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Across a broad spectrum of industries, the Blackhorn team has significant experience investing in physical and financial assets ranging from energy, real estate and financial investment vehicles.
In our view, asset-based investing provides a foundation of value against which investments can be underwritten and also facilitates a broader range of exit alternatives. Asset-based investments with stable long term cash flows can also provide an attractive option for taking advantage of positive economic trends while avoiding the “binary” outcomes linked to the vagaries of short-term economic events.
The Blackhorn businesses look for direct participations and investments that can be acquired at attractive valuations, often as a result of structural complexity, distress, or disfavor within the capital markets. In our experience, many of the best investments are made in difficult or changing environments, particularly when disruptions in the capital markets lead to a scarcity of funding for capital intensive businesses. This is true for whole company acquisitions as well as for opportunistic add-on investments within existing portfolio companies.
To secure the most compelling investment opportunities, our team evaluates situations involving multiple asset classes, elaborate capital structures, and multifaceted tax and regulatory issues. Blackhorn's direct participations and investments are often at the nexus of private equity, distressed debt and asset-based investment disciplines, and require a multidisciplinary asset and corporate level approach to unlock value and optimize investment returns. In our experience, ourwillingness to tackle complicated situations creates unique value buying opportunities.
Flexible Partnering and Investing Approach
The Blackhorn businesses take a flexible, opportunistic investment approach, and will pursue a broad range of transaction types and structures in order to secure the best investments. The companies principally make direct control-oriented equity investments, especially in the energy sector of its focus operations, but may also acquire assets or make debt investments, and, where appropriate, build portfolio companies to own and manage those assets.
While primarily focused on companies with long term growth prospects, we will also buy runoff businesses and portfolios where cash flows are expected to be significant. In distressed situations, we will seek to secure corporate ownership or control by working with a company’s board of directors or creditor’s committee in order to guide in the restructuring or recapitalization process (including through bankruptcy restructuring). Finally, our investment program includes a significant focus on build-ups in consolidating industries.
We take an extremely active, hands-on approach to managing investments. Blackhorn relies on a team of over 60 investment professionals to work with our companies’ management teams on the operations, capitalization, capital deployment and strategic development of the portfolio investments.
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