SSG Capital Advisors — M&A Advisory Profile

01Advisory Approach

Sweet Spot

Middle-market companies in special situations—distressed operations, leverage challenges, Chapter 11 proceedings, complicated balance sheets. Companies requiring accelerated sales, 363 auctions, or multi-stakeholder coordination.

Not A Fit If

Pristine growth-stage companies, traditional M&A processes, PE add-on acquisitions, businesses unwilling to move quickly, transactions requiring only traditional M&A advisory.

Specialized bankruptcy expertise, distressed valuation capability, buyer relationships for special situations, ability to execute accelerated processes, deep reputation in restructuring industry.

02Process & Fees

Accelerated sell-side and financial restructuring processes, often compressed to weeks. Section 363 auctions in bankruptcy, marketing to strategic and financial buyers, multi-stakeholder negotiation, Chapter 11 coordination.

Fee Structure

SSG Capital Advisors Research

Advisory Approach

SSG Capital Advisors is a boutique investment bank specializing in special situations—transactions involving distressed companies, complex balance sheet issues, operational challenges, and bankruptcy proceedings. The firm's core thesis is that specialized expertise in restructuring and distressed M&A creates opportunities to unlock significant value for clients facing existential business challenges. Rather than positioning themselves as traditional M&A advisors, SSG brings restructuring intelligence, bankruptcy process expertise, and an ability to navigate competing stakeholder interests (secured creditors, equity holders, employees, management) to maximize outcomes.

With over 20 years in business and 500+ completed transactions, SSG has built a national reputation as the go-to advisor for middle-market companies in transition. The firm's strength lies not in pristine growth-company sales, but in navigating the complex situations where traditional investment banks lack the specialized expertise—Chapter 11 Section 363 sales, recapitalizations of overleveraged companies, sales of distressed operations, and restructurings involving multiple creditor classes.

Sector Focus and Deal Expertise

SSG's transaction experience spans virtually every industry sector. While the firm maintains no narrow vertical focus, their deal portfolio reveals particular depth in consumer products, manufacturing, healthcare, and technology. Within consumer products, SSG has handled large, complex portfolio companies with multiple brands, complex distribution networks, and operational disruption—exemplified by the marquee Nova Wildcat Shur-Line Holdings transaction (H2B), a 22-brand consumer products company with $790,000 sq. ft. of distribution that faced liquidity challenges and was sold through a Chapter 11 auction.

In manufacturing, SSG advises on specialty chemicals, plastics, metals, and equipment manufacturers facing market transitions or leverage challenges. The healthcare vertical includes medical device companies, biotech firms, pharmaceutical manufacturers, behavioral health platforms, and pharmacy services companies. Technology deals range from medical device software to EV charging infrastructure to legacy platform transitions.

SSG also maintains active restructuring and refinancing practices—they advise companies on capital raises across the capital structure (senior debt, subordinated debt, and equity) and represent debtors and creditors in Chapter 11 proceedings.

Process and Distinctive Capabilities

SSG differentiates itself through several capabilities that traditional M&A advisors typically lack:

Chapter 11 Expertise: SSG understands the intricacies of Section 363 sales, where assets are sold through bankruptcy auctions rather than traditional processes. This requires knowledge of bankruptcy law, court timelines, creditor negotiations, and stakeholder management. The firm has executed numerous 363 sales, including Nova Wildcat (March 2023), Ideanomics (March 2025), and Navidea BioPharmaceuticals (March 2026).

Accelerated Processes: Unlike traditional 6-12 month M&A processes, distressed and bankruptcy sales often require compressed timelines—weeks rather than months. SSG's process expertise enables rapid marketing, buyer qualification, and deal closure.

Multi-Stakeholder Navigation: In complex transactions, SSG manages conflicting objectives: equity holders want maximum recovery, secured lenders want certainty, unsecured creditors want payment, employees want job preservation. SSG's advisory bridges these tensions and structures outcomes that work across constituencies.

