CHICAGO, January 21, 2026 —  The M&A Advisor announced the recipients of the 20th Annual Turnaround Awards. Novo Advisors was named a winner for the ‘Section 363 Sale of the Year ($100MM to $250MM)’ for its contributions on the sale of Royal Paper, LLC to Sofidel America Corp. The 20th Annual Turnaround Awards recognize outstanding achievements in corporate restructuring, distressed investing, and bankruptcy — honoring successful deals and strategies in the United States and globally. The awards will be presented during the 2026 Distressed Investing Summit on Tuesday, March 24, 2026 in Palm Beach.

Novo Advisors was chosen from hundreds of participating companies to receive the award. It gives us great pleasure to recognize Novo Advisors and bestow upon them our highest honor for distressed investing and restructuring firms and professionals.”

Roger Aguinaldo

Founder and CEO, The M&A Advisor

“Since 2002, The M&A Advisor has been honoring the leading turnaround transactions, companies and dealmakers. Novo Advisors was chosen from hundreds of participating companies to receive the award. It gives us great pleasure to recognize Novo Advisors and bestow upon them our highest honor for distressed investing and restructuring firms and professionals,” said Roger Aguinaldo, Founder and CEO of The M&A Advisor. “Novo Advisors earned these honors by standing out in a group of very impressive candidates.”

We are proud of this recognition and the strategy employed by our team to achieve these results on Royal Paper with such a tremendous outcome.”

Sandeep Gupta

Managing Partner and Founder, Novo Advisors

“We are proud of this recognition and the strategy employed by our team to achieve these results on Royal Paper with such a tremendous outcome,” said Sandeep Gupta, Managing Partner and Founder of Novo Advisors. “In this case, we achieved an incredible monetary result for the financial stakeholders, but more importantly we preserved the business and hundreds of jobs,” added Novo Advisors Partner Michael Ragano. 

Royal Paper, LLC, a Phoenix-based vertically integrated tissue manufacturer founded in 1992, produces bath tissue, paper towels, facial tissue, and napkins for major U.S. retail chains, including Trader Joe’s, Aldi, Whole Foods, Kroger, and Meijer. By early 2024, operational disruptions, inefficient product proliferation, and tightening credit terms left the Company facing an acute liquidity crisis. Lenders anticipated up to $90 million in losses and prepared for a potential liquidation. 

In this case, we achieved an incredible monetary result for the financial stakeholders, but more importantly we preserved the business and hundreds of jobs.

Michael Ragano

Partner, Novo Advisors

Novo Advisors helped initiate a competitive auction process and completed a Section 363 sale to Sofidel America for $180 million — a value more than double initial expectations. This followed more than 40 auction rounds in a competitive bidding process. The final transaction achieved full recovery for lenders and preserved roughly 450 jobs across four facilities. The Novo Advisors team included Senior Consultants Grant Filer, Bettina Meske, and Jack Robinson. Novo extends thanks to all of the financial professionals who contributed to this successful outcome for Royal Paper. Explore the full case study for additional details.

Congratulations to all the recipients of the 20th Annual Turnaround Awards, which will be presented at a black-tie gala with over 200 industry professionals in attendance. Managing Partner Sandeep Gupta and Partners Michael Ragano and Nick Mungor will accept the award on behalf of Novo Advisors. 

The M&A Advisor

Now in its 28th year, The M&A Advisor was founded to offer valuable insights and intelligence on mergers and acquisitions, establishing the industry’s leading media outlet in 1998. Today, the firm is recognized as the world’s premier leadership organization for mergers & acquisitions, restructuring and corporate finance professionals, delivering a range of integrated services. 

About Novo Advisors

Novo Advisors specializes in business turnaround and performance improvement focusing on the middle market ($50 million – $1 billion in revenue annually). As businesses hit critical inflection points, Novo provides expertise and a fresh perspective to navigate these challenges. Through immersion, listening, and analysis, the team works to understand a business and tailor solutions to drive sustainable change. The Novo team, drawn from top-tier firms, combines extensive experience in financial planning, data analytics, and operational roles. With a commitment to collaboration and high standards, Novo Advisors consistently achieves optimal outcomes for its clients.

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Media Contacts:
Novo Advisors
media@novo-advisors.com
(312) 961-2565

The M&A Advisor
awards@maadvisor.com
(212) 951-1550