Two Deal of the Year Awards from The M&A Advisor

Mackinac Partners (now Accordion), a leading financial advisory and turnaround management firm has been awarded two 2016 Deal of the Year Awards from the M&A Advisor for recent corporate restructuring and turnaround management successes.

Mackinac Partners was awarded the 2016 Distressed M&A Deal of the Year ($250MM to $500MM) for its role as restructuring advisor to Colt Defense LLC, the iconic American supplier of firearms to U.S. military, law enforcement and civilian customers.

Mackinac Partners was also awarded the 2016 Materials Deal of the Year (Under $250MM) for its role as Chief Restructuring Officer and financial advisor in the restructuring and strategic §363 Sale of Quantum Technologies (now Quantum Fuel Systems Technologies Worldwide Inc.) to Douglas Acquisitions LLC, a $1B private equity firm in Northern California. Quantum Fuel Systems Technologies Worldwide Inc., is a leader in the innovative manufacturing and sale of compressed natural gas (CNG) fuel storage tanks and systems for the transportation and shipping industries, as well as powertrains, industrial systems and embedded controls.

The awards will be presented on March 23 at the M&A Advisor’s 11th Annual Turnaround Awards Ceremony and 2017 Distressed Debt Summit. The 2016 Distressed M&A Deal of the Year ($250MM to $500MM) will be presented to Mackinac Partners and other professional and legal advisors on the Colt Defense Chapter 11 Plan of Reorganization team including O’Melveny & Meyers; Perella Weinberg Partners; GLC Advisors; Brown Rudnick; Skadden Arps Slate Meagher & Flom; and Willkie Farr & Gallagher.

The 2016 Materials Deal of the Year (Under $250MM) will be presented to Mackinac Partners,  professional and legal advisors and deal team members on the Quantum Fuel Systems Technologies Worldwide Inc. sale, including Foley & Lardner, Armory Securities, Davis Wright Tremaine, Douglas Telecommunications Inc., and Kerr, Russell and Weber.

“We are very grateful to be recognized by industry and business peers for our team’s effort in helping to drive Colt’s successful plan of reorganization and restructuring as well as the successful restructuring and strategic sale of Quantum Fuel Systems Worldwide to Douglas Acquisitions,” Mackinac Partners Founder and Managing Partner James Weissenborn said. “Our many thanks go out to Colt’s CEO, Dennis Veilleux and his leadership team, as well as everyone on the Quantum Fuel Systems restructuring team and to Douglas Acquisitions.”

Mackinac Partners’ Senior Managing Director Keith Maib served as Colt’s Chief Restructuring Officer throughout Colt’s plan of reorganization and restructuring. Under the Plan, Colt reduced its debt by approximately $200 million, improved its capital structure by giving effect to $50 million of new capital raised, and enhanced its liquidity profile. In addition, Colt executed a long-term lease for its West Hartford Facility and entered into a Memorandum of Understanding with the United Auto Workers that reaffirmed its strong relationship with the union and its workforce.

“This was a true win-win for everyone involved – including Colt, their stakeholders, their employees, and the West Hartford community,” Mackinac Partners Senior Managing Director and Colt CRO Keith Maib said. “In addition to delivering a significantly improved capital structure and greater financial flexibility, we were able to restructure the balance sheet while meeting obligations to customers, vendors, and suppliers throughout the process – which is a real testament to Dennis Veilleux, his team, and all parties assisting in the restructuring.”

Mackinac Partners Senior Managing Director Nishant Machado, who helped lead the restructuring and §363 Sale of Quantum Fuel Systems Worldwide to Douglas Acquisitions LLC, was very positive on the outcome of the sales transaction and future prospects for the company.

“The restructuring and sale to Douglas Acquisitions really provides Quantum with a terrific platform for financial stability and next-phase growth including higher volume manufacturing of virtual pipeline trailers, CNG truck modules and single tank sales,” Machado said. “The new management team was able to achieve a zero-debt balance sheet quickly, which really underscores the strategic fit and value of this sale and the commitment of new ownership to expanding the business.”

The M&A Advisor Turnaround Awards are awarded annually to recognize excellence among the world’s leading M&A, Financing and Restructuring professionals and firms. The 2017 Awards Gala is a feature of the 2017 Distressed Investing Summit, taking place on March 22-23 and featuring 200 of the industry’s leading professionals participating in exclusive interactive forums led by a faculty of restructuring industry stalwarts and business media experts.

About Accordion

Accordion is a private equity-focused financial and technology consulting firm. Working at the intersection of sponsors and management teams, Accordion partners with clients at every stage of the investment lifecycle. The firm’s services span the entire CFO function within the private capital sector, including operational and technical accounting, strategic financial planning and analysis, CFO-driven transformation, CFO technology, transaction execution, public company readiness, interim leadership, and turnaround and restructuring. With a focus on hands-on, results-oriented execution, Accordion is widely recognized as the go-to PE consultancy and the premier digital-enablement partner for portfolio CFOs. In addition, Accordion has been recognized as an employer of choice for pioneering a better way to work in finance. Accordion has a total of 9 offices including its headquarters in New York and locations in Boston, Charlotte, Chicago, Dallas, Detroit, Los Angeles, San Francisco, and South Florida.