Successes
Food Service Industry
A private equity-led $240MM food service provider was seeking to sell. With $100MM debt to restructure, a new CEO, and its current CFO leaving, the enterprise needed not only a solution that was quick, but one that could complement the value-creation needs of a potential strategic or financial buyer.
Principal of ClearView CFO, Dave Doll was engaged as interim CFO. Collaborating with the CEO and investment bankers, he assisted in formulating a strategic growth plan to achieve progressive revenue and EBITDA goals, while better balancing the debt load. Doll helped prepare for the transaction with support in creating the Offering Memorandum, participating in management presentations, and responding to due diligence requirements. Doll also enhanced a profit-enhancing bid-based pricing system, better collections management protocols, and improved financial controls and reporting.
In just 18 months, the private equity portfolio company was able to:
- Increase EBITDA by 16% and working capital by 21%
- Complete a major refinance of $100MM Senior Debt syndication
- Efficiently respond to all due diligence, financial reporting, and information requests
- Improve attractiveness to potential buyers, ultimately receiving three offers
Energy Industry
A privately owned $100MM company in the alternative energy industry was being sold to a private equity group. The company had "outgrown" it's internal financial resources and was unfamiliar with the requirements and expectations of investment bankers and auditors. This proved tenuous, and after a number of months, the deal was in jeopardy.
ClearView CFO Doll provided the financial leadership to successfully complete the sale transaction. Leveraging proven aptitude in private equity transactions, Doll was able to navigate investment banking issues, streamline internal analysis, and spearhead a three-plant physical inventory—a company first. Additionally, Doll facilitated an audit of the past three years’ financial statements and improved financial controls, accurately quantifying the company’s financials and pro forma projections.
Upon successful sale, the private equity group engaged Doll as Interim CFO. He improved working capital and liquidity and supported the private equity group in finding and transitioning to a permanent financial leader.
Manufacturing
A $60MM multi-plant manufacturer was in a cash crisis and lender default, resulting from fraudulent accounting and executive theft. Terminating its CFO, the company needed a trustworthy and experienced financial executive who could lead it back to growth.
ClearView CFO principal Dave Doll was retained as CFO and Treasurer. Acting quickly, Doll created a comprehensive financial planning process that would become the foundation for revitalized growth and profitability. Working capital initiatives were established, and efforts to optimize inventories and receivables proved effective. Doll worked diligently with the lender to negotiate a forbearance agreement.
In just 90 days, the company was out of forbearance, with a new Credit Agreement and on a healthy growth track. In addition, Doll helped the company win its employee theft insurance claim to mitigate losses. After 6 months, the company had successfully emerged from the turnaround/restructuring, and Doll helped it hire a qualified permanent CFO. The owner then invited Doll to permanently serve on its Senior Advisory Board.
High-Tech
A holding company in the high-tech sector needed to secure capital and debt financing to pursue new high-growth business models. An entrepreneurial entity, it had outgrown current financial leadership, and needed an experienced financial executive who could partner with the owners and lead the organization to the next level.
The company looked to ClearView CFO principal Dave Doll to act as chief financial officer. Working with owners and key personnel, Doll got up to speed quickly, understanding the intricacies of the client’s business, as well as owners’ unique vision and goals. Doll:
- Created a business plan with financial and capital projections
- Successfully raised $15 million of private capital
- Established business processes and systems that enabled rapid, profitable growth
- Prepared company for Public Registration (S-1) and assessed requirements for Sarbanes-Oxley 404C compliance, preparing the company to launch an IPO
Publishing
Struggling with the tough economic climate, a $15MM publishing company had lost focus, putting its private equity owners in lender default. As subscribers and advertising revenues dwindled, employees were growing weary and demoralized, making it even more difficult for the company to recover.
The private equity firm decided it needed a fresh perspective, along with hands-on executive financial leadership that could stimulate new growth. Hired as Interim CEO/CFO, ClearView CFO’s Dave Doll became responsible for all company functions. Focusing first on rebuilding morale, Doll implemented new productivity initiatives that would unite the various levels of the organization. This included reorganizing the sales force, improving the circulation department, and restructuring product lines. Further, Doll created a new strategic plan and cash flow model, based on newly established functional budgeting.
The enterprisewide effort proved effective, and the company was restored to profitability in nine months. Additionally, the engagement included support for transitioning responsibilities to a new CEO, who was able to utilize Doll’s strategic plan for continued growth and opportunity.