Menu

Menu

Menu

About Us
Management Team
Our Services

News
Case Studies
Our Industries

Contact Us
LinkedIn
Menu

Contact Us
LinkedIn
Menu

200 S. Wacker Dr., Suite 3100 Chicago, Illinois 60606 | Tel: 312.242.3768

News

Pendo Advisors 2026 summer hires

Pendo Advisors (“Pendo”) served as financial advisor to a healthcare firm on an approximately $200+ million dividend recapitalization.

Pendo Advisors Recognized as 2026 TOP 50 Investment Bank

Pendo Advisors Named Top 10 in U.S. for Fairness Opinions

Pendo Advisors Named Top 10 in U.S. for Fairness Opinions

Pendo Advisors Celebrates 15th Anniversary

Services

ESOP | ERISA Advisory
PE and Hedge Fund Services
Transaction Opinion Services
Merger and Acquisition Advisory

Our Firm

Who We Are
Management Team

Industries

Case Studies

News

News

Copyright © 2026 Pendo Advisors. All rights reserved.

ESOP | ERISA Advisory

Pendo’s partners have vast experience working with employer stock ownership plan (ESOP) owned businesses and owners contemplating management buyouts or ESOP transactions. We have expertise in the unique facets of employee ownership from valuation issues and sustainability concerns to capital raising and transaction structuring. We have advised parties on all sides of the transaction including trustees, corporate boards, management, and stockholders.

Our ESOP | ERISA advisory services include but are not limited to:

ESOP Valuations and Transaction Opinions

One of the keys to a successful ESOP is an experienced and professional independent financial advisor. Pendo’s professionals have provided independent valuation opinions and fairness opinions for ESOPs of all sizes and industries, and have in-depth knowledge regarding the unique features affecting ESOP valuations. In addition, Pendo’s professionals can provide valuation consulting and opinions to fiduciaries involved in DOL corrective actions. Pendo incorporates a robust technical and final review process on all ESOP and ERISA transaction opinion engagements which must be approved by our senior review committee before issuance.

ESOP Sustainability Concerns

Pendo works with our clients to review cash flow needs and assess the ability to operate from a cash flow perspective. Our cash flow modeling incorporates ESOP loan restructuring, ESOP loan re-leveraging, share repurchases, and other pending obligations.

Business Valuations and ESOP Feasibility

Our professionals work with companies considering ownership transitions and provide valuation assistance during the decision making process. In addition, our professionals work with business owners to develop, evaluate, and implement transaction structures.

Strategic Alternatives and Transaction Structuring

Whether seeking liquidity alternatives, positioning for a sale, refinancing seller or bank notes, or looking to acquire a business Pendo can assist. Pendo’s professionals can provide a single or dual-track strategy for business owners contemplating various alternatives. This flexibility is intended to allow ownership the knowledge to make the most informative decision regarding the liquidity event or transition of ownership without being pushed in one direction by the financial advisor.

PE and Hedge Fund Valuations

Pendo’s partners have the unique experience of working with and maintaining relationships with financial sponsors and asset managers across the capital markets industry involved in facilitating private equity transactions including:

private equity funds,
hedge funds,
venture funds,
commercial lenders,
business development companies (BDCs),
SBICs,
family offices, and
pension funds.

This broad experience ranges from transaction advisory and valuation services, including fairness and solvency opinions and financial and tax reporting valuation services (ASC 820, ASC 805, ASC 350, ASC 718, etc.) to due diligence and financial modeling services.

Pendo’s specific expertise providing financial modeling and valuation services on private equity positions includes:

Debt (distressed, senior, secured, unsecured, and subordinated)
Common and preferred equity
Convertible securities
Warrants and options
CDOs and CLOs
Real estate

Transaction Opinions

Pendo’s professionals have the unique experience of providing fairness and solvency opinions to private and public company boards and fiduciaries on transactions ranging from the lower middle market to multi-billion dollar going private transactions and can assist with a range of transaction opinion services including:

Fairness Opinions

Pendo provides fairness opinions related to a variety of transactions including:

Related Party Transactions
Exchange Offers
Recapitalizations & Restructurings
Spin-offs
Stock Repurchases
Corporate Acquisitions & Divestitures
Mergers
Leveraged Buyouts
Going Private
ESOP / ERISA Transactions

Solvency Opinions

A solvency opinion is often obtained by a company’s board in connection with a special dividend, spinoff, or leveraged transaction. Boards of Directors can be held personally liable in cases of fraudulent transfers or illegal distributions.

A solvency analysis encompasses valuation and cash flow tests that determine if, after giving effect to a proposed transaction:

the sum of the assets of the company, both at a fair valuation and at present fair salable value, exceeds its liabilities, including contingent, subordinated, unmatured, and unliquidated liabilities;
the company has sufficient capital with which to conduct business; and
the company has not incurred debts beyond its ability to pay such debts as they mature.

In situations where a company is making a dividend payment, a solvency opinion also addresses the sufficiency of surplus to effect the distribution.

Delaware Corporation Law and other states’ corporation laws require that dividends be paid out of surplus, which is defined as the excess of the net assets of the corporation over its capital (capital is usually the par value of issued stock).

Mergers and Acquisition Advisory

Improving business performance, turning risk and compliance into opportunities, developing strategies and enhancing value are at the core of what we do.

Merger & Acquisition / Restructuring

Pendo’s professionals provide a sophisticated partner with a broad reach to help potential buyers and sellers throughout the process. Pendo also has longstanding relationships with various capital sources including but not limited to commercial banks, business development companies (BDCs), private equity firms, mezzanine funds, SBICs, and family offices.

Our professionals work with business owners to:

Develop, formulate, and implement M&A and capital raising strategies;
Identify, screen, and initiate discussions with potential investors, lenders, acquisition targets or buyers;
Structure and negotiate transaction terms; and
Arrange financing.

Pendo’s merger & acquisition practice targets clients in the lower middle market with EBITDA performance metrics generally between $1 million and $10 million.

Distressed and Special Situation Advisory

Our partners specialize in offering sophisticated solutions to management teams and owners of companies in distressed scenarios or special situations. Typically these scenarios include the following challenges:

Changing industry conditions or declining operating performance;
Potential loss or recent loss of key management;
Conflicts among various stakeholders including pending litigation;
Limited access to new capital or working capital constraints;
Covenant or payment defaults on debt instruments; and
Bankruptcy or pending bankruptcy.

Pendo’s distressed and special situation advisory practice targets clients in the lower middle market with EBITDA performance metrics generally ranging from negative EBITDA to $10 million EBITDA.