A huge thank you to the over 100 bankruptcy and turnaround professionals who joined us last month to celebrate our official NYC launch party at Ophelia Lounge in the historic Beekman Tower. The weather was perfect for the 360-degree terrace on the 26th floor showcasing NYC’s stunning Manhattan views. The food was flowing as were the cocktails, including Ophelia’s signature — the Purple Tuxedo. Novo Advisors’ current NY team includes Sandeep Gupta, Matt Cohn, Rob Vanderbeek, Kevin Neuman, and Claudia Springer. We hope to see you all at the next one!
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Chicago (October 12, 2023) — Novo Advisors, a premier turnaround consultancy serving middle market firms nationwide, is proud to announce new offices in Nashville and Minneapolis, adding capabilities to its team based in Chicago, New York and Philadelphia.
In Nashville, Dustin Bernstein joins Novo Advisors as a Managing Director. Dustin is a skilled financial consultant with more than 12 years of professional experience in industries including healthcare, manufacturing, hospitality, agriculture, metals and distribution. Prior to joining Novo, he held consulting positions at both global and boutique restructuring advisory firms, working with businesses from $20 million – $6 billion in sales. Earlier in his career, Dustin received his CPA designation in the state of Illinois. His expertise includes financial analysis, special situations, M&A, break-even analysis, business plan validation, liquidation analyses and cash flow forecasting.
We are pleased to welcome Dustin and Alex to the Novo family.”
Sandeep Gupta
Managing Partner, Novo Advisors
In Minneapolis, Alex Cariveau joins Novo Advisors as a Director. Alex brings more than 13 years’ experience working directly in functional financial roles — including Director of Finance — for manufacturing, entertainment and food and beverage businesses. His specialties include FP&A, cost accounting, working capital optimization, reporting and process improvement. Alex was also previously certified as a CPA in the state of Washington.
“We are pleased to welcome Dustin and Alex to the Novo family,” said Sandeep Gupta, founder and Managing Partner of Novo Advisors. “Both contribute special capabilities valued by our clients: Dustin for his background as a turnaround consultant, business advisor, investment banker and interim CFO; and Alex for his financial experience working across a wide arrange of industries.”
Novo Advisors is unique among many turnaround and restructuring consultancies in offering the expertise needed to serve in interim management roles, including CEO, CFO and COO. In addition to its varied industry experience, many members of Novo Advisors’ team apply direct, functional business knowledge and experience to initiate and speed turnaround and performance improvements for clients.
“The fact that we’re not career consultants, and that we can move from financial advisor directly to the C-suite when needed, benefits our clients,” notes Gupta. “Our grasp of the nuances of doing business is more comprehensive and grounded because of our functional experience — as is our ability to recommend and enact operational changes. And our ability to transition to interim management is efficient for clients since we are already steeped in the financial and operational details.”
Founded in 2012, Novo Advisors is a business transformation partner specializing in turnarounds and restructurings, performance improvement, transaction advisory, dispute resolution and interim management services for companies with $25 million – $1 billion in revenue. Novo offers clients rapid, customized solutions based on an immersive understanding of their business and financial issues, and the opportunity to work with a team of senior-level industry pros dedicated to delivering value every step of the way.
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For more information, contact Anupy Singla at (312) 961-2565 or Anupy@novo-advisors.com.
New York (October 2023) — Novo Advisors, a premier turnaround consultancy serving middle market firms, is proud to announce the expansion of its office in New York. Representing clients nationally from its Chicago headquarters and offices in Philadelphia, Minneapolis and Nashville, the growth in New York further extends the company’s services into the Northeast region.
Joining Novo Advisors to lead the effort to develop its business there are two New York-based experts, Matt Cohn, Partner, with 25 years’ experience managing both in-court and out-of-court restructurings, managing liquidity and developing business plans; and Rob Vanderbeek, JD, Partner, with more than 30 years of restructuring, performance improvement and due diligence as well as litigation, valuation and forensic experience. Both have successfully managed restructurings, Chapter 11 bankruptcies, sales processes and a host of financial matters for clients in numerous industries.
Highly regarded for the services provided by its seasoned consultants, the addition of Matt and Rob to the Novo roster fits the company’s long-term growth strategy.
“Both Matt and Rob bring unique talents to Novo. Matt’s restructuring and CRO experience and his extensive background with municipalities brings strength to our existing team as well as new capabilities in public finance. Rob’s background as an attorney, his work as a COO, in performance improvement and forensic analysis for complex cases will be extremely valuable to clients,” said Sandeep Gupta, Novo Advisor Managing Partner. “Having these two new experts onboard significantly enhances our bench strength.”
New York and the Northeast region are vibrant business centers. We are excited to bring our talents as trusted, collaborative partners to companies based there with our expanded team.”
