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Case Study

Serving as CEO & CFO and Providing Turnaround & Restructuring Support for a Manufacturing Company

Team Size
1 Senior Managing Director, 2 Directors, 1 Associate
Project Duration
9 months

The Situation

A large global manufacturer and reseller of recreation/playground equipment, was facing 27% declining sales, increasing raw material prices, declining EBITDA, and covenant breaches across its $161MM senior secured, $27MM revolver, and $123MM subordinated notes.


Interim CEO & CFO

Strategic and Operational Planning

Turnaround & Restructuring

Board of Directors

The Execution

  • Managed the Company’s financial operations through a forbearance period and complex restructuring negotiations.
  • Mitigated the Company’s effects and consummated a consensual restructuring with Apollo Investment Corporation, resulting in the acquisition of 100% of the Company’s common equity – all while underlying issues were still prevalent.
  • Architected the strategic plan which focused on product innovation and positioning, rationalization of the manufacturing footprint, and greater control over the sales and distribution process.
  • Managed and led the recruitment of the management team (CEO, CFO and sales and product leadership) in the US and EU.
  • Continued to serve the Company as a member of the Board of Directors and was responsible for overseeing the further development and execution of the management team.
  • Played a key role in managing the investment bankers and the coordination and coaching of the management team through a successful exit of the investment by Apollo.

The Results

Our team led the successful, consensual, out-of-court restructuring which resulted in Apollo acquiring control of the Company. We subsequently assumed the Interim CEO role and architected a strategic direction for the business and a highly successful turnaround – which ultimately resulted in an 2x improvement in revenue and EBITDA and a successful exit and sale.