Archives: Transactions

Transaction Announcement

Office Properties Income Trust (“OPI”), a REIT owning 122 office properties comprising 17mm+ rentable square feet, has completed a Chapter 11 restructuring.

Upon emergence, OPI eliminated over $700mm of debt obligations by equitizing all of its unsecured and portions of its secured debt. As part of the Chapter 11 Plan, lenders under the Company’s $425mm Credit Facility agreed to waive certain events of default in exchange for several economic enhancements, including an increased interest rate and fees. The Credit Facility was reinstated at emergence and deemed unimpaired under the Chapter 11 Plan. OPI exited Chapter 11 in June 2026 with an improved capital structure and additional operating flexibility.

GLC served as exclusive financial advisor to the Ad Hoc Group of Credit Facility Lenders.

GLC Advisors Overview

GLC Advisors & Co. is a leading independent investment banking advisory firm, delivering objective, senior-level expertise to successfully execute lower middle market to large cap financial advisory engagements for our clients. Founded in 2009, GLC delivers conflict-free counsel on restructurings and other complex or special situation mandates. Today, GLC serves clients in a variety of advisory capacities including mergers & acquisitions, equity and debt capital advisories, restructurings and recapitalizations, fairness opinions, and valuations. Our offices are located in New York, Denver, Los Angeles, and San Francisco.

Transaction Announcement

FAT Brands Inc, a multi-brand franchisor and operator of quick-service and casual dining restaurants, completed sales of substantially all its assets through a series of Section 363 transactions. The asset sales closed in June 2026 and a Plan of Liquidation went effective in July.

Most of the Company’s assets were acquired by entities backed by an ad hoc group of pre-petition noteholders. The Company’s Hot Dog on a Stick and Elevation Burger brands were sold to third-party cash buyers.

FAT Brands’ platform included more than 2,000 units across 14 brands, including Round Table Pizza, Fatburger, Johnny Rockets, Twin Peaks, Great American Cookies, Marble Slab Creamery, Fazoli’s, and Hot Dog on a Stick, among others.

GLC served as Financial Advisor to FAT Brands in connection with the transactions.

GLC Advisors Overview

GLC Advisors & Co. is a leading independent investment banking advisory firm, delivering objective, senior-level expertise to successfully execute lower middle market to large cap financial advisory engagements for our clients. Founded in 2009, GLC delivers conflict-free counsel on restructurings and other complex or special situation mandates. Today, GLC serves clients in a variety of advisory capacities including mergers & acquisitions, equity and debt capital advisories, restructurings and recapitalizations, fairness opinions, and valuations. Our offices are located in New York, Denver, Los Angeles, and San Francisco.

Transaction Announcement

Midwest Amusements, LLC, a multi-state distributed gaming operator managing more than 420 regulated gaming devices across over 100 locations in Nebraska, Iowa, and Wyoming, has been acquired by J&J Gaming, the industry leader in distributed gaming.

The acquisition strengthens J&J Gaming’s platform and geographic reach, further establishing J&J Gaming as the leader in distributed gaming across restaurants, bars, convenience stores, truck stops, and other authorized venues. J&J Gaming is a portfolio company of Oaktree Capital Management, a leading global investment manager specializing in alternative investments.

“Since our founding, Midwest Amusements has focused on delivering innovative games and exceptional service to our partners,” said Matthew Philippsen, Co-Founder of Midwest Amusements. “J&J Gaming shares that same commitment to excellence and customer care, making this a natural strategic fit as we continue to grow.”

GLC Gaming Practice Overview

GLC is unparalleled in its breadth and depth of experience in the gaming space. GLC advises founders, companies, and financial investors on a broad range of transactions including debt and equity financings, M&A, and restructurings. GLC professionals have deep industry expertise and recent transaction experience across all aspects of gaming and related verticals in both the physical and digital gaming world.

Transaction Announcement

Virgin Galactic Holdings, Inc. (“Virgin Galactic”), a space travel company pioneering human spaceflight for private individuals and researchers, successfully completed a recapitalization through a series of privately negotiated debt, equity, and warrant transactions. The transactions significantly strengthened Virgin Galactic’s balance sheet and aligned the Company’s capital structure obligations with its schedule for the design and production of next-generation spacecraft and planned continuation of commercial service.