Sandeep Gupta
Managing Partner, Novo Advisors
Matt and Rob join the current Novo team in the Northeast: Kevin Neuman, Principal and also based in New York, is a 30-year healthcare industry expert and successful entrepreneur specializing in operational improvement, financial stability, technology and analytics. Claudia Springer, Principal and head of the Philadelphia office, is an award-winning restructuring and bankruptcy attorney and mediator recognized for her strong business acumen.
“New York and the Northeast region are vibrant business centers. We are excited to bring our talents as trusted, collaborative partners to companies based there with our expanded team” said Gupta.
Founded in 2012, Novo Advisors is a business transformation partner specializing in turnarounds and restructurings, performance improvement, operations, transaction advisory, dispute resolution and interim management services. The company offers clients rapid, customized solutions based on an immersive understanding of their business and financial issues, and the opportunity to work with a team of senior-level industry pros dedicated to delivering value every step of the way.
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For more information, contact Anupy Singla at (312) 961-2565 or Anupy@novo-advisors.com.
Novo Advisors (Chicago) August 18, 2023: Thank you to everyone who made it to Offshore Rooftop to enjoy the Air & Water Show Experience with us. If you were not able to attend, we missed you and look forward to seeing you next year.
Click a photo below to view the slideshow.
Chicago (May 9, 2023) What’s the state of the M&A market given current economic pressures? Sandeep Gupta, Managing Partner of Novo Advisors, LLC spoke during a panel discussion on April 26, “M&A in an Uncertain Market,” hosted by the Chicago chapter of the Association for Corporate Growth at The Metropolitan Club.
“Given the prevalence of excess inventories, organizations must look at their assets for possible liquidity strategies and find ways to create additional cash flow,” said Gupta. “Liquidity strategies will drive M&A transactions” while “the cost of capital is going up, and that in turn causes valuations to go down,” he added.
Gupta was joined by middle-market professionals Penny Fine, Managing Director, CIT Northbridge; Brent Willson, Principal, Center Rock Capital Partners; and Michael Fixler, Senior Managing Director, B. Riley Securities, who also moderated.
As a skilled financial advisory group guiding distressed companies to resolution and stability, Novo Advisors frequently helps clients design M&A strategies and works closely with investment bankers and capital providers.
The group discussed changes in M&A volume since the pandemic, the state of various industries, as well as investment opportunities, seller expectations and thoughts on the balance of this year and beyond.
Change has been a given since the pandemic. In the last six to nine months, the panelists agreed that M&A volume has slowed — with various industries still experiencing Covid disruption, namely continued supply chain challenges topped by inflation and Russia’s war with Ukraine.
Management must be very decisive. They must act quickly to liquidate assets or do anything they can to thoughtfully close the spigot on cash outflows.
Sandeep Gupta
Managing Partner, Novo Advisors
M&A activity is taking place in the automotive and aerospace industries, said Gupta. In other industries such as healthcare, organizations are contending with high labor costs; CPG companies are sitting on excess inventories; and firms selling commodity goods have likely overpaid for needed resources, he explained. Panelists concluded that some industries like CPG and retail are likely to see long-term changes in consumer behavior.
Gupta’s advice to companies facing these strains? “Management must be very decisive. They must act quickly to liquidate assets or do anything they can to thoughtfully close the spigot on cash outflows.”
Panelists agreed that given the higher cost of debt, along with higher wages and cost of goods sold, business owners are more likely to encounter problems growing or managing operations at some point, requiring expert analysis and advice.
Novo Advisors currently sees strong interest in its business plan evaluation services. Through this immersive analysis, company leaders are guided in understanding what’s working and what isn’t, and if any adjustment or “cures” are needed.
Right now, some businesses that may consider selling are waiting for a market correction, while others must work to stay liquid or improve leverage rates against EBITDA.
Gupta agreed with the panel’s assessment that some companies are over-levered against EBITDA, noting “it can take quite a bit of time for business owners to recognize potential problems.”
Although no one can accurately predict the future, Gupta believes interest rates will remain high, and that is even more reason for companies and boards to remain diligent.
“Leadership must be proactive to manage through these difficulties,” said Gupta. Having an external expert like Novo Advisors analyze — and potentially challenge — the facts can bring a fresh perspective on how a business is performing, its operational efficiencies, financial stability, and a host of other factors, leading to new solutions that can effectively carry the company through a tough economic environment.
Gupta cautioned business leaders to address these factors sooner versus later, as “waiting will only make the challenges far worse.”
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For media inquiries and to discuss Novo Advisors’ M&A or other expert advisory services, contact Anupy Singla at anupy@novo-advisors.com or 312-961-2565.
Novo Advisors (Philadelphia) May 4, 2023: Thank you to everyone who made it to Steak 48 on Thursday to help celebrate our growing Philadelphia presence. Claudia Springer (Principal – Philadelphia) is our contact in the area. Sandeep Gupta (Founder & Managing Partner – Chicago), Tom Caulfield, (Principal – Chicago), Nick Mungor (Partner – Chicago) were excited to meet everyone. If you were not able to attend, we missed you and look forward to seeing you at our next event.
