One of Novo Advisors’ most anticipated events, built around the Chicago Air & Water Show, has become our premiere client event for good reason. This year, we not only anticipated double the amount of guests, but had our largest Novo team ever on hand to welcome them, with over 50 consultants from across 10 states. We welcomed guests from New York and Los Angeles who said they just had to see what the fuss was all about! We even managed to get the rain to stop and were treated to clear and sunny skies. You cannot get much better than that.
Held at Navy Pier’s Offshore Rooftop with stunning lakefront views, our event places guests right under jets overhead practicing routines for the weekend show. This year we were treated to the Thunderbirds showing off their skills.
Relationships are at the core of everything we do here at Novo. This event is just one example of how we bring that commitment to life through thoughtful, welcoming, and memorable experiences that strengthen the lasting connections, which define our firm and our team. At the end of the day, all we want to do is continue to produce good work and thank our clients who continue to show up and support us!
Thank you to everyone who joined us and helped make this year’s event one to remember.
By Sandeep Gupta for Secured Finance Network
Consulting typically conjures an image of financial specialists advising companies on optimizing everything from boosting revenue to increasing growth and implementing organizational improvements. My own consulting career began this way after securing my MBA from the University of Chicago. The plan was to take the skills I learned and put them to good use helping healthy companies strategize.
Then came a struggling medical device company. A team of consultants at our firm worked on it for months with no results. It wasn’t our traditional client looking to scale their core business or set a strategic direction, but a confused bundle of companies fused through nearly two dozen acquisitions that were never fully integrated, struggling with daily operations. It was a mess and they decided our advice wasn’t helping. Everyone was shocked (offended may be a better word) when they replaced us with a turnaround consulting firm.
It was my first introduction to turnaround consulting and I was immediately intrigued, especially as an entrepreneur who helped build a family business. I realized it wasn’t a growth strategy that this client needed, but a realistic plan on how to navigate the present-day crisis they faced. Could they make payroll tomorrow? Out of the hundreds of products they sold, which were profitable? They needed all that information today, not in three months through a PowerPoint presentation because they likely wouldn’t survive that long. Three decades later, my first impression remains the same: the field of turnaround consulting is incredibly rewarding, but takes a special personality. If you are considering this type of career, a little planning and foresight is helpful.
Published for over 30 years, The Secured Lender is consistently ranked “highly valuable” in our member surveys. With in-depth analysis, industry leader profiles, and timely topics, TSL gives you what you need to stay on top of your game.
Thank you for a fantastic night, Chicago! It was great to see so many of you for a warm, beautiful night right on the river at Little Toasted. Boy, have we earned the warm weather.
We enjoyed connecting with everyone over cocktails and a slider or two … or three! We were especially excited to introduce you to our growing team and expanding services in Chicago. Our Managing Partner, Sandeep Gupta hosted along with our Chicago-based Novo team of consultants and Partners Rian Branning, Jacob Grall, Nick Mungor, and Michael Ragano, as well as Managing Directors Mike Boyer, Chris Ciannella, Yvette Kennedy, and Kate Lattner.
We look forward to continuing the conversation!
Thank you to all who joined us for our annual New York Spring Series, with nearly two hundred guests, and stunning views at Dear Irving on Hudson. Our New York team is growing and buzzing with excitement as we move to a new office space in the city and widen our presence.
Attending from Novo Advisors were Principals Claudia Springer and Kevin Neuman, Founding Partner Sandeep Gupta, Partners Rian Branning (Chicago), Matt Cohn (New York), Nick Mungor (Chicago), Rob Vanderbeek (New York), Managing Director Wen Rittsteuer (New York), Directors Jason Hanerfeld (New York) and Rob Trenk (New York), and Senior Consultant Victor Simpson (New York).
Please reach out with any questions — we look forward to continuing the conversation and can’t wait to host you in our new office space!
Thank you, Philly — it was a night to remember! Our Novo Advisors leadership team from Philadelphia-New York-Chicago joined nearly 75 friends from the tri-state area (Philly, Wilmington, and South Jersey) to connect in one of our favorite markets. Barclay Prime, a boutique steakhouse near Rittenhouse Square, was a fantastic venue for delicious food and even better wine.
Principal Claudia Springer and our Managing Partner Sandeep Gupta hosted along with Partners Rian Branning (Chicago), Matt Cohn (New York), Nick Mungor (Chicago), Rob Vanderbeek (New York), and Managing Director Wen Rittsteuer (New York). If we missed you, we hope to see you at the next one!
In this episode of the TMA Chicago/Midwest (TMA) Podcast, Katten Restructuring Partner and host Paul Musser sat down with Sandeep Gupta, Managing Partner and Founder of Novo Advisors (Novo), a turnaround, restructuring and financial advisory firm focused on the core middle market. Our guest discussed his journey into restructuring, Novo’s approach to distressed situations and private credit workouts, the firm's recently launched forensic and dispute advisory service line, and his insights on business development within the turnaround industry.
Sandeep, who founded Novo Advisors after honing his skills at FTI Consulting and other firms, described how he “accidentally” entered the restructuring world in 1999, choosing turnaround consulting over the lure of dot-com and telecommunications opportunities. He explained that Novo focuses on middle market restructuring, which he characterized as businesses with roughly $150 to $500 million in top-line revenue, a segment where his team can leverage its operational know-how to find real opportunities for improvement. Sandeep drew a strong parallel between his entrepreneurial mindset and turnaround work, noting that getting involved in a distressed business is not unlike a startup where you take a step back, rethink the business model and see what is possible. He and Paul then delved into the nuances of working with closely held, family-owned businesses versus companies backed by private equity sponsors, observing that closely held situations tend to be deeply personal for owners, while sponsor-backed engagements are more analytical yet still require sensitivity toward management teams. Both agreed that understanding and respecting the relationships among lenders, sponsors and borrowers is more important today than ever in restructuring and workouts, especially given the growth of private equity and private credit in the market.