GLC served as Financial Advisor to Virgin Galactic in connection with the transactions, which closed in late December 2025. The transactions reduced the Company’s outstanding debt from $425mm to $283mm and extended the maturity on most of its debt to late 2028.

As part of the transactions, the Company repurchased and retired $355mm of its $425mm convertible notes due February 2027 for $321mm in cash consideration. Concurrently, the Company issued and sold for cash a combination of $212mm in new first lien notes due December 2028, $46mm in common equity and pre-funded warrants, and $63mm in warrants ($321mm aggregate proceeds) to the institutions that participated in the convertible note repurchase.

GLC Advisors Overview

GLC Advisors & Co. is a leading independent investment banking advisory firm, delivering objective, senior-level expertise to successfully execute lower middle market to large cap financial advisory engagements for our clients. Founded in 2009, GLC delivers conflict-free counsel on restructurings and other complex or special situation mandates. Today, GLC serves clients in a variety of advisory capacities including mergers & acquisitions, equity and debt capital advisories, restructurings and recapitalizations, fairness opinions, and valuations. Our offices are located in New York, Denver, Los Angeles, and San Francisco.

Transaction Announcement

Roof Worx LLC (“Roof Worx”), a leading provider of residential and commercial roofing services across Colorado and Wyoming, announced that it has been acquired by SouthWorth Capital Management, a Memphis, Tennessee-based family office.

Founded in 2010 and having completed nearly 7,000 roofing projects, Roof Worx is a family-owned and operated company offering a comprehensive portfolio of roofing solutions for both steep-slope and low-slope environments. Services include installation, maintenance, and repair across residential, commercial, HOA, and property management end markets.

Roof Worx represents the first platform acquisition in a multi-state roofing roll-up strategy to be executed by SouthWorth during its investment period.

“GLC Advisors was our first choice as investment banker, given the team’s success working with construction services companies and contractors – and it proved to be the right call. They worked long hours, paid attention to what mattered most to our team, and stayed hands-on in every step of the process. As owners, my brother and I value hard work and follow-through, and that’s exactly what GLC delivered. We couldn’t be happier with both our new partnership and the overall outcome.”

Bart Thomas
Owner / Co-founder, Roof Worx

Business Services & Industrials Team

GLC’s Business Services & Industrials Team is exclusively focused on advising business services and industrials clients in the Middle Market. Our team’s advisory work includes M&A (sell-side and buy-side), financing/debt advisories, recapitalizations, fairness opinions, and valuations. We excel at working with founders and owner- operators. Our team is passionate about the businesses and people that hire us to advise in their strategic decisions and events.

Transaction Announcement

Harrell-Fish, Inc. (“HFI”), a leading provider of mechanical installation and maintenance services, announced it has received a majority investment from New State Capital Partners and Amethyst Capital Partners.

Founded in 1985 and headquartered in Bloomington, Indiana, HFI is one of the Midwest’s most prominent mechanical contractors, delivering a comprehensive suite of HVAC, plumbing and process piping, fabrication, and building systems solutions. The company serves a wide range of commercial and industrial end markets – including healthcare, education, life sciences, and government facilities – through retrofit, renovation, and maintenance services.

HFI’s scale, longstanding client relationships, and in-house labor capabilities, combined with continued ownership and leadership from its existing management team, position the company for meaningful opportunities to expand throughout the Midwest and beyond.

“Selecting GLC as our investment banking partner was the most important decision made in preparing for this transaction – and I am glad we did. From day one, the GLC team demonstrated deep understanding of our industry, business, and what matters most to our staff, clients, and communities. Their team found us the perfect partner to carry HFI forward in being a great enduring company. Their genuine care for our outcome was unwavering, and we would not be where we are without GLC.”

Steve Dawson
CEO, Harrell-Fish, Inc.

Business Services & Industrials Team

GLC’s Business Services & Industrials Team is exclusively focused on advising business services and industrials clients in the Middle Market. Our team’s advisory work includes M&A (sell-side and buy-side), financing/debt advisories, recapitalizations, fairness opinions, and valuations. We excel at working with founders and owner- operators. Our team is passionate about the businesses and people that hire us to advise in their strategic decisions and events.

Transaction Announcement

BuyQ is the leading group purchasing organization serving charter and private schools across the United States. Founded in 2013, BuyQ helps more than 4,000 schools access better pricing and terms on essential goods and services by leveraging collective purchasing power.

