Interim Management and Turnaround for a Global Network Solutions Provider
Challenge
A leading network solutions provider, formed through the combination of three acquisitions, was facing integration difficulties and declining revenue and in default with its senior lender. Confronted with delays in integrating two legacy accounting systems had led to challenges in issuing financial statements and other information required to gain access to the capital markets. Additionally, strict European labor laws resulted in difficulty rightsizing the organization following the acquisitions.As a result of these efforts, the company’s more desirable position led to its acquisition by a larger competitor.
How we helped
Riveron was engaged to provide interim management, financial, and operational advisory services. During the engagement, we implemented processes and procedures that improved working capital, reduced costs, and improved forecasting reliability while also serving in interim roles overseeing restructuring actions and liquidity management. As part of the project, we developed a multi-year integrated financial forecast model that was used to evaluate various scenarios, project liquidity, and facilitate a balance sheet restructuring.
Results
Riveron facilitated a resolution between the senior lender and sponsor that provided the company with the liquidity and flexibility needed to carry out its strategic plan. From there, the company was able to attract additional investment and ultimately act on some of the restructuring initiatives that we identified. As a result of these efforts, the company’s more desirable position led to its acquisition by a larger competitor.
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