Their conversation turned to the private credit workout landscape, with Sandeep noting that private credit lenders are generally willing to “take the keys” from a sponsor who is done supporting a company. In private credit workouts, Novo is often brought in on the company side to stabilize the business, develop a turnaround plan and help install new management. He explained that Novo’s playbook involves quickly establishing business facts, including a 13-week cash flow forecast, a break-even analysis and a working capital assessment, all within 30 to 45 days, and then presenting the private credit lender with a clear picture of the incremental capital the situation will need over the next 12 to 18 months. Sandeep observed that, in his experience, private credit lenders are typically willing to support a thoughtful go-forward plan when presented with solid data. However, if they are not, Novo advises bringing in investment bankers to explore a sale.
Sandeep also highlighted Novo’s recently launched forensic and dispute advisory service line, sharing real-world examples, including a case involving a commercial cleaning business during which his team uncovered a Chief Financial Officer siphoning funds. Sandeep emphasized the practical, cost-conscious approach Novo brings to fraud investigations in the middle market, noting that the team works within defined budgets to evaluate whether a realistic path to recovery exists before committing further resources. He and Paul agreed that professionals involved in these investigations, and fraud cases in general, need to remember the importance of their client’s recovery, which can often get clouded by the understandable anger of being the victim of a fraudulent scheme.
Finally, Sandeep reflected on his involvement with TMA and shared his perspective on the importance of business development in the restructuring industry. He emphasized that the restructuring community, while small, is remarkably collegial and generous with its time, which is one reason he gives back so actively to TMA. He advised that professionals looking to grow their practices should set small, attainable networking goals, execute stellar work, so one’s reputation speaks for itself, and consistently maintain at least one marketing effort every week. Both Sandeep and Paul agreed that collegial collaboration across disciplines is essential to achieving successful outcomes for clients.
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Novo Advisors’ and Pashman Stein Walder Hayden’s joint Las Vegas cocktail reception logged its biggest turnout, with nearly 350 colleagues and friends in attendance. Our event coincided with two of the biggest annual industry gatherings — SFNet’s Asset-Based Capital Conference and the Turnaround Management Association’s Distressed Investing Conference.
We welcomed our attendees back to La Cave Restaurant & Bar, located inside the Wynn. The night was a true reflection of the strength of our network. As we always say, relationships matter!
Speaking of that, Novo Advisors’ partnership with Pashman Stein goes well beyond events. Our teams recently worked together (alongside Jenner & Block, Moelis & Company, SC&H Capital, and FTI Consulting) on a Chapter 11 plan for Epic! Creations and Affiliates, helping to stabilize the companies after their assets were depleted and their management team was decimated by the former owners. Our own Claudia Springer served as the Chapter 11 Trustee, Pashman Stein Walder Hayden P.C., the co-counsel, and Novo Advisors, lead financial advisors.
Novo Advisors’ presence in Vegas this year was bigger than ever, with a dozen team members attending, including Sandeep Gupta, Rian Branning, Matt Cohn, Jacob Grall, Nick Mungor, Mike Ragano, Rob Vanderbeek, Claudia Springer, Kate Lattner, Brent Nicholson, Wen Rittsteuer, and Rob Trenk. Pashman Stein team members included Joe Barsalona, Henry Jaffe, John Weiss, Mike Custer, Alexis Gambale, and Katherine Beilin.
This year, Novo Advisors was also a first-time sponsor for both conferences, and it was beyond exciting to see our logo throughout the Wynn! Claudia spoke on TMA’s panel “Fraud Unmasked: What Billions in Fraud Reveal About What We’re Still Getting Wrong,” highlighting her work with Epic! Creations and the takeaways she learned as the Chapter 11 Trustee.
Thanks to everyone who took the time to connect with us throughout the week. If we didn’t get a chance to meet, or if you want to keep the conversation going, feel free to reach out via email or connect with the Novo team members directly.
Email Novo Advisors | Email Pashman Stein
At Novo Advisors we are all about rewarding the hard work that everyone puts in throughout the year with a curated holiday bash — driven by our Managing Partner’s love of good food and even better wine. This year’s celebration was one for the culinary books as our teams from all over the country flew in to gather in Chicago’s West Loop neighborhood. We were treated to a spectacular food and wine pairing at Ever, a 2-Michelin star restaurant headed by James Beard award-winning chef Curtis Duffy and the muse behind ‘the best restaurant in the world’ in the show The Bear. It was indeed a very special holiday party and a chance to reflect not just on work accomplishments but also celebrate milestones, including weddings and babies! The best part? Dancing in Ever’s bar area … appropriately called after. What a night!
To our Team: thank you for all the hard work — we’re excited for what’s ahead in 2026!
Novo Advisors welcomed the National Conference of Bankruptcy Judges (NCBJ) to the Windy City with a cocktail reception at the landmark Chicago Firehouse Restaurant in the South Loop. Our team hosted nearly 250 insolvency professionals at the eatery that was once home to Engine Company 104. It served as the perfect backdrop to the impeccable service, food and drinks — complete with an actual fireman’s pole! We know there were dozens of events to choose from and we’re grateful that so many of you stopped in to say ‘hello’ and connect with our ever-growing Novo team.
From the historic venue to our Novo-branded tins of Garrett Popcorn, we enjoyed hosting an undeniably ‘Chicago’ experience. We hope you check out the photos.
