Jeff Anapolsky
Management Consulting Expert
Location
Houston, United States
Toptal Member Since
December 11, 2017
Jeff is a seasoned professional who enjoys overcoming financial challenges during rapid change. He contributes over 20 years of elite training, clever insights, relevant experiences, and meaningful connections to help companies reach their highest potential. With a private equity background and Harvard MBA, Jeff partners with talented operators to attract institutional capital by delivering financial excellence in forecasting, reporting, transactions, FP&A, audits, taxes, and business planning.
Jeff is available for hire
Hire JeffEducation
Juris Doctor
Harvard Law School
Master of Business Administration (MBA)
Harvard Business School
Bachelor's Degree
The Wharton School
Case Studies
Paradigm Precision
Due DiligenceBoardsBoard PresentationsBoard WorkSenior Executive RecruitingDispute Resolution+ 72 more
NextEdge
Financial Planning & Analysis (FP&A)ForecastingP&L ForecastingCash Flow ForecastingSales Forecast ManagementFinancial Forecasting+ 43 more
Tandy Brands
Dispute ResolutionExpert WitnessRefinancingBank CovenantsBank Debt RaisesRetail & Wholesale+ 54 more
Industry Expertise
AgricultureBusiness ServicesManagement ConsultingChildcareEnergy, Utilities & WasteElectricity, Oil & GasOil & Gas Exploration & ServicesFinanceOther Expertise
Capital RaisingCFODistressed/Special SituationsFinancial ForecastingManufacturingMergers & Acquisitions (M&A)Work Experience
2021 - PRESENT
Managing Director
Whitley Penn LLP
- Led a turnaround team for a services company to implement internal controls, upgrade QuickBooks to NetSuite, create a 13-week cash forecast, complete audit, and taxes, monetize assets, stabilize liquidity, prepare investor presentation, and develop dashboards.
- Advised a lead bidder on purchasing a technology company. Prepared a financial model and investor presentation. Assisted due diligence, capital raising, and transaction negotiation.
- Created a financial model and wrote an investor presentation for an aerospace/defense startup to raise institutional capital. Performed industry research on competition and metrics.
Focus areas: 13-week Cash Flow, Accounting, Acquisition Analysis, Acquisitions, Advisory, CFO, CAPEX, Capital, Equity Capital, Debt Raises, Debt Workouts, Debt Issuance, Term Loans, Loans, Secured Loans, Loan Management, Business Loans, M&A Modeling, SPACs, Senior Secured Debt, Rollup, IRR, Investment Ideas, Leveraged Buyout (LBO), LTV, Lending, Fund Formation, Free Cash Flow (FCF), Finance, Due Diligence, Debt, Cost of Capital, Venture Debt, Bonds, Boards, NPV
2014 - 2021
Managing Director
Anapolsky Advisors, Inc.
- Raised debt financing for RTIC Coolers, a successful startup of roto-molded coolers amid trade dress and unfair competition litigation with a competitor. Created the financing presentation and managed initial due diligence for potential lenders.
- Worked as a financial advisor to High Country Transportation that sought to sell its trucking division to private equity that owned a competitor. Assisted in structuring financing to fund reorganization and eliminate personal guarantees.
- Advised the winning bidder in the 363 sales of Trigeant amid a family dispute. Navigated legal issues to complete the acquisition, including real vs. personal property rights and issues with a reorganization plan and DIP loan.
- Engaged by Newfound Rentals as a financial advisor for multi-step refinancing of a rent-to-own leasing company. Created an investor presentation, negotiated with potential lenders, and assisted in reaching agreements with existing investors.
- Advised the refinancing of Robins Cloud LLP, a law firm specializing in class actions and mass torts and negotiations with the lender.
- Consulted with HCI Services to raise equity capital from a family office to fund the buyout of an underperforming telecom services provider. Assessed deferred capital expenditures for trucks, IT systems, and CRM applications.
