and Executive Network are important advantages for our clients. Learn more at www.currentcap.com.
Jonathan F. Foster
Telephone: +1 212 223 0618
Kevin J. Smith
Telephone: +1 212 223 0637