You rarely stumble upon opportunities like this unless you're actively tracking distressed situations.

Take STG Logistics' recent capital raise: $150 million priming DIP facility, 8% cash return plus transaction fees, and projected IRRs hitting the high teens into the low 20s range. The structure itself is textbook—roll-up strategy, sponsor take-back package valued at 1 liter equivalent, equity reorg component—all underwrit at a surprisingly conservative 5.5x to 6.0x multiple.

What's striking? Even with syndication spread across multiple investors, the risk-adjusted returns still make the deal compelling. This is exactly the kind of financing environment where patient capital finds real value—when distressed assets get paired with disciplined capital structure and conservative valuation frameworks.