Daily News: September 17, 2014

Crystal, Balmoral Receive TMA Transaction of the Year

Crystal Financial and Balmoral Funds announced both firms will be awarded with the Turnaround Management Association’s Transaction of the Year Mid-Size Company for the acquisition and financing of Intelligent Global Pooling Systems (iGPS).

Founded in 2006, Intelligent Global Pooling Systems (iGPS) is the operator and owner of the world’s first and largest plastic pallet rental pool. It operates from a robust network of depots serving over 100 manufacturers and 2,000 retailers by lowering their logistics and related operating costs.

Crystal provided a DIP facility and a $20 million exit facility to support the acquisition of the company by Balmoral Funds and other investors. Balmoral completed the acquisition through a complex series of steps including the purchase of pre-petition debt, the offer of a stalking-horse bid, zealous advocacy in the Delaware courts and ultimately a successful acquisition of the iGPS assets in a §363 sale process.

The Crystal deal team included Stephen Krawchuk, managing director; Rebecca Tarby, managing director and Timothy Lawlor, senior associate. The Balmoral deal team included Jonathan Victor, managing director; Robin Nourmand, principal; Travis Haynes, SVP and David Shainberg, senior associate. These individuals will be honored at The TMA Annual, taking place in Toronto from September 29 – October 1.

Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions. The award recipients save jobs and make a significant economic impact.

“Crystal Financial is honored to receive this award and recognition from the TMA and our peers. Our standard is for excellence and to deliver comprehensive solutions to complex financing needs. Our team worked tirelessly to identify a creative approach and a financing structure that met Balmoral’s needs and led to a successful acquisition of the company that otherwise would have been liquidated. We very much enjoy our partnership with Balmoral,” said Ward K Mooney, CEO of Crystal Financial.

“Consistent with our reputation as friendly, creative and responsive lender, we are pleased to have created a unique bankruptcy lending solution which provided for both the company’s DIP and emergence lending needs. We were privileged to work with Balmoral Funds, which in conjunction with a strong new management team, orchestrated an exceptional bankruptcy acquisition solution and turnaround,” noted Crystal’s Stephen Krawchuk.

“Crystal went well above and beyond the role of a traditional lender. They were patient and supportive. Their thoughtful and practical approach to a very challenging situation led to a very positive outcome. We could not have done it without them,” added Robin Nourmand, a Principal at Balmoral Funds.