Turnspire Capital Partners, a PE firm, targets Special Situation deals, and most are not easy. Turnspire recently signed a purchase agreement to acquire assets of Arecont out of BK via a 363 sale as the Stalking Horse bidder. We engaged Backbone Capital to execute the debt financing process because we felt confident that Britt Terrell would drive the financing process for us and allow us to focus on the priority of the acquisition process and operational turnaround plan. Britt drove an efficient process and did a solid job. Unfortunately, a strategic buyer emerged and outbid Turnspire at the bankruptcy auction. Despite the disappointing outcome of the M&A transaction, Britt was great in every way, and all went well with our relationship with Backbone.
Ilya Koffman
Turnspire Capital Partners
New York, NY