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.
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.
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.