industry
Manufacturing

Stepping in as CEO & CFO for a global manufacturer’s successful restructuring

Key results:
  • 2x improvement in revenue and EBITDA
  • Acquisition of 100% of common equity
  • Successful exit and sale​​​​​​​​​​​​
Value levers pulled:
  • Interim CEO
  • Interim CFO
  • Strategic and operational planning
  • Financial operations management​​​​​​​​​​

Picture this...

You’re a large global manufacturer and reseller of recreation/playground equipment facing 27% declining sales. On top of that, you’re dealing with increasing raw material prices, declining EBITDA, and covenant breaches across your $161MM senior secured, $27MM revolver, and $123MM subordinated notes.

You turn to Accordion.

We partner with your company and the sponsor to provide steady support and guidance through the restructuring process as an extension of the management team. We:

  • Manage financial operations through a forbearance period and complex restructuring negotiations.
  • Architect the strategic plan, focused on product innovation and positioning, rationalization of the manufacturing footprint, and greater control over the sales and distribution process.
  • Lead the recruitment of the management team (CEO, CFO and sales and product leadership) in the US and EU.
  • Continue to serve as a member of the Board of Directors and help oversee further development and execution of the management team.
  • Play a key role in managing the investment bankers and the coaching of the management team through a successful exit of the investment by Apollo.

Your value is enhanced.

You go through an out-of-court restructuring that results in Apollo Investment Corporation acquiring 100% of the company’s common equity. You have a new strategic direction for your business and see a highly successful turnaround, which ultimately results in a 2x improvement in revenue and EBITDA, on top of a successful exit and sale.

Enhanced value:

You reap multiple benefits, including:

  • 2x improvement in revenue and EBITDA
  • Acquisition of 100% of common equity
  • Successful exit and sale​​

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