Management Team

New Deals

Duane Morrison

Vice President

Duane joined the Callidus Deal Origination Team in 2011. He joined Callidus from Roynat Capital, the merchant banking group of Scotiabank, where he was responsible for leading Roynat's Southwest Ontario office and with expanding Roynat's presence in the U.S., with a specific focus on the Michigan marketplace. He is an active member of the Toronto chapters of both the Association for Corporate Growth and Turnaround Management Association. He holds an MBA in Finance from Wilfrid Laurier University and a MAES in Economics from the University of Waterloo. He is an avid professional and college sports follower and enjoys spending time with his family including coaching the sports teams of his two children.

Geoffrey C. Zbikowski

Geoff joined Callidus’s Deal Origination Team in 2017 to lead the firm’s expansion and presence in the Western United States. Previously, Geoff was a Partner and Managing Director of Originations at White Oak Global Advisors based in their San Francisco headquarters. Over his career, Geoff has been involved in originating over $1 billion of industry agnostic senior secured credit facilities focused on special situations and esoteric assets. Since Geoff’s arrival at Callidus, he originated a deal that won The M&A Advisor’s Turnaround Award for Refinancing Deal of the Year in 2018. Geoff began his career in New York City within CIBC’s Financial Restructuring Group where the group advised debtors and creditors in both in-court and out-of-court situations. He was selected into Columbia University School of Engineering's 3-2 program with Hobart College where he also played Division 1 lacrosse. Geoff holds a degree in Engineering and Management Systems along with a degree in Physics. He currently resides with his family in the Los Angeles area.

Transaction Highlight

US Acquisition US $72,500,000 Financing Deal for an Oil and Gas Services Company

Callidus provided the purchasers of a U.S. based oil and gas services company ("Serviceco") with an operating line of credit of US $12,500,000 (secured by working capital assets) and a term loan of US $60,000,000 (secured by machinery and equipment). The proceeds were used by our client to assist with purchase of the shares of Serviceco, and fund ongoing working capital so the business could realize Serviceco's turnaround.

Serviceco had a successful history of operating and financial performance. However, a decision by the prior owners to reposition its service fleet caused a decline in performance as utilization dropped during the transition period. This decline in performance meant the existing senior bank lender was not prepared to support the new owners looking to acquire the business.

The company had already proceeded with another lender for financing the acquisition; however, this lender could not close the transaction. The buyers of Serviceco approached Callidus to determine if we could step in and provide the acquisition financing.

The Serviceco buyers required a lender which was comfortable with leveraging the assets of the company, and had the insight to understand what caused the downturn in the performance of the company, and see the turnaround. Callidus stepped in and closed the financing in seven weeks. As the company wanted a committed financing facility for two years, Callidus was able to structure financial covenants that fit with the company's forecast. Callidus was able to offer a principal repayment holiday on the term loan to take the pressure off the company's cash flow allowing the new owners to focus on the operations of the business following their purchase. Principal repayments on the term loan were tied to the depreciable life of the equipment, affording additional relief to Serviceco's annual debt repayment obligations. Serviceco's CFO affirms, "Callidus was able to structure a financing program catered to our needs - something that no other lender could do. The responsiveness with which Callidus put together the financing program meant that we didn't skip a beat in our acquisition plans."