TSL Express Daily News

Philadelphia, PA (November 20, 2023) --- Phoenix IB®, a part of J.S. Held, a leading middle market special situations investment bank and independent licensed broker-dealer under federal and state securities law (CRD#:  132710/SEC#: 8-66628), acted as the financial advisor and investment banker to Congoleum Acquisition, LLC  (“Congoleum”) in arranging, structuring, and negotiating a $10.0 million loan package with Pathward, National Association.  Proceeds from the financing will be utilized to refinance the Company’s existing credit facilities, and fund additional working capital to finance its continued growth.

Congoleum is a leading manufacturer of flooring products.  It has a 135+ year history of design, quality and innovation, which makes it the brand of choice for homeowners, designers and specifiers.

Pathward, NA is a federally registered financial institution with a full suite of banking products and services.  It provides creative asset-based financing to companies nationwide, primarily with needs related to acquisitions, dividend recapitalizations, growth, debt restructurings, and turnarounds.

The transaction was spearheaded by Steven Warsaw and Steven Rosenblum of Phoenix IB, which worked in collaboration with Phoenix Management Services in advising Congoleum throughout the process.  “The strong interest in financing Congoleum is a testament to its commitment to product innovation, its strong customer relationships and its rich history.  The Company had many refinancing options to choose from, but at the end of the day, the package provided by Pathward was the most flexible and competitive,” noted Michael Jacoby, a Senior Managing Director of Phoenix Management Services who has worked with Congoleum for many years. 

“We are delighted to be partnering with the team at Pathward,” noted Chris O’Connor, CEO of Congoleum. “They took the time to understand our business and our financing needs and structured a financing package that met our immediate needs and provides flexibility for growth and future financing.  And the team from Phoenix IB was instrumental in getting this deal across the finish line.”

About Phoenix Management, a part of J.S. Held

For 36 years, Phoenix has provided smarter, operationally focused solutions for middle market companies in transition.

Phoenix Management Services^® provides turnaround, crisis and interim management, and specialized advisory for both distressed and growth-oriented companies. Phoenix Investor Services^® provides quality of earnings, operational diligence, Quality of Enterprise^®, business integration, sell-side business preparation, and other transaction related support. Phoenix IB^® provides seamless investment banking solutions including M&A advisory, complex restructurings and capital placements.

 As a part of J.S. Held, Phoenix works alongside more than 1500 professionals globally and assists clients – corporations, insurers, law firms, governments, and institutional investors.   

J.S. Held is a global consulting firm providing technical, scientific, financial, and strategic expertise across all assets and value at risk.  Our professionals serve as trusted advisors to organizations facing high-stakes events demanding urgent attention, staunch integrity, clear-cut analysis, and an understanding of both tangible and intangible assets.  The firm provides a comprehensive suite of services, products, and data that enable clients to navigate complex, contentious, and often catastrophic situations.  

J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held, its affiliates and subsidiaries are not law firms and do not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB. All rights reserved.