Cascade Capital Group — M&A Advisory Profile

01Advisory Approach

Sweet Spot

Distressed or financially complex businesses requiring forensic investigation, operational restructuring, or bankruptcy court processes. Construction/real estate developers facing liquidity crises, financial institutions with troubled loans, and companies in bankruptcy or pre-bankruptcy situations. Value range varies widely due to distressed nature but typically $10M-$100M+ in enterprise value or debt restructuring.

Not A Fit If

Healthy businesses seeking traditional sell-side auction processes, early-stage companies raising growth capital, pure buy-side mandates, or situations not requiring forensic/operational expertise.

Unique positioning at intersection of investment banking, forensic accounting, and turnaround consulting. Key differentiators: (1) Integrated forensic capabilities eliminating need for separate firms, (2) Court-appointed authority as trustee/receiver, (3) Hands-on operational restructuring vs. pure-process M&A, (4) Long-term institutional relationships (e.g., 25 years with The Peoples Bank), (5) Multi-disciplinary team with CPA, CTP, CIRA, CFE credentials.

02Process & Fees

Four engagement modalities: (1) Court-appointed fiduciary serving as bankruptcy trustee or receiver, (2) Turnaround consulting with out-of-court restructuring, (3) Forensic investigation for fraud examinations, (4) M&A advisory for distressed sales. Process emphasizes financial modeling, creditor negotiation, tax strategy, and operational stabilization rather than traditional buyer auction processes.

Cascade Capital Group Research

Advisory Approach

Cascade Capital Group is a specialized financial strategy firm that operates at the intersection of investment banking, restructuring advisory, and forensic accounting. Unlike traditional lower middle market investment banks that focus primarily on sell-side M&A processes, Cascade Capital has carved out a unique niche in distressed situations, complex turnarounds, and forensic investigations. The firm's thesis is that deep operational expertise combined with forensic accounting capabilities enables them to unlock value in situations where traditional advisors cannot operate.

The firm's core differentiation lies in its ability to serve simultaneously as financial advisor, bankruptcy trustee/receiver, and forensic investigator. This multi-disciplinary approach allows them to handle situations that would require multiple firms at a traditional investment bank. They are particularly well-suited for engagements requiring forensic investigation alongside transaction advisory, such as sales from bankruptcy estates or complex recapitalizations involving creditor negotiations.

Sector Focus

Cascade Capital's practice spans several key areas:

Construction & Real Estate Development: The firm has deep experience in construction restructuring and real estate workouts. The McGarvey Construction case involved $600 million in debt across multiple properties, where Cascade successfully executed an out-of-court restructuring allowing the family-owned developer to retain 40% of assets. The Sunnyvale Town Center engagement involved restructuring a major mixed-use development project with $100 million in transaction value, navigating complex Mello-Roos assessments and Tax Increment Financing.

Financial Services: The firm has served The Peoples Bank, a regional bank on the Gulf Coast, for 25 years across multiple engagements including casino restructuring, troubled loan workouts, and proxy fight defense. This long-term institutional relationship demonstrates their ability to deliver value in regulated financial services environments.

Distressed M&A & Bankruptcy: Cascade Capital frequently serves as court-appointed trustee or receiver in bankruptcy cases, most notably in the Meridian Funds Ponzi scheme—the largest such fraud in Pacific Northwest history at $300 million. In this capacity, they combine forensic investigation with asset monetization to maximize creditor recovery.

Deal Track Record

Cascade Capital has executed numerous high-impact transactions:

Meridian Funds ($300M): Served as court-appointed trustee in the largest Ponzi scheme in Pacific Northwest history, conducting forensic investigation and managing asset liquidation to recover funds for defrauded investors
Sunnyvale Town Center ($100M): Achieved 3X recovery for a bulge bracket investment firm through structured turnaround of a major mixed-use development, securing $60M in Tax Increment Financing and managing complex entitlement restructuring
McGarvey Construction ($600M debt restructuring): Executed successful out-of-court restructuring for a family-owned construction/development firm, avoiding bankruptcy while enabling retention of 40% of assets
Builders Capital ($100M): Managed controlled liquidation to secured creditors for a leading provider of construction loans
All Battery: Successfully sold a private wholesaler in Western Washington, with client testimony indicating 10-15% value enhancement versus going alone

The firm reports aggregate statistics of 43 years of experience, over $18 billion in corporate debt restructuring, $500 million in equity raised, and $800 million in fraud-related projects.

