NEW YORK, Dec. 3, 2002 (PRIMEZONE) -- New York-based corporate restructuring firm, Recognition Group, LLC, has seen substantial development during 4Q02. Announcements include the addition of two new partners, Juan Carlos Estevez and James D. Chard, the opening of an office based in Washington D.C., and the establishment of a strategic partnership with Odeon Capital Partners, L.P. Recently consummated Recognition Group engagements include a specialty financing for Mexican shipbuilding and pipeline development company, Protexa S.A. de C.V., sell-side M&A representation for business information publisher, Rising Tide Studios, LLC, and the liquidations of telecommunications services provider LogiMetrics, Inc. (Pink Sheets:LGMTA), and legal information processor LMG Corporation.
Partners Juan Carlos Estevez and James D. Chard bring substantial depth to Recognition Group. Juan Carlos Estevez heads the Washington D.C. office and was brought on to expand the organization's regional presence, involvement with U.S. government entities, and work with Latin American corporate clients. Juan Carlos Estevez's industry experience includes telecommunications, technology, retail, insurance and manufacturing. Prior to joining Recognition Group, Mr. Estevez served as Vice President of ARC International Corp., a boutique investment-banking firm where he worked on mergers and acquisitions, capital raising and portfolio optimization on both domestic and international transactions. Previously, as part of Credit Suisse First Boston's Private Equity Group, he managed companies' principal investments worldwide with a concentration in Latin America. Mr. Estevez has also worked at Lehman Brothers in the Latin American Equity Research Group and at the International Finance Corporation.
Jim Chard brings experience in many facets of banking and eCommerce ranging from Internet start-ups to Fortune 500 companies. A seasoned executive manager with substantial ties to the financial services industry, Mr. Chard has been the President and CEO of two venture-backed startups. One, an electronic transaction payment service, was subsequently sold to CMGI. Mr. Chard has also held multiple principal appointments, including Chief Operating Officer of CDA Investment Technologies (a Thomson Company), Executive Vice President, Georgeson and Company, Inc., Vice President MIS, Morgan Stanley, Vice President, American Express International Bank and Vice President, Citibank.
In late October 2002, a corporate partnership was formalized between Recognition Group and Odeon Capital Partners. Over the last two years, Recognition Group was engaged in a number of assignments that have added value to Odeon's portfolio. Together, the two firms have an extensive deal-sourcing network and core competencies in restructuring, turning around, growing and exiting small and mid-size companies. The combined effort, called Odeon KIT Capital, will be dedicated to expanding Recognition Group's active proprietary investing practice. The four managing members of Odeon Capital Partners have re-located to Recognition Group's new office space on Fifth Avenue, in Manhattan's Flatiron district.
"In the past year, we have seen the RG team grow significantly, our advisory business expand, and our principal business yield two successful investment exits," says Recognition Group Founder and Managing Director Kaleil Isaza Tuzman. "We are confident that our new partnership with Odeon Capital will accelerate this growth."
Recognition Group, LLC is a full service merchant bank serving small and mid-market companies in transition, through two complementary operating units: a Restructuring Advisory Practice and a Principal Investing Practice. Since its inception in late 2000, Recognition Group has completed over 25 restructurings (including operational turnarounds, financial restructurings, M&A advisory assignments, and corporate wind-downs), negotiated workouts of over $150 million in trade and financial debt, and led over $85 million of investment bids on six transactions, involving both out-of-court and in-court restructuring scenarios. Recognition Group is headquartered in New York, NY with an office in Washington, D.C.