Case Study


CLIENT: Independent Finance Committee of the Board of Directors

Gordian Group acted as investment banker to FlexEnergy and the Independent Finance Committee of the Board in connection with the Company’s recapitalization, and provided a Fairness Opinion in connection therewith.



FlexEnergy (“Flex” or the “Company”) manufactured a turbine power generator that provided clean energy from various fuels to a variety of markets. Following several rounds of venture funding, the Company found itself running out of money, facing maturing senior debt and, as a result, on the verge of bankruptcy or liquidation.


Following failed efforts by a previous bank to identify a strategic or financial partner for the Company, Gordian was engaged to assist the Company and its Board in facilitating a consensual solution between an existing investor group that had disparate agendas and priorities. This work included assisting in negotiating the structure and terms of a consensual recapitalization that was funded by an investor consortium comprised of new and existing capital providers, and required the consent of non-participating investors that would be severely diluted as a result.

As part of the engagement, Gordian also rendered a Fairness Opinion in connection with the ultimate restructuring.


Gordian was able to broker a consensual solution that resulted in the spinoff of one of the Company’s businesses to existing / non-participating investors (along with funding for its operations), while providing the necessary control in the core business to the new investors.

As a result of Gordian’s efforts, the Company avoided liquidation, repaid its senior loan, funded near-term growth and expansion and provided a recovery to the Company’s existing shareholders.