The M&A Advisor has announced that the Special Situations team at SC&H Capital, a leading investment bank specializing in M&A advisory, has been honored with the Materials Deal of the Year award for P-D Valmiera Glass USA Corp’s sale to Saint-Gobain Adfors America, a subsidiary of Saint-Gobain. The firm will be recognized during the 2021 Distressed Investing Summit featuring the 15th Annual Turnaround Awards Gala on September 29, 2021.
P-D Valmiera Glass, a Georgia-based producer of glass fiber materials and related products, invested over $100 million in building two state-of-the-art facilities encompassing nearly 450,000 square feet of manufacturing space over the course of five years. The extended start-up led to significant cost overruns, and after its publicly traded parent company in Latvia was unable to continue funding the operation, the company filed for bankruptcy protection. Management had tried, unsuccessfully, to solicit offers leading up to the filing—these are highly specialized assets and there are only a handful of groups in the world that are qualified to take on the restart of an operation like this. With creditors requiring a formal and thorough process, SC&H Capital was retained to find a buyer.
SC&H Capital quickly negotiated a stalking horse offer from Saint-Gobain, a French multinational corporation, with over 180,000 employees in 67 countries. Even with interest from dozens of groups and many conducting onsite inspections and diligence, no one was willing to pay more than Saint-Gobain. Despite challenges related to Covid-19, including an inability to visit the facility in the months leading up to closing, the sale to Saint-Gobain was approved by the bankruptcy court and consummated.
“We are thrilled to receive this award from The M&A Advisor as it further affirms the excellent work put forth by our team and all the professionals involved in the case,” said Matt LoCascio, Principal at SC&H Capital. “Achieving a favorable outcome, despite a multitude of challenges brought on by a global pandemic and other external factors, is only possible when there are other dedicated professionals committed to producing results. We are honored to be recognized among such great company.”
Other professionals who worked on the transaction include:
- Rob Williamson and Ashley Ray, Scroggins & Williamson, P.C., Valmiera/debtor’s counsel
- Gary Marsh, Troutman Sanders LLP, counsel to SEB Banka
- Colin Bernardino and Todd Meyers, Kilpatrick Townsend & Stockton LLP, counsel to the official committee of unsecured creditors
- Matt Dundon and Alex Mazier, financial adviser to the official committee of unsecured creditors
The M&A Advisor, headquartered in Forest Hills, New York, is the preeminent organization recognizing excellence, honoring achievement, presenting thought leadership and facilitating connections among the world’s leading dealmaking professionals. Over the past twenty-two years, they have built and served the world’s premier organization of M&A, turnaround and finance professionals.
About SC&H Capital
SC&H Capital is an investment banking and advisory firm specializing in mergers and acquisitions (M&A), employee stock ownership plans (ESOP), distressed M&A, and business valuations for middle-market companies nationally. SC&H Capital delivers services across numerous industries including technology, healthcare, manufacturing, business and professional services, and government contracting. We are recognized for delivering relevant market insights and tailored solutions to help owners achieve their true strategic value. To learn more, visit www.schcapital.com.