Press Releases

Learn about our latest milestones and business engagements.

August 27, 2025

J.S. Held Strategic Advisory Group Mid-Year Recap

At J.S. Held, our Strategic Advisory Group is built to help middle-market companies and their investors solve complex challenges, drive performance, and unlock long-term value. Our team of more than 80 professionals nationwide delivers integrated, operationally focused solutions tailored to each business’s needs.

Our group brings together the proven expertise of Phoenix Management Services, Stapleton Group, J.S. Held, and, as of July 2025, MorrisAnderson, a Chicago-based leader in financial restructuring and operational consulting. The addition of MorrisAnderson further strengthens our capabilities in turnaround and restructuring, bankruptcy advisory, transaction support, and dispute resolution.

Throughout the first half of 2025, our team remained focused on delivering smarter, results-driven solutions to support the continued success of middle-market companies and their stakeholders nationwide. Select engagements from this period are highlighted below.

Select Q1 & Q2 2025 Engagements:

Turnaround & Restructuring

  • Appointed Plan Administrator for a multi-billion-dollar, multinational construction firm in Chapter 11. Led a cross-practice effort to recover estate assets and resolve thousands of secured, priority, and unsecured claims across nine countries.
  • Appointed Liquidation Trustee of the $400M bankruptcy estate of a wine and spirits company, winding down multiple sales agreements and alcohol licenses nationwide.
  • Engaged by the Trustee in a Chapter 7 bankruptcy to evaluate potential causes of action related to an Arizona-based distributor. Conducted forensic analysis and drafted expert reports addressing preference and D&O claims.
  • Retained as Chief Restructuring Officer of a drug development company.
  • Retained as Chief Restructuring Officer of a green waste recycler.
  • Retained as Financial Advisor to a provider of digital supply chain technology after its second largest customer filed for bankruptcy, resulting in the elimination of $20M of availability from a collateral base of $75M.

Receiverships

  • Appointed as Receiver in a matter involving a defunct investment entity. Uncovered fraudulent activity and recovered over $12M for affected investors.
  • Appointed Receiver for a large seafood processor and distributor. Recovered over $85M in under six months, satisfying 100% of $68M in secured liens held by senior lenders and fishermen, by designing and executing a comprehensive wind-down plan.
  • As Receiver of an insolvent, vertically integrated grower and processor of organic pistachios, increased marketable inventory value by nearly 80%, identified a new sales pipeline, and sold a 40-acre processing facility, recovering and distributing $70M to secured lenders in approximately ten months.
  • Appointed Receiver of a commercial real estate property in Seattle with complex alleged issues related to a $35M secured loan. Managing the property and protecting its financial interests during negotiations involving loan agreements and property management.

Assignment for the Benefit of Creditors (ABC)

  • As Assignee in the ABC of a national outdoor furniture retailer/wholesaler facing bankruptcy, our team recovered over $10.6M for the secured lender, significantly surpassing the reported orderly liquidation value, and preserved jobs.
  • As Assignee in the ABC of a $50M, private equity-backed textile recycling company with operations in Central America and the US, our team generated a $2M recovery for creditors by engaging critical personnel to assist with vendor negotiations, vigilantly managing expenses and accounts receivable, and negotiating payment plans to release critical assets for sale and recovery.
  • As Assignee in the ABC of an insolvent e-bike company, our team executed a going-concern sale of the company and its assets by negotiating lien paydowns from three secured creditors with varying priority status in order to obtain consents for the sale. The secured creditors recovered between approximately 40 and 80% of their principal balances.

Operational Value Creation

  • Served as long-term strategic advisor to a $350M outdoor products manufacturer. Supported multiple phases of growth, operational improvement, and private equity transitions through hands-on due diligence, integration, and performance enhancement initiatives. Stepped into interim leadership during a critical post-transaction period to stabilize operations, implement financial controls, and lead the transition to permanent leadership.

Investment Banking

  • Acted as exclusive investment banker to Allegheny Contract Flooring; arranged, structured, and negotiated a $10M refinancing with M&T Bank.
  • Facilitated a refinancing with eCapital Corp, providing Action Ambulance Service, Inc. with a new working capital facility.
  • Acted as exclusive investment banker to Inspire Automation, owner of Systec Corporation and Automatan, LLC, in its acquisition by Alliance Machine Systems International, a subsidiary of Barry-Wehmiller.

Other Engagements

  • Represented the seller in a $5M post-closing net working capital dispute following the sale of its energy and power generation division. Our analysis contributed to the client being awarded 97.6% of the disputed amount.
  • Retained by an insurance company to analyze income loss sustained by a large gas station/convenience store. Analyzed sales reports, repair receipts, and other documentation and drafted exhibits supporting calculations.
  • Engaged by the Receiver of a defunct corporation that sold limited edition and collectible sneakers online. Prepared a financial analysis of the Receivership Entity’s solvency, which was used in the preparation of expert reports in six litigation matters brought by the Receiver.

Industry Recognitions & Accomplishments:

  • Michael Jacoby was honored as a 2025 ABF Journal Icon for his ongoing impact on the future of specialty finance as a hands-on leader and trusted advisor.
  • Kevin Doyle was recognized as a 2025 ABF Journal NextGen Leader for impactful turnarounds and strategic restructurings as a trusted advisor to middle-market companies.
  • Byron Sproule and Anne Sinopoli both earned their Certified Turnaround Analyst (CTA) designation, demonstrating strong acumen in the legal, managerial, and financial aspects of a turnaround.
  • Stephen Potts earned his Certified Insolvency and Restructuring Advisor (CIRA) designation, demonstrating his deepening expertise in turnaround and restructuring advisory.
  • Tom Caulfield earned his Series 79 License, underscoring his growing expertise in investment banking and transaction advisory.

Market Insights: Lending Climate in America

For over two decades, the “Lending Climate in America” report has provided valuable, market-driven insights into the lending community’s outlook on the US economy and credit environment. We continue to offer this quarterly survey as a resource for lenders, investors, and advisors seeking to understand evolving market sentiment and anticipate emerging trends.

Explore the latest findings in the Q2 2025 Lending Climate in America Report.

Sign up here to contribute your perspective in future reports.

New Senior Team Members:

Supporting Our Industry in 2025:

J.S. Held’s Strategic Advisory Group is a proud financial sponsor of many trade groups that provide leadership in our industry, including:

View by Year