Sandeep Gupta on Middle Market Restructurings and Investigations

Novo Advisors founder discusses his journey into restructuring, the firm's approach to distressed situations, and insights on business development in the turnaround industry.

Apr. 9, 2026 at 3:45pm

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A minimalist studio still life featuring a stack of financial documents, a calculator, and a pen arranged elegantly on a clean, monochromatic background, conceptually representing the analytical and strategic nature of middle market restructuring work.A thoughtful arrangement of financial tools and documents symbolizes the analytical rigor and attention to detail required in middle market restructuring and turnaround advisory.Chicago Today

In this episode of the TMA Chicago/Midwest Podcast, Katten Restructuring Partner Paul Musser interviews Sandeep Gupta, Managing Partner and Founder of Novo Advisors, a turnaround and restructuring firm focused on the middle market. Gupta discusses his path into restructuring, Novo's strategies for distressed situations and private credit workouts, the firm's new forensic and dispute advisory service line, and his perspectives on business development in the turnaround industry.

Why it matters

This interview provides insights into the middle market restructuring landscape, including the nuances of working with closely held businesses versus private equity-backed companies, the evolving role of private credit lenders in workouts, and the importance of thorough financial analysis and fraud investigations in turnaround situations. Gupta's advice on business development in the restructuring field also offers valuable guidance for professionals looking to grow their practices.

The details

Sandeep Gupta, who founded Novo Advisors after gaining experience at FTI Consulting and other firms, describes how he "accidentally" entered the restructuring world in 1999, choosing turnaround consulting over opportunities in the dot-com and telecommunications sectors. Novo focuses on middle market restructuring, defined as businesses with roughly $150 to $500 million in revenue, where the firm can leverage its operational expertise to identify improvement opportunities. Gupta draws parallels between his entrepreneurial mindset and the turnaround process, noting that getting involved in a distressed business is akin to a startup where one must step back, rethink the business model, and see what is possible.

  • Gupta founded Novo Advisors after honing his skills at FTI Consulting and other firms.
  • Novo recently launched a new forensic and dispute advisory service line.

The players

Sandeep Gupta

Managing Partner and Founder of Novo Advisors, a turnaround, restructuring and financial advisory firm focused on the core middle market.

Paul Musser

Katten Restructuring Partner and host of the TMA Chicago/Midwest Podcast.

Novo Advisors

A turnaround, restructuring and financial advisory firm focused on the core middle market.

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What they’re saying

“I "accidentally" entered the restructuring world in 1999, choosing turnaround consulting over the lure of dot-com and telecommunications opportunities.”

— Sandeep Gupta, Managing Partner and Founder, Novo Advisors

“Getting involved in a distressed business is not unlike a startup where you take a step back, rethink the business model and see what is possible.”

— Sandeep Gupta, Managing Partner and Founder, Novo Advisors

What’s next

Novo Advisors plans to continue growing its forensic and dispute advisory service line to support middle market clients facing complex financial and operational challenges.

The takeaway

This interview highlights the evolving role of restructuring and turnaround advisory firms in the middle market, particularly as private credit lenders become more prominent in distressed situations. Gupta's insights on the importance of thorough financial analysis, fraud investigations, and collegial collaboration across disciplines offer valuable guidance for professionals navigating the restructuring landscape.