- AdvisorySell-side M&AMost of the price is set before a buyer sees the book.Buy-side M&AAcquisitions built on discipline, not deal fever.Special situationsWhen the situation is the problem, process is the answer.Debt advisoryA financing is decided before the first lender call.Equity capitalEquity is the most expensive capital you will raise.DivestituresSelling a piece is harder than selling the whole.MethodThe nine phases and ten workstreams.
- Investments
- Growth Consulting
When the situation is the problem, process is the answer.
Some businesses are sound and financed wrongly. Some are running out of time. Both need the same thing: a process built for the situation rather than a template, run by people who have sat on the other side of the table.
What the mandate covers.
Mandates here are defined by constraint rather than by sector. What they share is that the capital structure, not the operation, is usually what is binding.
Four things that govern the work.
Not house preference. These are the conclusions the evidence supports, and they decide what happens in the weeks that actually move the number.
Early is worth more than clever
Options narrow fast. Almost every restructuring outcome is better when the conversation starts a quarter before the covenant test rather than a week after it.
One set of numbers
The moment management, the board, and the lender work from different models, the negotiation stops being about the business. We build one model and defend it.
Process restores leverage
A distressed seller with a real process has alternatives. A distressed seller with one interested party has a buyer setting terms.
Say the hard thing first
If the plan does not work we say so at the outset, in writing. The alternative is a fee earned on a process that was never going to close.
How the mandate runs.
Every engagement runs the same nine phases. Below is how they compress for this mandate.
Assessment
Where the business actually is, and how much time it has.
- Thirteen-week cash flow, built and stress-tested
- Covenant and maturity map with the real trigger dates
- Liquidity options ranked by speed and cost
- An honest read on whether this is fixable
Stabilization
Buying the time the fix requires.
- Lender communication protocol and one reporting pack
- Standstill, waiver, or amendment negotiated
- New money or rescue financing where warranted
- Stakeholder alignment before positions harden
Execution
The transaction or the plan, run to a calendar.
- Restructuring plan or going-concern sale process
- Creditor and shareholder negotiation
- Documentation alongside counsel
- A contingency path maintained throughout
MORR Capital is a division of MORR Group. Nothing on this page is an offer to sell or a solicitation of an offer to buy any security, nor is it investment, legal, tax, or accounting advice. No communication through this page creates an advisory or fiduciary relationship.
MORR Group is not a registered broker-dealer, investment adviser, or municipal advisor, and is not a member of FINRA or SIPC. Engagements are accepted only where permitted by applicable law, including under the exemption for M&A brokers at Section 15(b)(13) of the Securities Exchange Act of 1934 and applicable state law. Where a mandate would require registration we do not accept it, or we engage a registered broker-dealer to conduct the regulated activity.
Any direct investments described are made with MORR’s own capital and are not offered to outside investors. Past performance of any business, transaction, or investment is not indicative of future results.
Descriptions of process, phases, and workstreams are general information about how engagements are typically run. They are not tailored to any recipient’s circumstances and should not be relied upon as the basis for any decision. No representation is made that any transaction, financing, or mandate will be completed, completed on any particular timeline, or completed on any particular terms. Any statements about future events or expected outcomes are forward-looking and subject to risks and uncertainties outside our control.
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