The Mirus Special Situations Group
Condor Technology Solutions, Inc. (NASDAQ: CNDR)
Condor was formed as a roll-up of technology businesses, financing the acquisition of more than 20 software and IT services firms with debt from a consortium of major banks, as well as complex earn-out agreements with the founders and management teams of the acquired entities.
After filing for an initial public offering, the stock floundered, and Condor was unable to refinance or pay down a substantial portion of the Company's debt. Further, the earn-out agreements that had been put in place to support the roll-up actually backfired – with each business looking out for its own interest – hampering all efforts to integrate the business.
As a consequence, a Special Committee of the Board of Directors engaged several advisors to sell or break-up the business. Mirus was engaged to sell the company's software division, based in Denver, as one measure to de-lever the business. Mirus worked with the management team of the software division (Safari Solutions) to effect a successful sale transaction with Allen Systems Group, on terms favorable to Condor and the Company's creditors.