Carl Marks Advisors, an investment bank providing financial and operational advisory services to middle-market companies, won three 2021 Turnaround Atlas Awards. The awards, which are given out each year by the Global M&A Network to honor significant achievements in financial restructuring, insolvency and distressed investing, were awarded to Carl Marks Advisors in the following categories:

  • Turnaround of the Year, Small Mid-Markets
  • Chapter 11 Restructuring of the Year, Large Mid-Markets
  • Mid-Markets Turnaround Consulting Firm of the Year

For “Turnaround of the Year,” Carl Marks Advisors was recognized for its work as chief restructuring officer (CRO) for Bar Louie, a national gastro-bar operator and franchisor. The chain, which operated more than 100 venues at its peak, retained Carl Marks Advisors to serve as CRO, leading it through a Chapter 11 filing and emergence via a 363 sale during the height of the COVID-19 pandemic.

Carl Marks Advisors’ Chapter 11 Restructuring of the Year award was earned for the firm’s CRO role with American Addiction Centers (AAC), an inpatient and outpatient addiction care and recovery center. Under Carl Marks Advisors’ guidance, AAC exited Chapter 11 with a recapitalized balance sheet and was able to continue to treat patients throughout the bankruptcy process under the added stress of the pandemic.

Carl Marks Advisors’ recognition as the Mid-Markets Turnaround Consulting Firm of the Year was the firm’s first win in this prestigious category, although it marks its 20th Turnaround Atlas Award since 2013.

“These awards are testament to our team’s hard work and dedication to helping our clients navigate their most complex problems. Given the incredibly difficult circumstances businesses faced in 2020, being recognized for our work helping organizations over the past year is all the more meaningful,” Evan Tomaskovic, a partner at Carl Marks Advisors, said. “We are extremely proud to receive these awards and thank the Global M&A Network for their continued support.”