- Advised Lasco, a build-to-suit landlord of multiple childcare centers operated by Children's Learning Adventure. Analyzed multiple scenarios involving complex legal, financial, regulatory, and operational issues on a site-by-site basis.
- Engaged as a financial advisor for a multi-step refinancing of a construction bridge loan following the renovation of Heights Hospital, a 144-bed community hospital in Houston Heights.
- Served as an interim CEO for Vitalpet to manage day-to-day operations and lead key negotiations regarding strategic alternatives and potential transactions for veterinary hospitals. Provided essential testimony in litigation over corporate governance.
- Followed Chapter-11 filing by parent Engy Group, served as financial advisor to debtor Sacred Oak Medical Center to resolve an investor dispute. Created a transaction structure to accommodate the needs of various constituents and negotiated a resolution.
Focus areas: Financial Restructuring, Mergers & Acquisitions (M&A), Debtor & Creditor Management, Forecasting, Transaction Modeling, Valuation, Working Capital Management, Debt Workouts, Debt Restructuring, Bank Debt Raises, Private Equity, Investor Presentations, Value Investing, Cash Flow Modeling, Revenue & Expense Projections, Cost Reduction & Optimization, Credit/Debt, CFO, Bank Covenants, Capital Raising, Pitch Decks, Financial Advisory, Pro Forma Financial Statements, M&A (Buy-side), 13-week Cash Flow, Private Company Valuation
2014 - 2020
Adjunct Professor
Rice University: Jesse H. Jones Graduate School of Business
- Authored a case study on American Airlines' bankruptcy and subsequent merger of USAirways and American Airlines for a corporate financial restructuring class.
- Authored a case study on the bankruptcy of Radio Shack for the corporate financial restructuring class.
- Authored a case study on the merger of Sabine Oil & Gas, a portfolio company of private equity firm First Reserve, and Forest Oil, and subsequent bankruptcy of Sabine Oil & Gas for a corporate financial restructuring class.
- Gained access to a network of over 300 Rice MBA alumni across the energy industry.
Focus areas: Due Diligence, Bank Debt Raises, Debt Structuring, Valuation Analysis, DCF Valuation, Value Investing, Private Company Valuation, Comparable Company Analysis, Cash Flow Modeling, Cash Management, 13-week Cash Flow, Discounted Cash Flow (DCF), Working Capital Management, Liquidity Coverage Ratio (LCR), Asset Valuation, Term Loans, Lending, Credit Analysis, Credit/Debt, Debtor & Creditor Management, Debt Restructuring, Debt Workouts, Bank Covenants, Mergers & Acquisitions (M&A), Financial Restructuring
2010 - 2014
Distressed Credit Analyst, High Yield and Leveraged Loans
T. Rowe Price Associates, Inc.
- Evaluated cost savings, forecasts, and synergies for American Airlines. Recommended purchase of trade claims for superior risk/reward over AMR Corp. convertible bonds. Enhanced returns with inv. in AAMRQ stock and AMR Corp. DIP loans.
- Analyzed sub-par debt of McClatchy, a regional newspaper publisher. Created a financial model to evaluate credit metrics and forecast under multiple scenarios. Conducted numerous management meetings to assess a debt reduction plan.
- Analyzed make-whole provisions for above-par debt and distressed equity for American Capital. Recommended avoiding bonds but buying stock. After an out-of-court settlement, recommended selling the stock at a profit and buying bonds.
- Evaluated the certificate of designation for illiquid preferred stock to recover par plus accrued dividends from Spanish Broadcasting, a Spanish-language radio and TV stations operator. Along with Lehman Brothers, led the settlement negotiations.
- Analyzed corporate carve-out for Trader Corp, a company that produced used car publications in Canada and was pursuing print-to-digital transition. Conducted on-site due diligence to understand competitive dynamics and sales process.
- Negotiated a favorable outcome for illiquid holdco discount notes in Ch. 11 of Reddy Ice. Organized an informal committee of noteholders to enhance negotiating leverage with the debtor and sponsor. Exited the holdco notes at profitable levels.
