The Situation

Despite a strong brand going back to the 1850’s, and an international sales reach with 90% exports, the Group results were negative several years in a row.

The losses and apparent inaction made the financing bank require an immediate change of CEO.

Given this situation, the owner requested a turnaround manager with in depth knowledge of the industry and restructuring experience.

The Solution

Engaged an Interim CEO with extensive relevant experience from a PE environment.

The Interim CEO was assigned the task to develop a comprehensive turnaround plan and urgently implement actions to secure on-going operations and cash-flow. In parallel, the CEO made an in depth analysis and action plan including financial plan.

Concluded that new financing was required

The Result

The CEO implemented the change plan and in parallel looked for new financing/new owners.

The owners decided sell the Group as they could not provide any financing.

In the eleventh hour, managed to get PE backing for a MBO with full support from the original Bank.

Successfully carved-out the Group

A lot of work remains, but the company is on the right track.

Multi-Country Solution - Leveraging resources from:

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