INVESTMENT BANKING
VALUATION & FINANCIAL OPINIONS
DISPUTE ADVISORY & FORENSIC SERVICES
We serve a range of clients from Fortune 500 corporations to privately held
companies in numerous industries around the world.
Our clients and their advisors rely on our premier expertise, deep industry
knowledge, and unparalleled responsiveness on complex financial matters.
Merger & Acquisition Services
SRR provides a customized approach that addresses the unique
financial and industry conditions of each engagement.
SRR’s investment banking group specializes in providing mergers and acquisitions (“M&A”) advice, private capital- raising services, and other financial advisory services to portfolio companies of private equity firms, closely held or family owned businesses, and divisions of large corporate parents in various industries.
We provide unparalleled responsiveness and attention to strategic issues, transaction structuring, and execution. Our senior professionals are intimately involved in each engagement, leveraging their deep industry experience to identify the most appropriate strategic and financial parties for the transaction at hand.
Mergers & Acquisitions
nn Sell side advisory services nn Buy side advisory services nn Going private transactions nn Corporate divestitures
nn Evaluation of strategic alternatives nn Evaluation of liquidity alternatives nn Joint venture structuring
nn Leveraged transactions and management buy outs
Private Market Financings
SRR assists clients in arranging the financing they require to pursue growth opportunities, consummate acquisitions, or address shareholder liquidity objectives and recapitalizations. Our senior professionals bring years of experience in the placement of debt and equity capital. We work closely with our clients to evaluate and secure capital from institutional lenders, private investors, asset managers, and private equity investors.
Our capital-raising services include: nn Senior debt
nn Mezzanine debt nn Subordinated debt nn Equity capital nn Convertible securities nn Private equity
Distressed Advisory Services
We assist companies facing serious financial challenges including situations both inside and outside of bankruptcy as well as sales through plans of reorganization and divestitures pursuant to the Bankruptcy Code. Our experience and judgment in these situations assist shareholders and management.
Our advisory services include: nn Distressed transactions /
Chapter 11/§363 bankruptcy sales nn Evaluation of strategic alternatives nn Capital structure assessment nn Raising capital
(senior debt, subordinated debt, equity) nn Distressed mergers & acquisitions
Financing & Distressed
Advisory Services
SRR’s investment bankers develop detailed
financial models that evaluate the most
cost-effective capital structure, while
maintaining the greatest possible financial
and operating flexibility.
Transaction Support Services
SRR’s professionals have significant experience advising public and
private companies on the financial aspects of pending transactions.
SRR leverages its considerable investment banking and valuation experience to assist clients in making sound business decisions.
We deliver a high level of senior involvement in all aspects of an engagement.
We advise companies, boards of directors, special committees, independent trustees, and other fiduciaries by providing them with sound, objective financial analyses in connection with transactions.
Transaction Opinions
nn Fairness opinions
n Acquisitions and divestitures n Going-private transactions n Related party transactions nn Solvency opinions
n MBO and LBO transactions n Leveraged recapitalizations n Spin-offs
nn Capital adequacy opinions
Pre-Transaction Planning
nn Enterprise valuation
nn Tangible and intangible asset valuations nn Industry research
nn Market multiple analyses
nn Pre-transaction purchase price allocations
Transaction Advisory Services
nn Acquisition target assessments and valuations nn Purchase, sale, and joint venture advisement nn Buy-sell agreement consulting
nn Valuation of Intellectual Property for purchase, sale, or license
nn Valuation of underperforming assets for disposition purposes
nn Merger exchange ratio determinations nn Transaction feasibility analyses nn Internal rate of return and cost of
capital analyses
nn Purchase price allocations nn Accretion/dilution models
ESOP & ERISA Advisory Services
SRR is uniquely positioned to serve as a
single-source, integrated provider of ESOP
and ERISA advisory services throughout
every stage of an ESOP’s life cycle.
SRR’s ESOP professionals have extensive experience in some of the most innovative and complex transactions involving cutting edge structures, having collectively completed over 1,000 ESOP and ERISA-related engagements.
Pre-ESOP Planning
nn Assessment of strategic alternatives nn ESOP feasibility studies
nn Preliminary valuations
ESOP Formation
nn Transaction structuring and negotiating nn Initial valuation
nn Fairness opinion and solvency opinion
ERISA Compliance
nn Annual valuations nn Follow-on transactions nn ESOP loan restructuring nn Trustee advisory
nn ESOP and ERISA litigation support and expert testimony
Exit
nn Merger and acquisition advisory nn Recapitalizations
nn ESOP termination nn Fairness opinions
Financial Reporting
We produce sophisticated, supportable, and timely valuations of businesses, equity interests and derivative securities, intangible assets and intellectual property, as well as real and personal property.
Typical financial reporting valuation engagements relate to: nn Purchase price allocation
nn Goodwill and long-lived asset impairment testing
nn Real estate and machinery & equipment appraisals
nn Fair Value of financial assets and liabilities nn Employee stock options and stock awards nn Fresh start accounting
nn Portfolio and fund related valuation
SRR professionals are actively involved and maintain leadership positions in various organizations that are instrumental to the financial reporting standard setting process. We are valuation experts in this field – our work is performed consistent with U.S. and international accounting guidance and promulgations which ensures an extremely smooth valuation process that withstands the requisite audit and regulatory scrutiny surrounding this work.
