Investment Banking | Ashton Stewart Co.

Investment Banking

Our Investment Banking practice

is integrated into the firm’s expanding institutional and individual advisory foundation, creating a comprehensive platform that delivers superior transaction execution, sustained follow through and long-term client support. We work with clients on a highly-personalized basis, providing exceptional service, commitment and senior level attention.

We offer corporate financial advisory, mergers and acquisitions and capital-formation services to middle-market corporations, partnerships, family offices and institutions around the world. Although we have a strong understanding of the needs and challenges facing middle-market companies and their shareholders, we always start by understanding the unique objectives and circumstances for each engagement, to ensure results are aligned with our clients’ goals. In the areas of private equity and debt placements, the investment banking practice is supported by the distribution capabilities of our Asset Management and Capital Markets division.

Our dedicated team of senior bankers draws on its strengths to provide strategic expertise, focused industry knowledge, innovative structuring and financing solutions for our clients. Our mission is to provide client-centric expert advice and services to meet the specific objectives of our clients.

Buy-side Advisory


Acquisition strategy and capacity analysis

Opportunity identification, evaluation and valuation

Target approach strategies

Transaction negotiation and structuring

Fairness opinions

Business and asset valuation


Sell-side Advisory


Exploring, evaluating and recommending financial and strategic alternatives

Company positioning and integrated sale process management

Minority / majority investments

Transaction negotiation and structuring

Fairness opinions

Business and asset valuation


Corporate Transactions / Reorganizations


Spin-offs / divestitures

Joint ventures

Creative tactical planning

Debt / equity Recapitalizations

“Going private” transactions

Management buyouts


Our dedicated team of senior bankers draws on its strengths to provide strategic expertise, focused industry knowledge, innovative structuring and financing solutions for our clients. Our mission is to provide client-centric expert advice and services to meet the specific objectives of our clients.

Buy-side Advisory


Acquisition strategy and capacity analysis

Opportunity identification, evaluation and valuation

Target approach strategies

Transaction negotiation and structuring

Fairness opinions

Business and asset valuation


Sell-side Advisory


Exploring, evaluating and recommending financial and strategic alternatives

Company positioning and integrated sale process management

Minority / majority investments

Transaction negotiation and structuring

Fairness opinions

Business and asset valuation


Corporate Transactions / Reorganizations


Spin-offs / divestitures

Joint ventures

Creative tactical planning

Debt / equity Recapitalizations

“Going private” transactions

Management buyouts


Leveraging decades of experience, our Capital Markets team links the firm’s Investment Banking clients with institutional investors, thus providing issuers a successful capital formation solution. Our professionals underwrite and place new issues of securities, while providing market insight during the structuring phase and timely execution in the book building and issuance phase of each transaction.

We have the capability to structure a transaction creatively, while building capital structures that are appropriate for our clients and the markets. Among other considerations, we evaluate potential transactions based on our clients’ sensitivity to dilution, risk, timing and external or competitive issues.

Senior Debt

Senior debt is typically the first choice for most companies since it is the least expensive capital. Sometimes situations occur when a company cannot borrow the amount it needs to grow or when a decrease in valuation may cause a company to be overleveraged. We work with our client’s current senior lender, find alternate financing sources, or create syndicates to provide senior finance.

Our Capital Markets professionals are in continual contact with debt providers who contribute intelligence on each lending institution’s portfolio make-up, risk profile, lending criteria and requirements. Senior debt can come in various forms including secured and unsecured bank loans, long-term fixed coupon notes, securitized debt obligations and other structured vehicles.

Corporate Revenue Bonds (High-yield Debt)

These bonds provide investors and issuers alternative security structures that derive investor returns from issuer top-line revenues. They are revenue participation securities that could substitute mezzanine debt or equity issuances, and provide current income and liquidity for the investor.

The non-dilutive characteristics of the security structures are appealing to companies that wish to retain ownership control. These features, coupled with a variable cost of capital and the absence or mitigation of governance controls, make these bonds a win/win for companies who don’t want the pressure of a forced exit; while presenting a way to attract investors who want to avoid liquidity events and seek current income.

Mezzanine Debt

The universe of mezzanine and subordinated debt (high-yield debt) providers is populated with institutions that are highly specialized with each having very specific lending criteria.

Navigating this world can be frustrating for middle-market companies who do not maintain constant contact with this array of funding sources. Our Capital Markets maintains regular dialog with these lenders, and our professionals are experienced in structuring mezzanine debt, which may include warrants as well as other forms of equity kickers. Each debt instrument is tailored to meet our clients’ financial requirements while creating the most flexible terms possible at the lowest cost of capital.

Equity

Our Capital Markets professionals serve the needs of the Investment Banking clients by originating, structuring and placing equity securities with private investor groups. These professionals work in conjunction with the industry bankers to address each issuer’s needs on a case by case basis.

We are committed to placing the right type of institutional investor and appropriate security with each of our clients. We maintain a large network of relationships with institutional investors including public money managers, private equity, venture capital, family offices, insurers, hedge funds, specialized PIPE funds, venture capital, private equity, sovereign wealth funds, mezzanine and strategic investors. These relationships enable us to match our clients with the appropriate sources of capital.

Structured Vehicles

In certain situations, non-investment grade companies or the smaller middle-market companies can monetize a particular asset on their balance sheet. Assets such as account receivables, contracts, lease receivables and other financial assets can be utilized to raise funds at very attractive rates.

