Candlewood Partners Research
Advisory Approach
Candlewood Partners operates with a distinctive philosophy: they believe that middle-market companies facing complex capital structures and transaction challenges need advisors who understand both investment banking and operational realities. Founded in 2001 by Glenn Pollack, a veteran restructuring expert with 45+ years of experience advising over 150 middle-market companies, Candlewood has built a boutique practice focused on making their clients' visions reality. Their positioning as "not your typical investment banking firm" reflects a commitment to independent advisory (they represent only their clients, with no conflicts), flexible engagement terms (clients can terminate without cause), and deploying their "A-team" directly on client work—not passing clients to junior associates.
Core Service Areas & Strategic Positioning
Candlewood operates four integrated service lines: M&A Execution, Capital Raising, Restructuring Advisory, and Lender Services. This architecture is deliberate—their sweet spot sits at the intersection of companies requiring sophisticated capital structures, complex M&A processes, and advisors who understand operational turnarounds and restructuring nuance.
Their M&A practice focuses on sell-side and buy-side advisory for middle-market businesses, particularly those with operational complexity that creates valuation opacity. Capital raising work spans growth capital, recapitalizations, and creative alternative financing structures. Restructuring advisory serves companies managing creditor negotiations, covenant issues, and balance sheet optimization. Lender services support private credit providers in managing, restructuring, and divesting from portfolio company challenges.
Sector Focus & Deal Track Record
Candlewood's transaction experience spans manufacturing (discrete and process), aerospace & defense, distribution, business services, healthcare, technology, and government contracting. Their deal portfolio demonstrates deep industry expertise:
Recent Complex M&A Transactions:
- GC Companies / AVANTech (2025): Advised GC Companies on acquisition of AVANTech, an engineering and fabrication specialist in nuclear water treatment solutions serving the U.S. Department of Energy, commercial utilities, and industrial end-users. Arranged $65M senior debt financing. This deal exemplifies their aerospace/defense and specialized industrial focus.
- Pinson Valley Heat Treating (2025): Advised Weinberg Capital Group on acquisition of Pinson Valley, a precision heat-treating company serving aerospace and defense, general industrials, and automotive OEMs. Candlewood sourced and arranged debt capital while managing deal structuring on a tight timeline.
- Gavitt Wire & Cable Co. (2025): Served as financial advisor on Weinberg Capital Group's acquisition of this century-old custom wire and cable manufacturer serving aviation, military, industrial, and medical end markets.
- Hattenbach (2020): Exclusive financial advisor on sale of this Cleveland-based commercial refrigeration and HVAC services firm (family-owned since 1944) to Climate Pros.
Capital Raising & Restructuring Expertise:
- Mynaric AG Restructuring (2025): Acting as financial advisor and investment banker, Candlewood orchestrated a major restructuring of this German aerospace & defense manufacturer of laser communication systems. They negotiated cancellation of a $105.5M secured note, arranged €50M in new funding from existing noteholders, and managed a complex cross-border capital raise with German regulatory requirements. This transaction underscores their cross-border and specialized aerospace/defense capabilities.
- STAT / Moresby Acquisition (2025): Advised Cambridge Capital's portfolio company STAT in acquisition of The Moresby Group (long-tail procurement optimization for Fortune 1000 enterprises). Candlewood provided exclusive financial advisory on debt structuring and lender facilitation on a transformational, cross-border transaction with tight closing timeline.
- STAT Recovery Refinancing (2025): Exclusive financial advisor on refinancing and upsizing of STAT Recovery's capital structure, delivering multiple compelling lender offers and record closing speed.
- Cedar Electronics Refinancing (2026): Advised Cedar Electronics (iconic Cobra and Escort brand radio communication and automotive aftermarket technology) on capital structure optimization including senior secured financing, revolving facility, and first-lien term loan.
- Vendors Exchange International Recapitalization: Exclusive advisor on recapitalization and capital structure refinancing while simultaneously supporting transition from family-led to independently led business.
Candlewood's transaction portfolio demonstrates consistent execution across 30+ closed transactions in recent years, with particular strength in manufacturing, aerospace & defense, distribution, technology, and business services verticals.
Process & Fee Structure
Candlewood runs institutional-quality processes but tailored to the middle market. Typical M&A engagement structure:
- Initial Engagement: 30-minute discovery call, conference on potential solutions, meeting to discuss recommended approach and terms
- Fee Structure: Success-based, with engagement termination available at any time without cause
- Process Timeline: Varies by transaction complexity but typically 6-12 months for full sell-side processes
- Buyer Outreach: Comprehensive contact processes reaching 100+ targeted parties for active sales
- Support Services: Quality of earnings, management presentation coaching, due diligence coordination, lender diligence facilitation, transaction structuring, documentation negotiation
For capital raising and restructuring engagements, Candlewood structures bespoke solutions based on client situation—whether debt refinancing, growth capital, or creative alternative structures. They work with leading institutional lenders and alternative capital providers globally.
