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03.13

Conway MacKenzie, Inc. Wins Restructuring Deal of the Year Award
at 7th Annual M&A Advisor Turnaround Awards

Birmingham, MI Conway MacKenzie, Inc. was named the winner of the Restructuring Deal of the Year (between $10 million to $100 million) at The M&A Advisor 7th Annual Turnaround Awards held on Wednesday, March 6. Conway MacKenzie was recognized for its work in the receivership and sale of Turkington Industries/Turkington USA LLC (“Turkington”), which helped revitalize the business and saved the jobs of approximately 75 percent of its employees.

Responding to an emergency funding request from North Carolina-based Turkington USA LLC, a leading supplier of commercial ovens and baking equipment to the commercial bakery industry, Conway MacKenzie was hired by the company’s senior secured lender to assess the situation and evaluate the merit of the request.

Conway MacKenzie’s team quickly moved to stabilize the situation and position the company for a sale. The need to maintain a viable organization was delicately balanced with the necessity to minimize the ongoing cash burn. Production was effectively idled, all employees were retained and valuable intellectual property was secured. Given that Turkington’s business heavily relied on several large customers, the Conway MacKenzie experts met with customers to involve them in the process and garner their support of the sale process.

Concurrently, Conway MacKenzie (along with its investment banking affiliate, Variant Capital Advisors) ran a robust marketing process targeted at select strategic and financial buyers. Over the course of just a few weeks, the firms orchestrated a fast-paced process; on several occasions, multiple interested buyers were on-site at Turkington at the same time. Ultimately, despite the expedited time frame, eight parties performed due diligence and multiple non-binding offers were received.

“It’s extremely satisfying to help revitalize a business that’s on the brink of dissolution and reposition it for a successful and prosperous future,” said Joseph Geraghty, a certified turnaround professional and Senior Managing Director in Conway MacKenzie’s Ohio office. Joe further added “Winning this award for our work performed on Turkington is another great example of Conway MacKenzie’s motto. We don’t consult. We solve. We don’t promise. We deliver.” He and Director, Brian Grant, who is based at the firm’s Atlanta office, worked on the restructuring deal together.

Conway MacKenzie’s award-winning consulting work included all the elements of a successful turnaround situation, including short-term financial and operations management, forecasting and articulation of strategic opportunities, communications with customers, creditors, and other stakeholders, and negotiation of a transaction.

About Conway MacKenzie, Inc.
Conway MacKenzie, Inc. is an international consulting firm specializing in turnaround and crisis management, manufacturing operations consulting, performance improvement and litigation support services. The firm is headquartered in Detroit, Michigan, and has offices in Atlanta, Chicago, Dallas, Dayton, Frankfurt, Houston, London, Los Angeles and New York. Additional information can be found at www.ConwayMacKenzie.com.

About Variant Capital Advisors
Variant Capital Advisors, an affiliate of Conway MacKenzie, Inc., specializes in investment banking services primarily for middle market companies. As a trusted financial advisor, Variant Capital utilizes its market knowledge and expertise to provide creative and optimal solutions for its clients. Additional information can be found at www.Variant-Capital.com.

The M&A Advisor
Since 1998, The M&A Advisor has been presenting, recognizing the achievement of and facilitating connections between the world’s leading mergers and acquisitions, financing and turnaround professionals with a comprehensive range of services including M&A SUMMITS; M&A AWARDS; M&A CONNECTS™; M&A ALERTS™, M&A LINKS™ MandA.TV and M&A MARKET INTEL™. Visit www.maadvisor.com to learn more.

 

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