Turnaround & Restructuring

Today’s Business Environment

Disruptive technological and macroeconomic forces have set the global economy on a new course. In this new economy, the rate of external change has exceeded many business’ ability to keep pace with its internal change initiatives, and yesterday’s business frameworks no longer work.

Companies today need an adaptive and flexible business design that creates on-going value for all stakeholders. A business must be able to leverage new technology and strategy to continually and rapidly re-invent itself to be able to respond quickly to new competitive markets and customer imperatives.

We guide companies through the complexity of the new economy by designing and assembling solutions that rapidly transform a business’ leadership, workforce, infrastructure and evolving communities.

Our deep financial, manufacturing, operational and commercial industry experience and collaborative style give us an unmatched ability to deliver the best-of-breed business solutions in the shortest amount of time by melding the firms’ business and technology expertise with the creative talent of the Whitehall.

CASE STUDIES

$500 Million Publicly Held Beverage Bottle Manufacturing Company

DESCRIPTION

  • Plants in US and Europe
  • Years of loses- from $1 Billion in sales to $500 million in 5 years
  • Previous bankruptcy that did not address or fix issues
  • $235 million of debt and only $28 liquidation value- looking to close business
APPROACH
  • Took active management roles- CEO, COO, CFO, VP, Quality/Engineering
  • Stabilized customer base- Coke, Pepsi, Kraft Foods, Conagra, etc.
  • Established Wells Fargo financing plan
  • Took company thru prepackaged bankruptcy in 90 days
  • Consolidated the organization and plants improving bottom line performance and quality/delivery
  • Returned company to a positive EBITDA in next 90-120 days
RESULTS
  • Zero customer loss due to improved quality and delivery performance
  • New business opportunities were achieved and increased base business by $100 million
  • EBITDA 1st year returned to over $28 million annually
  • Successfully sold business to a strong competitor/industry leader covering most of the debt
  • Whitehall won a 2012 ML100 Award for Turnaround of the Year on this project

Tier 1 OEM Supplier of Truck Tonneaus and Miscellaneous Products

DESCRIPTION

  • Previous History: For five (5) years prior to restructuring, the company had consistently lost market share and money, and had no bank or audit relationships. They attempted to close the books in approximately two (2) months using an AS400 system, and internal communications were accomplished using Lotus Notes. Initially, Whitehall was hired to close the business and stop the losses, with Joe Bione being appointed as President / CEO by the owners.
  • Currently : After (2.5) years, the company is in a positive cash flow position with both a banking and an audit firm relationship. They have moved to a PLEX manufacturing and accounting system as well as state-of-the-art Microsoft systems. The company is achieving growth and profitability forecasts, and currently close the books in (1.5) days. Ownership now has a path to recover much of their investment / losses, and potential exit strategies are being developed.
APPROACH
    First priority was to stabilize and improve operational performance, so as to not lose any existing customers, and to provide a baseline for future customer growth.

     

  • Quality: Manufacturing consistently performs at 99%+ First Time Capability, and along with delivery, is recognized by all external customer metrics. TS certification has been maintained with only minors in the past two annual audits.
  • Delivery: On time delivery consistently performs at 100% for all customers. The company has recently been recognized by General Motors as a platinum supplier for on time delivery over the past (12) months and counting.
  • Metrics: Key Performance metrics have been institutionalized for over two years. A contemporary war room, displaying all business metrics was established, with KPI’s managed monthly by the entire staff. Metrics are linked to both corporate objectives and individual performance evaluations.
RESULTS
  • Our team is working diligently to not only improve financial performance, but to also make it a major player in the industry once again. We won our second ML100 Award for our part in this restructuring in 2016. In three short years, we have taken a struggling company doing $8 MM in sales and losing money to $40 million in profitable sales in 2016, and more than doubling that number by 2019. In addition to restructuring this company, we are going to market shortly and should recapture most of our owner’s investment.

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michigan
PENNSYLVANIA

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