Process & Fee Structure

Cascade Capital's engagement approach differs significantly from traditional sell-side M&A. Rather than running auction processes for healthy businesses, they typically operate in four modalities:

Court-Appointed Fiduciary: Serving as bankruptcy trustee or receiver, reporting to courts and creditors
Turnaround Consultant: Providing operational and financial restructuring to avoid bankruptcy
Forensic Investigator: Conducting fraud examinations and financial irregularity investigations
M&A Advisor: Managing sales and recapitalizations, often in distressed contexts

Fee structures are likely engagement-specific and negotiated based on complexity, role (fiduciary vs. advisor), and distressed nature of the situation. The firm does not publish standard retainer or success fee schedules publicly—a common practice in restructuring/turnaround advisory where pricing varies widely based on engagement scope.

Buyer Network

Unlike traditional M&A advisors who maintain relationships with strategic buyers and private equity firms, Cascade Capital's buyer network is more specialized:

Distressed Asset Buyers: Firms specializing in acquiring distressed assets out of bankruptcy or restructuring
Real Estate Investors: Given their construction/development expertise, they have access to real estate capital for complex property situations
Financial Institutions: Relationships with regional banks and creditors for workout situations
Operational Buyers: Strategic operators for niche businesses requiring operational expertise

The Sunnyvale Town Center transaction demonstrated ability to secure Tax Increment Financing from municipal sources, indicating capability to access public capital structures for real estate redevelopments.

Competitive Positioning

Cascade Capital occupies a unique position that is neither a traditional investment bank nor a pure turnaround consultancy. Key differentiators:

Forensic Accounting Integration: Ability to conduct fraud investigations simultaneously with transaction advisory, eliminating the need to hire separate forensic firms
Court-Appointed Authority: Regularly appointed as trustee/receiver by courts, giving them statutory authority in bankruptcy proceedings that traditional advisors lack
Operational Restructuring Expertise: Hands-on operational turnaround capability (financial modeling, creditor negotiation, tax strategy) rather than pure-process M&A
Long-Term Institutional Relationships: 25-year relationship with The Peoples Bank demonstrates ability to serve as ongoing strategic advisor rather than transactional deal shop
Multi-Disciplinary Team: Team includes CPAs, fraud examiners (CFE), and turnaround professionals (CTP, CIRA) alongside traditional investment banking skills

Not a Fit If

Cascade Capital is likely not the optimal advisor for:

Healthy business sell-side processes: Businesses seeking traditional auction processes with broad PE buyer outreach may be better served by traditional lower middle market investment banks with larger buyer networks
Pure-play buy-side mandates: The firm's expertise is heavily weighted toward sell-side, restructuring, and fiduciary roles rather than representing buyers in acquisitions
Early-stage capital raising: While they have raised $500 million in equity, the firm appears focused on restructuring/distressed contexts rather than growth equity for healthy companies
Situations not requiring forensic or operational expertise: Companies needing pure-process M&A without forensic accounting or turnaround components may find the firm's comprehensive approach unnecessarily expensive

Team

The firm is led by Mark Calvert, Managing Director with over 40 years of experience in operational leadership, financial restructuring, and turnaround management. Calvert has served as court-appointed trustee in numerous Chapter 11 and state receivership cases and has restructured over $10 billion in debt. His background includes public accounting (Ernst & Young), private enterprise, and investment banking.

Key team members include:

Lori Simpson: Real Estate & Fraud Investigations specialist with 35 years in real estate and land development; instrumental in exposing the Meridian Funds Ponzi scheme
Lisa Bunday: Accounting & Restructuring consultant with 25+ years as a fractional CFO, specializing in financial stabilization and strategic growth
Andrew Bargenda: Financial modeling and valuation specialist (CPA, CMA) with background in accounting, supply chain, and private equity
Gary Scoggins: Business strategy and market development expert, particularly in emerging technologies; former Chairman/CEO of EUSHI and co-founder of Decision Sciences

The team holds accreditations including CPA, CTP (Certified Turnaround Professional), CIRA (Certified Insolvency and Restructuring Advisor), CFE (Certified Fraud Examiner), and CPI (Certified Public Accountant).

Geographic Coverage

Based in Bellevue, Washington with office at 1100 Bellevue Way NE. The firm's primary geographic footprint appears to be:

Pacific Northwest: Washington and Oregon, with deep presence in Seattle/Bellevue market
Gulf Coast: Long-standing presence in Mississippi through The Peoples Bank relationship
National: Appointments as bankruptcy trustee/receiver are court-assigned and not geographically constrained (cases in California, Florida, and other states)

The firm appears capable of handling engagements nationally, particularly in court-appointed fiduciary roles where jurisdiction is determined by bankruptcy courts rather than physical office locations.