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Case Study

Chief Restructuring Officer
Nurse Staffing

A PE-owned nurse staffing company with $120 million in revenue was in distress and had blown bank covenants, prompting the new CEO to seek help from an experienced turnaround & restructuring executive.

Situation

Turnaround & Restructuring Initiatives

  • The company was owned by five private equity firms, none of which had a controlling position.
     

  • The investor group was led by a fund in closure.
     

  • The CEO had recently joined the company and did not inherit an executive team capable of navigating a distressed situation.

  • Organized and focused the finance function.
     

  • Provided guidance to the sitting CFO.
     

  • Presented at board meetings.
     

  • Oversaw the development of forecast models.
     

  • Implemented cash management procedures.
     

  • Worked with the CEO to build consensus among the investor group on the proper course of action.
     

  • Led communication efforts to keep the bank informed and cooperative.
     

  • Played an instrumental role in marketing the company for sale.

    • Oversaw buyer due diligence.

    • Assisted in negotiations with the ultimate buyer.

Results

  • Investor group was stabilized and reached consensus on the sale.
     

  • Sold the company to a financial buyer for 6x EBITDA.

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