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C Street Advisory Group is handling WeWork as the office-sharing company files for Chapter 11, falling victim to the transition to work-from-home and high lease costs.
The company, which had a market valuation of $47B in 2019, was worth $45M at the Nov. 6 restructuring filing.
It is counting on the success of a “value maximizing lease rejection plan” to position for operational and financial success.
CEO David Tolley promised to aggressively address WeWork’s legacy leases and dramatically improve its balance sheet.
“We defined a new category of working, and these steps will enable us to remain the global leader in flexible work,” he said.
Tolley said WeWork “has a strong foundation, a dynamic business and a bright future.”
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
Teneo handles True Food Kitchen as the Scottsdale, AZ-based wellness food restaurant chain that counts Oprah Winfrey as a minority investor files for Chapter 11.
FGS Global and Teneo represent Canada’s billionaire Weston family as its Wittington Investments holding company acquires Boots Group, the 177-year-old UK health & beauty retailer, from Sycamore Partners for $8.9B.
Joele Frank handles C.H. Robinson Worldwide as the freight transportation company acquires RXO Inc. in a stock and cash transaction pegged at $5.8B to create a company with an enterprise value of more than $25B.
Brunswick Group handles France’s Schneider Electric as it acquires Boston’s PTC, maker of engineering software, for $22.6B cash.
