"Response Team 1 is an award-winning national leader in the commercial and residential property restoration, disaster loss recovery and multifamily renovation industries. We are committed to getting life back to normal quickly and correctly for our customers. With decades of experience in quickly responding to large commercial and residential losses and community weather events, Response Team 1 serves the continental U.S. from 49 strategic locations." From LinkedIn Profile.
BDC Credit Reporter View
Restoration Team Holdings-which operates under the name Restoration Team 1-is a private, PE backed company which undertakes home and commercial restoration after weather-related events. The public data indicates the Company has been making a series of acquisitions in recent months, and has been added a new equity investor. In the summer a new CEO was appointed. BDC exposure through the end of 2015 was Major: $65mn, spread over 3 BDCs. However, there appears to have been a repayment and exposure dropped to $13mn as of June 2016, all in Preferred and common or warrants. More recently Alcentra Capital- one of the 3 BDCs and the first to report- indicated no financial statements had been received from the Company as a recapitalization was underway. The BDC cut the value of its Preferred position for IIIQ 2016 to essentially nil on an Unrealized basis. On the CC, Alcentra reported- without giving color- that its Preferred and warrants interest was being "surrendered" and a Realized Loss would be recognized. The BDC Credit Reporter rates the Company a 5 and expects all BDC outstandings to be written off, but this is still an ongoing story with more questions than answers.