Buyer Network & Relationships
Candlewood has deep relationships with:
- Private Equity Sponsors: Weinberg Capital Group (repeat sponsor), Cambridge Capital (multiple portfolio company work), CIFC Direct Lending, and others
- Lending Partners: Leading global commercial banks, alternative lenders, and senior/subordinated capital providers
- Strategic Acquirers: Manufacturing platforms, aerospace & defense contractors, business services consolidators
Their transactions show repeat sponsor relationships (Weinberg Capital Group, Cambridge Capital appearing multiple times) and multi-lender competitive processes that consistently generate attractive terms for clients.
Competitive Positioning
Candlewood differentiates through:
- Restructuring DNA: Founded by restructuring expert Glenn Pollack, the firm brings turnaround and capital structure expertise that generalist banks lack
- Independence: No conflicts—they represent clients exclusively, not competing sponsors or lenders
- Operational Understanding: Partners have served as CEOs and turnaround consultants; they understand the cash flow and operational realities underlying valuations
- Cross-Border Capability: Demonstrated expertise in international transactions (Mynaric AG, German restructuring)
- A-Team Model: Senior team members directly execute client work; no junior associate handoffs
- Flexible Capital Solutions: Not constrained to traditional Lehman structures; they arrange creative recapitalizations, asset-based lending, and alternative capital
Team & Expertise
Candlewood is explicitly an A-team only firm with 14 professionals:
Leadership:
- Glenn Pollack, Managing Director & Founder: 45+ years M&A and restructuring experience. Advised over 150 middle-market companies. Previously Managing Director of restructuring practice at Brown, Gibbons, Lang & Co. CEO of $1.1B container terminal in Egypt and $180M food distributor. Specializes in mergers, acquisitions, leveraged transactions, restructurings, and Chapter 11 reorganizations.
- Steve Latkovic, Managing Partner: Since 2012, driving force in the firm. Extensive expertise in debt refinancing, growth capital, ownership transitions, restructuring. CEO of Candlewood Securities broker-dealer division. Deep commitment to community and mentorship (co-founder of All Flourish and Backrs mentoring platform).
- Natan Milgrom, Managing Director: 14+ years lending, capital raising, M&A. Seven years commercial banking at Fifth Third Bank. Manages client relationships, lender partnerships, transaction marketing and closing processes. Based in South Florida office.
Core Team:
- Rishi Agarwal, Director: Joined 2016, leads analytical tools development for complex capital market transactions. Prior: high-yield credit research at hedge fund, M&A/restructuring at Moelis & Company. Duke grad.
- Matt Schuen, Vice President: Active on major transactions including Mynaric AG restructuring
- Phil Rawson, Vice President: Joined 2020, promoted through ranks
- Hallie Berk, Vice President: Growing South Florida team
- Jackson McClain, Associate
- Nick McCarthy, Associate
- Zack Fattore, Analyst
- John Herin III, Analyst
- Nick Bury, Analyst
- Emily Zielinski, Executive Operations Assistant
- Brian K. Lampl, Business Development, IP and Commercialization
Geographic Coverage & Infrastructure
- Cleveland Office: 600 Superior Ave. East, Suite 1800, Cleveland, OH 44114. (216) 472-6660
- New York Office: 477 Madison Avenue, Suite 600, New York, NY 10022. (212) 655-9310
- South Florida Office: 220 Congress Park Dr, Suite 100, Delray Beach, FL 33445
FINRA registered broker-dealer (Candlewood Securities, LLC, Firm #126042) with Member SIPC status.
Typical Clients
- Private and founder-owned businesses
- Middle-market public companies
- Private credit lenders
- Private equity sponsors
- Independent sponsors and family offices
Sweet spot: $10M-$250M+ transaction values; $1M-$50M+ EBITDA
Not a Fit If
- You need a passive advisor (Candlewood partners directly execute)
- You want junior analyst oversight (this is a senior-led firm)
- You require traditional Lehman only (they innovate on fee structures)
- You need a large bulge-bracket bank presence (they're boutique by design)
Institutional Knowledge & Market Perspective
Founded in 2001 and continuously operating through multiple market cycles, Candlewood has survived and thrived across bull markets, financial crises, supply chain shocks, and rate regime changes. Their founding in 2001 (post-tech bubble) and survival through 2008-09, 2020 COVID, and recent rate volatility demonstrates institutional resilience. Glenn Pollack's background in turnarounds and restructuring means the firm has deep pattern-matching on which companies can weather challenges and which cannot.