Études de cas

Redressement d'un fabricant de dispositifs médicaux

J.S. Held fait l'acquisition de GLI Advisors, renforçant ainsi ses services d'assistance aux projets de construction dans l'ouest des États-Unis et à Hawaï.

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Contexte

Medical Device Manufacturer. $40 million in sales. $20 million debt.

  • The company had sold a division to a customer, reducing sales and EBITDA.
  • Profits from the sale were used to pay owners and taxes and to reduce a minimal amount of debt.
  • New business was slow in replacing lost sales.
  • A new customer would require $4 million in new capital and $2 million in increased Revolver Availability.
  • With the sale of the division, revenue decreased by 40% and EBITDA by 60%.
  • The company was distracted by sale,s and new Business launches were delayed.
  • The company's Gross Margin was decreasing.
  • New Business would require additional capital and an increase to Revolver for assets located in the Dominican Republic.
  • The company had broken a covenant, and the bank was concerned about increasing exposure.
  • Liquidity was a challenge as A/R had grown, and A/P was stretched.

Nos conseils

Our experts worked with management to develop a restructuring plan.

  • Margin erosion had been isolated to 2 new product launches, but solutions were not being provided. Partnered with management to improve the production process and reduce costs.
  • Created a robust model that provided multiple scenarios regarding new business to show profitability and working capital requirements.
  • Helped the company negotiate a loan modification agreement that prevented the bank from calling loans and gave investors confidence to invest additional capital.
  • New capital of $4 million was provided by the ownership group.
  • The bank allowed the company to seek alternative funding for some equipment.
  • The company and the bank were able to easily understand the potential financial impact of the new business and assess the risk.
  • A/R decreased as the company negotiated a large settlement with a customer, and A/P was brought into acceptable terms.
  • New product lines improved profitability, and EBITDA increased back to historical levels.
  • The new business project was given the green light to proceed.

Personne de contact :

Dan F. Dooley, CTP 
Directeur général principal
Cabinet de conseil stratégique
+1 603 660 8952 
[e-mail protégé] 

Domaines d'activité associés

> 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.

 

> Solutions face aux situations difficiles 
Nous proposons des solutions globales aux entreprises en difficulté et insolvables afin de maximiser leur redressement, de limiter les risques et de rétablir leur valeur. Nos experts sont mandatés pour aider les entreprises en difficulté à stabiliser leurs activités, protéger les intérêts des parties prenantes et appliquer des stratégies de redressement. Nous adoptons une approche centrée sur les opérations qui voit au-delà du bilan pour éviter toute dégradation supplémentaire et tracer la voie vers une croissance durable.

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