Kendal has underwritten, executed and managed $200+ million of private debt and structured equity investments, including six turnaround deals and three Chapter 11 bankruptcies. He has deep experience identifying and unlocking value for small to mid-sized funds and lower middle-market companies through strategic, operational and financial measures. Security analysis serves as a pleasant diversion as he sails around the world on his boat "Avignon."
Led and agented $19 million in debt and preferred equity tranches in a high-growth entertainment products company; exited in 2.5 years with 28% IRR and 1.4x MOIC.
Successfully exited three deeply distressed portfolio investments, which collectively took three CEO changes, four CFO changes, four lawsuits, five sovereign jurisdictions, and at least six consultants.
Built and maintained rolling fund capital, borrowing base and availability forecasts for ABL warehouse and capital call lines of credit - an iterative function of portfolio composition/diversity, new investment activity, capital calls, and exits; negotiated legal documents and amendments for warehouse and capital call lines.
Performed exhaustive financial and operational due diligence on 20+ lower middle market deals, including trial balance-level financial statement analysis, store/unit-level aggregation, cash receipts testing and reconciliation, quality of earnings/pro forma adjustment validation, static pool as well as working capital and wind-down analyses.
Screened hundreds of prospective deals per year; coordinated credit pitch write-up preparation and delivery.
Served as the primary trader and idea-generator for profitable liquid high-yield bond/syndicated loan strategy during Great Recession aftermath (2009-2012); examples include Tribune Co., Blockbuster Video, Hospital Corporation of America, Select Staffing, Innovation Ventures (Five Hour Energy), Vitamin Shoppe.
Built detailed pro forma as well as three statement and cash flow projection models for new and existing deals and select investment banking engagements. Sensitized IRR, ROC, valuation, liquidity, leverage, and debt service coverage against scenarios for revenue growth, margins, working capital turnovers, EBITDA multiples.
Worked with counsel to draft, negotiate and turn applicable debt and equity contracts, including loan documents, inter-creditor agreements, promissory notes, waivers/forbearance, fee letters, stock/asset sale agreement, term sheets/proposal letters, engagement letters, employment contracts, settlement agreements, and options/warrants.
Coordinated fund marketing and capital raising activities; responsible for building and maintaining relationships with institutions, family offices, and individual investors.
Oversaw communication with existing and prospective investors. Designed and distributed fund marketing materials and performance updates. Facilitated investor due diligence covering strategy, legal, and tax matters.
Focus areas: Investor Decks, Fund Management, Fundraising