deep value ACON defines deep value as an investment opportunity in which operational turmoil, balance sheet weakness or exogenous variables have led to a short term reduction in value, which ACON can recapture by addressing the forces that led to the previous decline. The twin goals of deep value investing are to place less reliance on multiple expansion and to achieve greater enterprise value resilience through periods of economic contraction. Investments in deep value fall into two basic categories: Operational Complexity refers to firms that are operationally distressed, where value can be uncovered by working with management teams that are intimately familiar with best practices in the industry and can implement an effective operational turnaround. Operational complexity also refers to out of favor industries or companies that can benefit from an operational restructuring and/or change in corporate strategy. Structural Complexity refers to firms that are structurally hindered and can benefit from financial engineering. This includes healthy divisions within challenged corporations that can benefit from independence from a parent entity and run on a standalone basis. It can also include bankrupt or over-levered companies that stand to benefit from a financial restructuring and/or a capital infusion. ACON Investments has a longstanding history of executing complex deep value transactions in a number of industry sectors including energy, engineering services, media, retail, distribution and financial services.