Case Studies

Interim Management Turnaround and Successful 363 Sale

J.S. Held Acquires GLI Advisors, Strengthening Our Construction Project Support Services in the Western US and Hawaii

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The Situation

Injection molder primarily for appliance industry. $60 million sales. $25 million debt.

  • When Maytag was purchased by Whirlpool Victor, a major supplier to Maytag, lost 40% of its annual revenue.
  • Vendors were surcharging current deliveries to pay down past due amounts.
  • $25 million of senior and junior debt was at risk and the lenders wanted to liquidate.
  • $2 million was needed to consolidate plants and get the company viable at a lower run rate of sales.

How We Advised

  • Our experts were brought in to pursue a 12-week liquidation plan within a Chapter 11.
  • We believed a going concern sale would generate more value than a liquidation.
  • Concurrently, J.S. Held also marketed the company on a dual track section §363 process.
  • The money losing Mississippi location was closed and customers were surcharged to raise margins.
  • Because of the changes implemented, the Company became cash-flow positive.
  • Eleven prospective buyers emerged.
  • In a four-month period as part of a liquidation process, the Company was sold at 5.5 times projected EBITDA.

Key Contact

Dan F. Dooley, CTP
Senior Managing Director
Strategic Advisory Practice
+1 603 660 8952
[email protected]

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