Special situations M&A

Special Situations M&A involves managing complex and time sensitive transactions for businesses under financial or operational pressure or considered non-core to the owner’s long-term strategic goals. These scenarios arise from liquidity shortfalls, covenant breaches, operational underperformance, regulatory intervention, shareholder disputes, or the need for accelerated divestments. 
 
BTG advises midmarket companies, family-owned businesses, and private equity sponsors on navigating transactions that require speed, discretion, and value preservation. Activity is most pronounced in sectors where financial and operational pressures converge - including manufacturing, real estate and construction, care homes, retail, leisure and hospitality, and sports clubs. 

Our services span a broad spectrum of special situations transactions. These include distressed or accelerated M&A, such as rapid sales, non‑core disposals, and carve‑outs under liquidity pressure or covenant stress. They also encompass recapitalisations and liability management, including refinancing, rescue or bridge financings, dilutive equity raises, and debt‑for‑equity swaps to stabilise balance sheets. Additionally, we support buy‑side and opportunistic acquisitions by helping investors and opportunistic buyers acquire assets through bilateral trade sales, insolvency or pre‑pack administration using focused due diligence and risk‑mitigation strategies. Finally, we handle complex transactions involving hybrid capital structures, partial divestments, or multi‑stakeholder solutions to unlock value in uncertain market conditions. 

Our approach combines rapid diagnostics, active stakeholder alignment, and crossborder investor access to balance competing interests across owners, lenders, and investors. By integrating restructuring and corporate finance expertise, we can execute accelerated transactions even with imperfect information, fragile capital structures, or under highly constrained timelines. 

Time is critical in special situations. BTG brings urgency, discretion, and clarity to every mandate – supporting both buyers and sellers to preserve value, secure funding, or complete transactions under strict time constraints and in challenging market environments.