SSG Capital Advisors served as the investment banker to Fluid Market and its affiliates d/b/a Fluid Truck in the sale of substantially all assets to Kingbee Rentals. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware and closed in Dec 2024.
In need of funding, the company secured debtor-in-possession financing from Kingbee and its investment partners to effectuate a transaction via a Section 363 process and filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware in October 2024. Fluid ultimately entered into a stalking horse asset purchase agreement with Kingbee and its investors credit bidding their debt and assuming certain liabilities.
SSG was retained to conduct a marketing process during the bankruptcy and solicit competing offers to the stalking horse bid. After outreach to a broad universe of potential strategic and financial acquirers, the stalking horse credit bid was determined to be the highest and best offer for substantially all the company’s assets. SSG’s Chapter 11 transaction experience and ability to reach a large universe of likely buyers in an expedited timeframe ensured that the sale to Kingbee maximized value for Fluid’s stakeholders.
Other professionals who worked on the transaction include:
T. Scott Avila, Chief Restructuring Officer and Interim CEO of Fluid, Allen Soong, Wyatt Branson, and Paula Sosamon of Paladin Management Group, financial advisor to Fluid Truck
Laura Davis Jones, Richard J. Gruber, Timothy P. Cairns, Maxim B. Litvak, David M. Bertenthal, and Mary F. Caloway of Pachulski Stang Ziehl & Jones LLP, counsel to Fluid Truck
Stephen S. Gray of Gray & Company LLC, independent director to Fluid Truck
Stephen M. Tumblin and Alexander C. Alton of Bennett Tueller Johnson & Deere, LLC, counsel to Kingbee Rentals,
R. Stephen McNeill and Gregory J. Flasser of Potter Anderson & Corroon LLP, local counsel to Kingbee Rentals,
Ira L. Herman, Joseph M. Welch, Josef W. Mintz, Matthew E. Kaslow, Lawrence R. Thomas, and Jordan L. Williams of Blank Rome LLP, counsel to the Unsecured Creditors Committee
Peter Hurwitz, Alex Mazier, Jennifer Ganzi, Christopher Podesfinski, and Sean Bradley of Dundon Advisers, financial advisor to the Unsecured Creditors Committee
