A team of turnaround professionals has struck out from advisory firm Conway MacKenzie to launch a new firm that will not only advise and lead troubled companies but may also invest in some of those businesses.
Larry Perkins, a former Conway senior managing director, is leading the eight-person team behind Sierra Constellation Partners LLC, which he says offers a new way of helping troubled middle-market companies and their stakeholders.
“Our industry…has matured a lot,” Mr. Perkins told Daily Bankruptcy Review Thursday. “I think the market is searching for a new model.”
Los Angeles-based Sierra Constellation, named in part for the strength and stability evoked by the California mountain range, plans to work with middle-market companies in a variety of industries as well as various stakeholders. The firm can provide interim-management services, restructuring advice and assistance on deals, among other services.
The firm also has the option to invest in the companies it has turned around, which its members say helps it stand apart from other consulting firms.
“So many of the companies that we work on in the end need money,” said Sierra Constellation’s Timothy Hassenger. “The fact that we’re operating the business and know where all the skeletons are in the closet…can help us get through the underwriting process a lot faster.”