- Evaluated the commitment of Sprint to financially support its affiliate Clearwire in its 4G wireless strategy as Clearwire's liquidity dwindled. Conducted on-site due diligence to determine the feasibility of a monthly financial forecast.
- Determined that Radio Shack's asset value and liquidity would support its risky turnaround. Recommended writing short-dated credit default swaps to express the thesis that the company would not default on convertible bonds.
- Researched commodity, regulatory, tax, competition, liquidity, and covenant issues for regulated and unregulated divisions of Energy Future Holdings, a regional power provider. Recommended writing short-dated TCEH credit default swaps.
- Advised the creditors’ committee to challenge the 363 sale of manufactured homes operator Palm Harbor Homes to competitor Fleetwood Homes. Attracted additional bidders at auction and sold the company to a stalking horse bidder for a higher price.
Focus areas: High-yield Accounts, Term Loans, Bonds, Bond Indices, Debt Workouts, Debt Restructuring, Debt Structuring, Debtor & Creditor Management, Debt Raises, Senior Secured Debt, Subordinated Debt, Convertible Debt, Financial Modeling, Investment Thesis, Investment Monitoring, Credit Investing, Value Investing, Investment Summaries, Credit Risk, Credit/Debt, Financial Risk Assessment, Credit Analysis, M&A Modeling, Cash Flow Modeling, Valuation Modeling, Valuation, Asset Valuation, Recapitalization, Return Analysis, Financial Restructuring, M&A Earn-out Agreements, Rollups, Credit Underwriting
2006 - 2010
Vice President, Special Situations Group
American Capital, Ltd.
- Served as an investment professional for buyouts and financings of the distressed middle-market companies for a private equity firm with $12 billion under management.
- Managed teams of associates, attorneys, accountants, and other professionals to close 11 buyouts and financings.
- Led the deal team for senior loans to bankrupt art gallery Berry-Hill Galleries in Upper Manhattan. Managed multi-party negotiations for a reorganization plan, resulting in over 100% recoveries to creditors and the family retaining full ownership.
- Provided senior secured rescue financing for troubled asphalt refinery Trigeant following negative development in litigation. After subsequent default, initiated foreclosure proceedings and sold debt at par plus accrued to the equity holder.
- Led refinancing, recruitment, systems upgrade, and operational improvements while on the board of directors for Pan Am Int'l Flight Academy. Expanded market share and increased margins through the acquisition of a competitor. Sold to ANA Holdings.
- Led the deal team for a buyout of three manufacturers of precision-machined aerospace engine components exceeding $150 million. Consolidated underperforming businesses into an industry leader. Sold to a portfolio company of The Carlyle Group.
- Led a $40 million bargain purchase of New England Confectionary Company, a 160-year old producer of sugar and chocolate products. Managed due diligence, financial modeling, and transition. Served on the board of directors to set long-term strategy.
- Served on the board of directors for an underperforming custom wood doors manufacturer and distributor. Improved on-time delivery and profitability after upgrading management and investing in equipment. Sold to Masonite International Corp.
Focus areas: Pro Forma Financial Statements, 13-week Cash Flow, Asset-based Lending, Revenue & Expense Projections, Capital Expenditure Planning, Cost Reduction & Optimization, Cost-benefit Analysis, Investment Portfolio Management, Cash Flow Forecasting, Due Diligence, Credit Underwriting, Debt Raises, Rollups, Valuation Analysis, Expense Reduction, Financial Restructuring, Market Research, M&A Earn-out Agreements, Credit Investing, Investment Memoranda, Investment Thesis, Discounted Cash Flow (DCF), Valuation, Bank Covenants, Transaction Structuring, Credit Risk, Transaction Modeling, Leveraged Buyout Modeling, Financial Modeling, Cash Flow Modeling, M&A Modeling, Term Loans, Recapitalization, Budgeting, Working Capital Management, Acquisitions, Accounting, Junior Capital, Capital Structuring, Pricing Strategy, Credit/Debt, Private Equity Valuation, Senior Secured Debt, Bank Debt Raises, Debt Structuring, Debt Workouts, Growth Equity, Private Equity, Equity Financing, Convertible Debt, Subordinated Debt, Debtor & Creditor Management, Debt Restructuring, Corporate Finance, Mergers & Acquisitions (M&A)
2002 - 2006
Corporate Attorney, Financial Restructuring Group
Akin Gump Strauss Hauer & Feld LLP
- Specialized in corporate reorganization, including complex Chapter 11 cases and out-of-court workouts, for a leading international law firm. Advised clients on matters involving a mix of contract negotiations and litigation tactics.
