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FTI Consulting represents SmileDirect Club, the once high-flying teeth alignment company, that has filed for a Chapter 11 reorganization.
The Nashville-based operation posted a $39.2M first-half loss on a 20 percent decline in revenues to $207.5M.
Prior to going public, SmileDirect raised $380M from private equity firm Clayton Dublier & Rice, according to the Nashville Post.
The company went public on Sept. 12,l 2019 at $23 a share for a market cap of $8.9B.
CD&R sold its stake in SmileDirect at the end of 2022. The company’s shares now trade at 16 cents each.
With the Chapter 11 move, SmileDirect founders Alex Fenkell and Jordan Katzman agreed to pump $20M into the company to bolster its balance sheet.
An additional $60M in capital is available subject to certain conditions, including the favorable conclusion of a marketing process.
FTI’s Rachel Chesley, Tom Becker and Riley Jasser handle SmileDirect.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
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