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Case Study

Providing M&A Advisory, Integrating Operations, and Acting as Interim Management

Team Size
2 Senior Managing Directors, 1 Managing Director, 1 Director, 2 Associates
Project Duration
15 months

The Situation

The Board of Directors of a global $500MM publicly traded developer, seller, and manager of vacation ownership properties based in Las Vegas, NV with property locations across North America and Europe hired Mackinac Partners’ (acquired by Accordion in 2021) founder, Jim Weissenborn, as the Company’s interim CEO, and other Mackinac executives as interim COO and European COO following performance issues and the identification of potential operating and accounting irregularities.


Interim Management

Compliance and Risk Advisory

Restructuring Advisory

Sell-side Advisory

The Execution

  • Led a detailed independent investigation of the Company’s North American and European operations, which identified accounting and tax issues throughout the European operations regarding the Company’s lack of effectiveness of the controls over financial operations and reporting.
  • Developed and implemented strong remedial plans to prevent recurrence and to strengthen the controls environment, which included: fundamental changes to personnel in Europe and the US, separation of finance and control functions, adoption of significant additional internal controls, and a new ethics training program.
  • Represented the Company in communications with the SEC and other regulators to address irregularities and compliance issues and remediation, which included face-to-face meetings with NASDAQ.
  • Assisted the European subsidiary with two significant restructurings, acquired and divested several resorts, and overhauled sales and maintenance fee calculation processing.

The Results

Serving in leading interim management roles, our team stabilized and remediated financial operations, restructured European operations, and led the Company’s successful sale. As a result of our work, the Company was successfully sold for $700MM, including $375MM in debt, which resulted in the buyer retaining Mackinac as strategic and financial advisors — an engagement which continues to this day.