Typically, these structures involve the sale of a specific pool of non-cash financial assets to a bankruptcy – remote entity established as a special purpose corporation (“SPC”). The SPC funds the purchase of the assets by issuing debt, which is priced based on the value of the pool of assets. Asset securitizations have the added benefit of being non-recourse to the company. Our Capital Markets and Investment Banking professionals have extensive experience in constructing such financing and accessing certain capital not always available to middle-market clients.

Leveraging decades of experience, our Capital Markets team links the firm’s Investment Banking clients with institutional investors, thus providing issuers a successful capital formation solution. Our professionals underwrite and place new issues of securities, while providing market insight during the structuring phase and timely execution in the book building and issuance phase of each transaction.

We have the capability to structure a transaction creatively, while building capital structures that are appropriate for our clients and the markets. Among other considerations, we evaluate potential transactions based on our clients’ sensitivity to dilution, risk, timing and external or competitive issues.

Senior Debt

Senior debt is typically the first choice for most companies since it is the least expensive capital. Sometimes situations occur when a company cannot borrow the amount it needs to grow or when a decrease in valuation may cause a company to be overleveraged. We work with our client’s current senior lender, find alternate financing sources, or create syndicates to provide senior finance.

Our Capital Markets professionals are in continual contact with debt providers who contribute intelligence on each lending institution’s portfolio make-up, risk profile, lending criteria and requirements. Senior debt can come in various forms including secured and unsecured bank loans, long-term fixed coupon notes, securitized debt obligations and other structured vehicles.

Corporate Revenue Bonds (High-yield Debt)

These bonds provide investors and issuers alternative security structures that derive investor returns from issuer top-line revenues. They are revenue participation securities that could substitute mezzanine debt or equity issuances, and provide current income and liquidity for the investor.

The non-dilutive characteristics of the security structures are appealing to companies that wish to retain ownership control. These features, coupled with a variable cost of capital and the absence or mitigation of governance controls, make these bonds a win/win for companies who don’t want the pressure of a forced exit; while presenting a way to attract investors who want to avoid liquidity events and seek current income.

Mezzanine Debt

The universe of mezzanine and subordinated debt (high-yield debt) providers is populated with institutions that are highly specialized with each having very specific lending criteria.

Navigating this world can be frustrating for middle-market companies who do not maintain constant contact with this array of funding sources. Our Capital Markets maintains regular dialog with these lenders, and our professionals are experienced in structuring mezzanine debt, which may include warrants as well as other forms of equity kickers. Each debt instrument is tailored to meet our clients’ financial requirements while creating the most flexible terms possible at the lowest cost of capital.

Equity

Our Capital Markets professionals serve the needs of the Investment Banking clients by originating, structuring and placing equity securities with private investor groups. These professionals work in conjunction with the industry bankers to address each issuer’s needs on a case by case basis.

We are committed to placing the right type of institutional investor and appropriate security with each of our clients. We maintain a large network of relationships with institutional investors including public money managers, private equity, venture capital, family offices, insurers, hedge funds, specialized PIPE funds, venture capital, private equity, sovereign wealth funds, mezzanine and strategic investors. These relationships enable us to match our clients with the appropriate sources of capital.

Structured Vehicles

In certain situations, non-investment grade companies or the smaller middle-market companies can monetize a particular asset on their balance sheet. Assets such as account receivables, contracts, lease receivables and other financial assets can be utilized to raise funds at very attractive rates.

Typically, these structures involve the sale of a specific pool of non-cash financial assets to a bankruptcy – remote entity established as a special purpose corporation (“SPC”). The SPC funds the purchase of the assets by issuing debt, which is priced based on the value of the pool of assets. Asset securitizations have the added benefit of being non-recourse to the company. Our Capital Markets and Investment Banking professionals have extensive experience in constructing such financing and accessing certain capital not always available to middle-market clients.

Financial

Financial Institutions (FIG)
Financial Technology (FinTech)
Digital Currencies
Precious Metals (Related Fintech and Funds)

Technology

Enterprise Software
Cyber Security
Business Intelligence, Data and Analytics
Financial Technology (Fintech)
Blockchain
Information and Data Services
Telecommunications
Internet

Media

Marketing and Communication Services
Internet and E-Commerce
Digital Media

Government Services

Government IT and Services
Aerospace, Defense and Intelligence
Technology Transfer and Commercialization

Services

Business Services
Consulting
Staffing
Marketing and Communications
Telecommunications
Information Technology
Systems Integration

Financial

Financial Institutions (FIG)
Financial Technology (FinTech)
Digital Currencies
Precious Metals (Related Fintech and Funds)

Technology

Enterprise Software
Cyber Security
Business Intelligence, Data and Analytics
Financial Technology (Fintech)
Blockchain
Information and Data Services
Telecommunications
Internet

Media

Marketing and Communication Services
Internet and E-Commerce
Digital Media

Government Services

Government IT and Services
Aerospace, Defense and Intelligence
Technology Transfer and Commercialization

Services

Business Services
Consulting
Staffing
Marketing and Communications
Telecommunications
Information Technology
Systems Integration

Ashton Stewart & Co., Inc.

800 Third Ave. Suite 2700 New York, NY 10022
Tel: +1-646-868-5410
Email: info@ashtonstewart.com