Corporate Tax Planning
Our thorough, independent, and well-supported valuations can often be the key to achieving corporate tax planning objectives and can provide significant opportunities for corporations to manage and increase cash flow through the minimization or deferral of taxes on corporate earnings and asset sales.
Typical tax reporting valuation engagements relate to: nn Worthless stock election
nn Insolvency analysis for debt restructuring /forgiveness nn Inter-company transfer pricing nn Apportionment of interest expense nn Deferred compensation
nn Property tax appeal
nn Net operating loss /foreign tax credit nn Restructuring /transfer of legal entity
capital /assets
nn Purchase price allocation nn Non-competition agreements /
golden parachute payments nn Like-kind exchanges of tangible /
intangible assets
SRR’s valuation professionals
maintain unparalleled experience
and depth in navigating
complex valuation issues
surrounding domestic and
international financial and tax
reporting requirements.
Financial Reporting and
Tax Valuation Services
Real Estate and
Machinery & Equipment Valuation
We analyze transaction and cost data to produce supportable
conclusions of value that are designed to meet the strict standards of
auditors, tax officials, lenders, and other fiduciaries.
We produce well-documented valuations that are tailored to support:
nn Financial reporting nn Income tax reporting nn Property tax appeals
nn Estate & gift tax planning and reporting nn Insurance placement
nn Asset based lending nn Purchase sale advisement nn Bankruptcy proceedings nn Pension fund reporting nn REIT reporting
nn Lease accounting
nn Sale-leaseback transactions
nn Real Estate Owned (REO) and foreclosure transactions
Our Real Estate and Machinery & Equipment Valuation Groups have the experience, credentials, and resources to address a wide range of valuation and consulting issues associated with numerous property types and industries.
Real Estate Valuation Services
nn Value determinations nn Expert witness testimony
nn Favorable/unfavorable lease analyses nn Feasibility studies
nn Rent determinations nn Impact studies
Machinery & Equipment Valuation Services
nn Value determinations nn Lifing studies
nn Obsolescence studies
nn Fixed asset verification studies nn Asset tagging and tracking programs nn Fixed asset componentization studies nn Expert testimony and litigation services
Trust & Estate Advisory Services
SRR provides comprehensive, independent valuation advisory
services to owners of privately held companies to assist with their
succession and general business planning.
Our team of ASAs, CPAs, CFAs, CFEs, and MAIs provides fully documented valuation analyses and expert testimony for complex financial matters.
Valuation Advisory Services
SRR’s comprehensive valuation advisory services include: nn Business valuation
nn Sale advisory and succession planning nn Discount studies (FLP/LLC)
nn Tax controversy and expert testimony nn Complex illiquid financial instrument valuation nn Fractional interest valuations
nn Restricted stock and blockage discount opinions
nn Preferred stock/interest valuations nn Valuation of private equity and hedge
fund interests
nn Buy-sell agreement consulting
We produce analyses and conclusions that support value before the International Revenue Service, within litigation, or during consultations.
We are known for our technical expertise in applying the appropriate valuation methodologies in a specific circumstance. The SRR Restricted Stock Study has become an industry resource used to estimate valuation discounts and is often referenced in other reports and in testimony.
Our testifying experts provide respected opinions, and opposing expert rebuttals, that position our clients for the best possible outcome in the matter at hand.
Valuation Expertise
nn Business enterprise valuations nn Intangible asset valuations nn Debt and complex financial
instrument valuations nn Real estate valuations nn Personal property valuations
nn Retrospective fairness opinions and solvency opinions
nn Fraudulent conveyance analysis nn Valuation discount analysis
Our expert reports substantiate conclusions based on a thorough understanding of the facts of the matter and the appropriate application of valuation standards and methods.
Expertise in Various Types of Matters
SRR advises on numerous litigation-related matters involving valuation, including:
nn Shareholder and partner disputes nn Minority shareholder oppression actions nn Post-transaction disputes
nn Securities and shareholder derivatives actions nn Bankruptcy litigation
nn Family law matters
nn Intellectual property disputes nn Income and estate/gift tax disputes
nn Condemnation, zoning, and land use disputes nn Property tax appeals
Valuation Expert Services
Along with our expertise and deep industry
knowledge, SRR’s valuation experts spend a
material amount of time advising on real world
transactions, which gives us a unique ability to
provide credible valuation testimony.
Working closely with counsel, SRR’s damages experts provide personal hands-on attention throughout the litigation process.
Assistance Throughout the Litigation Process
nn Early case damages assessment nn Discovery assistance
nn Analysis of economic issues nn Calculation of damages and other
monetary relief nn Expert testimony
nn Settlement negotiation support
SRR’s damages experts bring a breadth of experience, specialized industry knowledge, effective case management skills, and responsive client service.