Presented by ACG Chicago | Association for Corporate Growth
April 26, 2023
11:00 am – 1:00 pm
The Metropolitan Club – Willis Tower
233 S Wacker Dr, Chicago, IL 60606
ACG Chicago presents a panel of leading middle market deal professionals to discuss what they are seeing from an investment perspective in an increasingly distressed economic environment and what potential opportunities and pitfalls are out there.
Sandeep Gupta
Managing Partner
Novo Advisors
Sandeep Gupta has spent more than two decades guiding clients from high pressure, high stakes financial challenges to best-case outcomes. His areas of expertise include performance improvement, turnarounds, interim management, bankruptcy and restructuring, mergers and acquisitions, and asset divestitures. Before founding Novo Advisors, Sandeep spent five years as Managing Director in FTI Consulting’s Corporate Finance group. He was also a lead restructuring consultant for Silverman Consulting for eight years, and an operational and strategy consultant at Arthur D. Little for two years. Additionally, Sandeep has six years of experience working in the energy industry as an engineer.
Penny Fine
Managing Director
CIT Northbridge
Penny Fine is a Managing Director at CIT Asset Management where she is responsible for driving the CIT Northbridge Credit LLC origination efforts for a broad range of flexible asset-based debt solutions tailored to middle-market companies. CIT is a division of First Citizens Bank. Prior to joining the CIT Northbridge team, Penny was a business development officer at Huntington Business Credit and previously, Penny was Midwest region head for Chase Business Credit, a division of JPMorgan Chase. Before JPMorgan Chase, she was an executive director of Restructuring Services at Capstone Advisor Group consulting on solutions for lenders and investors in distressed situations. From 2005 to 2008, Penny served as executive vice president and head of the National Restructuring Group at CIT. Prior to joining CIT in 2005, Penny held various positions in lending at GE Capital and Heller Financial and started her career at Arthur Andersen in public accounting. Penny earned her Masters of Business Administration from the University of Chicago and her B.S. in Accounting from the University of Illinois where she passed her Certified Public Accountant Examination. Penny is a member of the Turnaround Management Association and Secured Finance Network.
Michael Fixler
Senior Managing Director
Riley Securities
Michael Fixler has more than 25 years of experience in advising companies and their stakeholders in a variety of transactions related to mergers and acquisitions, capital raising and special situations, including bankruptcy cases. Advising clients from both public and private companies, institutional investors, statutory committees, and special situation buyers/investors, Mr. Fixler’s deep experience includes crafting and executing a variety of strategic transactions to maximize value for his clients. Mr. Fixler has been named one of the “People to Watch – Business Professionals Making Their Mark” by Turnaround & Workouts Magazine and selected by The M&A Advisor among its “40 under 40” professionals. Prior to legacy FocalPoint, now B. Riley Securities, he was a Managing Director at Variant Capital Advisors (affiliate of Conway MacKenzie) and a partner at Candlewood Partners. Prior to corporate finance, he practiced corporate and securities law in private practice and then joined one of his clients where he served as general counsel and also led the company’s corporate development efforts, ultimately resulting in the sale of the company to a strategic buyer. Mr. Fixler is a member of the Turnaround Management Association, American Bankruptcy Institute and Association of Corporate Growth. He also serves on the Chicago/Upper Midwest Regional Board of the Anti-Defamation League. Michael received his Juris Doctorate degree from Case Western Reserve University and his Bachelor of Business Administration from the University of Miami.
Brent Willson
Principal
Center Rock Capital Partners
Mr. Willson is a Principal at Center Rock Capital Partners with 15 years of private equity, investment banking and operations experience. Mr. Willson has a B.S. in Engineering from Northwestern University and an MBA from the Stanford Graduate School of Business.
Registration is closed for this event.
Sandeep Gupta, Managing Partner, Rian Branning, Partner, Tom Caulfield, Principal, and Claudia Z. Springer, Principal will be representing our firm at the 2023 TMA Distressed Investing conference in Las Vegas from January 31 – February 3.
The 2023 TMA Distressed Investing Conference is the preferred meeting place for corporate restructuring and distressed investing professionals. Connect with capital providers and network with the industry’s leading professionals. Nearly 900 top dealmakers in the distressed investing industry will gather for live networking, professional development, and dealmaking.
Schedule time with one of our seasoned, senior-level industry pros to meet up and discover synergies. We look forward to connecting with many of the attendees during our time in Las Vegas.
Sandeep Gupta
Founder & Managing Partner
312-961-6854
SGupta@novo-advisors.com
Rian Branning
Partner
312-402-2982
RBranning@novo-advisors.com
Tom Caulfield
Principal
847-997-5017
TCaulfield@novo-advisors.com
Claudia Z. Springer
Principal
215-896-3775
CSpringer@novo-advisors.com
What a great way to spend the day, enjoying the Air & Water Show with our wonderful clients. Thank you to everyone who attended this event, your involvement and support made it a truly exceptional gathering.
Click a photo below to view the slideshow.
