Études de cas
J.S. Held acquiert Element Forensic Engineering, renforçant ainsi ses capacités dans le domaine de l'assurance pour les pertes matérielles importantes et les sinistres touchant les entreprises de taille moyenne partout au Canada
En savoir plusA casual dining franchisee operating 73 restaurant locations across seven states (Illinois, Florida, Michigan, Indiana, Minnesota, Wisconsin, and Ohio) faced mounting operational and financial challenges. The company generated approximately $191M in annual sales and carried $20M in debt, while experiencing sustained declines in customer traffic and revenue. Net sales had fallen by at least 2.3% for nine consecutive quarters, culminating in an 8.7% decline in the most recent quarter. Customer traffic and net sales were each decreasing by 5% or more year over year.
Performance challenges were compounded by the franchise brand's lack of a clear strategic vision and the financial impact of a heavily promoted "$10 Endless Appetizers" offering, which reduced EBITDA by approximately $18M. In addition, 11 restaurant locations were generating significant losses, collectively reducing EBITDA by $3.3M over the preceding twelve months. The company also operated 12 locations with excessive occupancy costs, creating opportunities for lease restructuring.
Further complicating matters, the strained relationship between the franchisee and the brand's leadership made negotiations difficult, the company had recently lost its CFO, and management lacked sufficient financial analytics to support informed decision-making. Without intervention, the company was expected to experience pressure on its bank financial covenants as early as the following quarter.
Our team was engaged as a restructuring advisor to evaluate the company's operational challenges and identify opportunities to improve performance and preserve value. Our experts conducted a comprehensive assessment of the restaurant portfolio and determined which locations were unlikely to achieve a sustainable turnaround. As a result, 11 significantly underperforming restaurants were closed to eliminate ongoing losses and improve overall profitability.
To address excessive occupancy costs, the team renegotiated lease rates at 12 restaurant locations, helping reduce fixed expenses and strengthen operating performance. We supported enhancements to the company's financial leadership by upgrading the CFO position and strengthening the organization's financial capabilities.
Our experts analyzed restaurant-level operating performance to identify outlier locations and target specific opportunities for improvement. We encouraged the franchisor to establish a more realistic brand vision and strategic direction that would support long-term franchisee success.
These collective initiatives were projected to improve EBITDA by approximately $3.4M in the following fiscal year. Applying a four-times EBITDA multiple, the operational and restructuring measures increased enterprise value by an estimated $14M, strengthening the company's financial footing and enhancing value for stakeholders.
> Services de redressement et de restructuration
Pour relever les nombreux défis auxquels sont confrontées les entreprises en transition, il est nécessaire d'adopter une approche opérationnelle allant au-delà du simple bilan, afin de minimiser les dégradations et d'ouvrir la voie à une croissance durable. Nous nous appuyons sur des décennies d'expérience dans le domaine du redressement économique, afin d'aider les entreprises en transition à identifier des stratégies pratiques dans le but d'améliorer au plus vite leur rentabilité et leurs liquidités, tout en développant et en exécutant un plan de relance complet, favorisant ainsi la création de valeur à long terme et de manière durable.
> Bureau du directeur financier et du support financier de l'entreprise
La fonction des finances est un partenaire indispensable à la création de valeur dans la plupart des entreprises. Nous nous efforçons d'offrir un soutien unique à la direction financière afin de façonner la stratégie de l'organisation et d'améliorer la valeur à long terme de l'entreprise. Les directeurs et responsables financiers de tous les secteurs sont confrontés à des demandes croissantes, à un manque de personnel et à des défis sans précédent. Pour pallier ces difficultés, nous proposons des orientations concernant la planification financière et l'amélioration des opérations, l'atténuation des risques et l'intelligence économique stratégique.
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