Damage Theory Expertise
nn Lost profits nn Coverage damages nn Diminution of value nn Disgorgement of profits nn Unjust enrichment nn Irreparable harm
Expertise in Various Types of Matters
Our clients benefit from our proven ability to evaluate all relevant evidence to present an assessment of damages regarding a variety of different commercial matters. nn Breach of contract
nn Business interruption nn Business tort damages
nn Insurance and subrogation claims nn Intellectual property disputes
nn Product liability, warranty, and recall disputes nn Bankruptcy & restructuring disputes
nn Employment and personal economics disputes nn Shareholder disputes
nn Post-transaction disputes nn Material adverse change claims nn Fraudulent conveyance
Our expertise is also brought to bear in our review of opposing expert reports. We draw on our extensive knowledge of damage methodologies, case precedent, and case facts to challenge their assumptions, interpretations, and findings.
Our experts distill a myriad of
financial and industry data to
assess various remedies and
develop well supported fact-based
conclusions and opinions that
are succinctly and persuasively
conveyed to judges and juries.
Damages Expert Services
Intellectual Property Services
SRR regularly consults with intellectual property owners and their
counsel regarding dispute, valuation, and licensing matters.
IP Dispute Services
Our professionals bring a breadth of experience spanning technologies, products, and industries to help our clients deal with the many economic issues associated with each particular IP dispute including:
nn Lost profits resulting from lost sales, convoyed sales, and price erosion nn Reasonable royalties
nn Market definition nn Unjust enrichment
nn Harm to reputation and goodwill nn Corrective advertising
Our professionals have provided testimony across a wide range of IP matters including:
nn Patent, trademark, copyright, and trade dress infringement
nn Trade secret misappropriation nn Breach of license agreements nn Unfair competition
nn Antitrust counterclaims
Other IP Services
IP Valuation
We have valued IP in a variety of contexts, including: nn Transaction advisory (buy-sell, licensing, M&A, etc.) nn Bankruptcy proceedings
nn Financial reporting nn Tax reporting
nn Strategic decision-making nn Regulatory compliance
We draw from a variety of valuation methodologies and analytical approaches to perform our analysis:
nn Relief from royalty nn Excess earnings nn Discounted cash flows nn Decision-tree analysis nn Monte Carlo simulations
nn Options pricing, and many others IP Monetization and Licensing Compliance
We also assist clients in analyzing the key economic issues associated with monetizing IP. Related services include:
Fraud & Forensic Services
SRR’s fraud and forensic services professionals
are adept at developing relevant, efficient, and
effective recommendations for managing risk,
documenting schemes, and quantifying the
impact of alleged fraud.
SRR’s forensic services professionals understand the complexities involved in corporate internal investigations and commercial litigation engagements. When business misconduct is suspected, companies need the expertise of experienced, independent financial professionals. SRR’s fraud and forensic services professionals consist of accountants, finance professionals, economists, fraud examiners/investigators, and valuation experts that are certified, licensed, and trained to assist clients in unwinding complex financial transactions. Our investigative services include:
nn Internal investigations nn Forensic accounting services nn Fraud prevention, detection, and
response services
nn Assessment of financial statement misrepresentation
nn White collar crime investigations nn Assessment of financial controls nn Computer forensics
We bring a full complement of technical expertise and real world experience in numerous industries to every client engagement.
Clients served include: nn Litigators
nn White collar attorneys nn Audit committees
nn Boards of directors and special investigation committees nn General counsel
nn Internal auditors, compliance staff, and risk managers
nn Financial institutions nn Stakeholders /shareholders nn Municipalities
nn School districts
nn Bankruptcy trustees and third party creditors SRR’s experts possess vast experience in the court room and alternative dispute resolution forums. Our senior professionals have testified in hundreds of expert witness capacities, including testimony in the following venues: nn Federal and State Courts, including:
n District court n Circuit court n Probate court n Bankruptcy court nn Arbitrations
nn Mediations and other facilitative forums
E-Discovery Services
SRR offers a team of credentialed professionals who deliver customized
assessment, planning, and implementation services.
SRR utilizes the latest technology and investigative methodologies to assist with electronic discovery in complex litigation, regulatory reviews, investigations, and commercial or shareholder disputes. We combine our technical expertise with a best in class E-Discovery hosting and review platforms to identify and understand information and present our findings.
Our clients enjoy access to a secure document repository, with chain of custody reporting, for a variety of E-Discovery matters, including:
nn Commercial litigation nn Family law matters
nn Labor and employment disputes nn Internal investigations
nn Shareholder disputes nn Bankruptcy and restructuring nn Intellectual property disputes
We provide our clients with:
nn Assessment of IT infrastructure nn Meet and confer assistance nn Preservation consulting
nn Collection, processing, and online production nn Copying, scanning, and printing
nn Production of exhibit binders nn Coding
nn Recommendations for discovery plan nn Development of E-Discovery orders
and exhibits
nn E-Discovery cost containment consulting Our clients benefit from the efficiency and assurance that comes from our customized E-Discovery support. SRR is unique in its ability to bring both technical and financial expertise to complex discovery engagements.