- Represented clients in adversary proceedings to recover payments after the Seventh Circuit Court of Appeals reversed the Bankruptcy Court’s approval of a critical vendor motion allowing Kmart to pay 2,330 trade creditors in full.
- Represented Dynegy in a $100+ million dispute involving thousands of energy swaps and forward agreements governed by a controversial master netting agreement. Led a key portion of the mediation that resulted in a settlement.
- Advised a debtor in an out-of-court workout of Grant Geophysical, a leading provider of seismic acquisition services to the oil and gas industry inland and transition zone environments. Subsequently acquired by Geokinetics.
- Represented Farmland Industries' creditors' committee in a five-way breakup, resulting in 90% recoveries to unsecured creditors. Successfully opposed the vendor's attempt to make an unsecured claim an administrative expense.
- Collaborated with the core team of attorneys and investment bankers opposed to Exide Technologies' reorganization plan with a billion dollars at stake. Critiqued the debtor's valuation and supported the creditors' committee's valuation.
- Advised the official committee of unsecured creditors for Oakwood Homes, a bankrupt manufactured homes operator seeking to sell to Clayton Homes, a portfolio company of Berkshire Hathaway.
- Represented secured noteholders for Weirton Steel opposing a takeover attempt by WL Ross. Researched case law on credit bidding, free and clear title, valuation, and stalking horses. Drafted pleadings. Favorably settled the dispute on appeal.
- Litigated, mediated, and settled numerous bankruptcy claims for Allegiance Telecom Liquidating Trust. Evaluated security interests, subordination issues, executory contracts, leases, letters of credit, and employment agreements.
Focus areas: Rollups, Financial Restructuring, Mergers & Acquisitions (M&A), Financial Risk Assessment, Working Capital Management, Credit Analysis, Credit/Debt, Credit Risk, Credit Investing, Investment Memoranda, Investment Summaries, Investment Briefs, Investment Thesis, Private Equity, Derivatives, Equity, Equity Capital, Equity Valuation, Equity Financing, Convertible Debt, Debt Raises, Bank Debt Raises, Senior Secured Debt, Subordinated Debt, Debtor & Creditor Management, Debt Structuring, Debt Workouts, Recapitalization, Debt Restructuring, Bank Covenants
Other Experience
Publication
Financial Distress in a Crisis: You Can’t Predict, You Can Prepare
https://www.toptal.com/finance/turnaround-consultants/financial-distress
Publication
Chapter 11 Bankruptcy: What Is It and What Happens Next?
https://www.toptal.com/finance/bankruptcy/chapter-11-bankruptcy-what-is-it
Publication
Distressed M&A: Assessing Opportunities for Bargain Purchases
https://www.toptal.com/finance/mergers-and-acquisitions/distressed-m-and-a
Education
1997 - 1999
Juris Doctor in Law
Harvard Law School - Cambridge, MA
1996 - 1999
Master of Business Administration (MBA) in General Management
Harvard Business School - Boston, MA, USA
1989 - 1993
Bachelor's Degree in Math
University of Pennsylvania - Philadelphia, PA
1989 - 1993
Bachelor's Degree in Finance
The Wharton School - Philadelphia, PA, USA