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Teneo Capital serves as financial and restructuring advisor to Miami-based Bird Inc. as the once-high flying e-scooter rental company declared Chapter 11 on Dec. 20.
Bird, which operates in 350 cities in the US, Canada, Europe, Middle East and Australia, had a market valuation of $1B five years ago.
But it could not overcome cutthroat competition, regulatory requirements, winter weather, safety worries, and concerns about sidewalk litter of its un-docked scooters. Paris, which was one of Bird’s top markets, earlier this year banned rental e-scooters.
Bird interim CEO Michael Washinushi called the bankruptcy a “significant milestone in Bird’s transformation.”
The re-org will accelerate Bird’s progress toward profitability by right-sizing its capital structure, he added.
Washinushi said Bird will remain focused on “our mission to make cities more livable by using micromobility to reduce car usage, traffic and carbon emissions.”
Since its 2017 launch in Los Angeles, Bird riders have traveled over 300M miles globally, offsetting an estimated 90 pounds of carbon emissions from avoided car trips.
Despite that strong global citizenship, Bird suffered a $73.4M nine-month loss on $132.2M revenues.
FGS Global represents private equity firm Thoma Bravo as it makes a $4.6B bid for Darktrace, a UK-based cybersecurity artificial intelligence firm.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
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