Buyer Network: SSG has deep relationships with strategic acquirers (established players like Cardinal Health, Gordon Brothers, consumer product platforms) and financial buyers (PE firms, investment managers, restructuring funds) who actively acquire distressed assets.

Deal Track Record

SSG's recent transaction activity demonstrates active deal flow and sector diversity:

Nova Wildcat Shur-Line Holdings (H2B) – March 2023 – Chapter 11 Section 363 sale of a 22-brand consumer products portfolio to Gordon Brothers and Nations Capital. Major portfolio company with complex distribution and international operations.
Blue Spark Technologies – March 2025 – Medical device company (FDA-cleared vital sign monitoring) sold to SunBridge Partners vehicle.
Plastic Suppliers (Earthfirst) – February 2025 – $16.3M asset sale to Aluf Plastics.
Fluid Truck Inc. – January 2025 – Fleet/logistics company asset sale.
BIOLASE Inc. – November 2024 – Dental technology company sale to MegaGen Implant (strategic buyer).
Ideanomics Wave Charging – March 2025 – EV charging infrastructure divested from broader platform company.
Navidea BioPharmaceuticals – March 2026 – Biotech asset sale to Cardinal Health (strategic).
Partners Pharmacy Services – February 2026 – Healthcare pharmacy service sale.
US Magnesium – February 2026 – Asset sale to Utah Division of Forestry.

SSG has been recognized for deal excellence, winning M&A Advisor's Turnaround Awards for Nova Wildcat Shur-Line Holdings and multiple other transactions.

Competitive Positioning

SSG's positioning reflects a deliberately narrow specialization: while competitors pursue pristine growth-company M&A, SSG owns the special situations category. Their competitive advantages include:

Bankruptcy Process Mastery – In-house expertise in Section 363 auctions, plans of reorganization, and creditor negotiations.
Distressed Valuation – Ability to value companies with broken balance sheets, negative cash flow, or operational disruption.
Buyer Relationships – Deep connections with strategic acquirers and financial buyers who specifically target distressed assets.
Speed – Can execute accelerated sales within weeks, not months.
Reputation in Restructuring – Named advisors for major bankruptcy proceedings; founders are recognized leaders in the TMA.

Industries Served

SSG serves middle-market companies across 20+ industry verticals:

Consumer (products, services, retail, recreational)
Manufacturing (discrete, process, specialty chemicals)
Healthcare (services, medical devices, biotech, pharmacy)
Technology (software, IT services, hardware)
Business Services & Professional Services
Financial Services
Distribution & Logistics
Energy & Utilities
Building Products & Construction
Food & Beverage
Metals & Steel
Capital Equipment
Media & Entertainment
Automotive

Team & Leadership

SSG's team consists of 150+ cumulative years of industry experience. Leadership includes:

Michael S. Goodman – Founding Partner & Managing Director (25+ years, 100+ transactions). Former VP at Berwind Financial. Nationally recognized restructuring expert.
Mark E. Chesen – Founding Partner & Managing Director (35+ years, 200+ M&A transactions). Named Top 25 Restructuring Professional by Global M&A Network (2023).
Matthew P. Karlson – Founding Partner & Managing Director. Senior investment banking executive.
Neil Gupta, CFA – Managing Director (M&A, recaps, special situations). CDBV certified. Recipient of Top 50 Americas Rising Dealmaker award.
Teresa C. Kohl – Managing Director (200+ restructuring matters, refinancing and sales).

Not a Fit If

SSG declines engagements that fall outside their special situations focus:

Pristine growth companies seeking traditional M&A advisory
PE add-on acquisitions (handled by traditional banks)
Businesses unwilling to move quickly in distressed situations
Transactions requiring primarily tax or technical accounting expertise

Geography & Scale

Based in Philadelphia (West Conshohocken, PA), SSG operates nationally and internationally. The firm has completed transactions across North America and Europe. They are Member FINRA (CRD# 150750) and SIPC, regulated as a broker-dealer.