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Case Studies Financial, Professional & Temporary Staffing

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Restructuring During an Economic Downturn

The Engagement

Conway MacKenzie served as financial advisor to a national provider of temporary labor solutions through both company-owned and franchise locations.

Our Role

Conway MacKenzie’s work included a detailed analysis of the cost structure, development of 13-week cash flow forecast, liquidity management and identification of operational improvements. Conway MacKenzie separately served as financial advisor to the senior secured lenders of the company during its restructuring related to the downturn in the technology sector and related recession. Conway MacKenzie completed an analysis of the operations, working capital needs, projected financial performance and cash flows and an enterprise valuation of the company during a period of several amendments/forbearances with the lender group.

The Result

The restructuring process culminated in the sale of the company and with the owners injecting new equity capital and the lenders restructuring their loans.

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Sound Financial Advice

The Engagement

Conway MacKenzie worked with a $350 million developer of educational products and publishing company. The company developed and sold reference products (i.e., print, digital, and microfilm) products to universities, public libraries and K-12 schools.

Our Role

A Conway MacKenzie professional served as Vice President of Finance for the company for approximately six years. The professional’s responsibility included budgeting, financial reporting, acquisitions, divestitures and investment in products. The professional also led numerous acquisitions by the company.

The Result

The Conway MacKenzie professional integrated three separate businesses into one platform company. In addition, the Conway MacKenzie professional also handled the divestitures of certain businesses.

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Minimizing Risks. Maximizing Value.

The Engagement

Conway MacKenzie was Chief Restructuring Officer and investment banker to this $250 million provider of human resource outsourcing solutions, including Professional Employer Organization services (“PEO”), and temporary, temporary-to-hire, or direct hire staffing in the medical, trucking, design, clerical, office administration, customer service, professional and light industrial fields. After several years of growth by acquisition, system challenges inherent in non-integrated acquisitions caused profitability to decline significantly and gave rise to liquidity problems.

Our Role

Conway MacKenzie quickly evaluated the cost structure and profitability from a location, customer and product line perspective. As such, Conway MacKenzie identified locations to combine or rationalize, implemented changes in workers compensation insurance, implemented improved processes for pricing customer contracts and, all the while, managed the company’s liquidity. Due to Conway MacKenzie’s deep understanding of the business, we were also hired to market and sell the company.

The Result

Conway MacKenzie effectively managed the company’s senior lender, acquisition note holders and other constituents as the sale process met key milestones. As a result of Conway MacKenzie’s efforts, the company was sold to a strategic buyer in an Article 9 sale.

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