“This acquisition is about bringing together two organizations that share a fundamental commitment: helping mission-driven institutions redirect resources from overhead to their core purpose,” said James Hallock, CEO of CoreTrust. “BuyQ has spent over a decade building trust and delivering results to the charter and private school community. By combining their specialized expertise with CoreTrust’s scale, supplier relationships, and technology infrastructure, we can help schools achieve outcomes that neither organization could deliver independently.“

“Working with the team at GLC Advisors was one of the best decisions we made during the sale of our company. Although we had several interested buyers when we engaged GLC, they ultimately brought the right buyer to the table, a critical factor in reaching the successful outcome we did. GLC expertly managed an intense, complex process, guiding us through every stage and preparing us for the demands of due diligence. The team was not only highly capable but also kind, personable, and truly invested in our success. I couldn’t recommend GLC Advisors more highly.”

Christine Rafanelli
Co-Founder and CEO, BuyQ

GLC Technology Team Overview

GLC’s Technology Group specializes in providing sell-side M&A advisory, buy-side M&A advisory, minority and majority recapitalizations, debt and equity capital raising, and other corporate finance advisory services. The GLC Technology Group has decades of technology M&A and capital markets experience and has closed transactions with leading technology consolidators and technology focused private equity firms representing billions of dollars in aggregate transaction value for its clients.

Transaction Announcement

GatesAir, Inc. (“GatesAir”), a manufacturer of TV and radio transmitters for domestic and international clients, announced the acquisition of substantially all of its assets by Saothair Capital Partners.

Founded in 1922, GatesAir is a leading global designer and manufacturer of wireless, over-the-air content delivery and public safety communications equipment. The company’s mission-critical solutions enable broadcasters to create, transport, and transmit radio and TV content worldwide.

Headquartered in Mason, Ohio, with manufacturing facilities in Quincy, Illinois, and Brescia, Italy, GatesAir offers a comprehensive portfolio of transmission and networking systems built on industry-leading technologies and supported by global parts, service, and technical expertise.

“GLC played a critical role in guiding GatesAir through a highly complex and strategic sale process. From the outset, the GLC team demonstrated a deep understanding of our business and industry, helping us articulate our value and navigate key transaction dynamics. Their analytical rigor, responsiveness, and steady leadership were instrumental in achieving a strong outcome. We’re grateful for their partnership and proud of the result we achieved together.”

Barbara Spicek
CEO, GatesAir

GLC Deal Team

GLC Advisors is a leading independent investment banking advisory firm focused on senior-level expertise and objective, unconflicted advice to leading companies. Our team’s advisory work includes M&A (sell-side and buy-side), restructuring, financing/debt advisories, recapitalizations, fairness opinions, and valuations. We excel at working with sponsors, creditors, founders, and owner-operators. Our team is passionate about the businesses and people that hire us to advise in their strategic decisions and events.

Transaction Announcement

Pattlen Enterprises, Inc. (“Pattlen”), a distributor of commercial turf maintenance and irrigation equipment doing business as (“D.B.A”) L.L. Johnson Distributing Company, Inc. and Midwest Turf & Irrigation, announced the acquisition of substantially all of the assets by Oakcreek Golf & Turf LP, a portfolio company of Banyan Capital Partners.

Founded in 1976, Pattlen for nearly 50 years built up 2,400+ customers (golf courses, municipalities, sports facilities, and commercial landscapers) across 13 states, with 5 locations winning 15 Toro Partner’s in Excellence awards including 2024 Distributor of Excellence – North America.

Pattlen offers a comprehensive portfolio of equipment and systems from leading manufacturers, complimented by parts and service support.

“No team has ever suffered from too much talent, and we found just that when we selected GLC Advisors as our exclusive advisor. GLC partnered alongside my team navigating each step of an incredibly complicated process, going above and beyond to achieve the optimal outcome. I believe we bring superior service, customer relations, and products to the marketplace that is unmatched and unrivaled that will be highly complementary to the Oakcreek platform.”

Jim Johnson
President & CEO, Pattlen Enterprises

Business Services & Industrials Team

GLC’s Business Services & Industrials Team is exclusively focused on advising business services and industrials clients in the Middle Market. Our team’s advisory work includes M&A (sell-side and buy-side), financing/debt advisories, recapitalizations, fairness opinions, and valuations. We excel at working with founders and owner- operators. Our team is passionate about the businesses and people that hire us to advise in their strategic decisions and events.