Pivot Points Newsletter: January 2022
Background: A leading New York-based supermarket/restaurant chain with annual revenues exceeding $275 million had to manage through the most unsettling time in its history, the COVID-19 pandemic.
Our role: Served as CFO
Results: Revenue grew by over 35% and two completely new revenue streams were implemented (curbside and e-commerce).
- EBITDA increased by 80% and gross margins improved by 150 basis points
- Payroll as a percentage of sales decreased by 200 basis points
International High-End Restaurant Chain
Background: A leading Los Angeles-based upscale restaurant chain, with locations around the world, had difficulties with its main lender due to weakened results attributable to COVID-19, and a lack of timely, accurate and meaningful financial reporting.
Our role: Financial Advisor
Results: The company’s reporting, both weekly and monthly, improved immediately, and as a result, a forbearance agreement was signed.
- ~$750K in EBITDA improvements were identified
Congratulations to David Weinstein for being recognized for his 20 years of service to the Connecticut chapter of the Turnaround Management Association. Over the past two decades, he has held many key leadership roles including President and Chairman of the Board. David’s recognition includes a charity golf event on Oct. 5, 2021 named in his honor with proceeds going to the Legacy Foundation of Hartford, CT.
AIRA/NYIC - 2022 Annual AIRA & NYIC Event (Jan. 19) – Attending, Panelist
SFNet - Asset-Based Capital Conference (Feb. 8-9) – Sponsoring/Attending
TMA - 2022 Distressed Investing (Feb. 8-11) – Attending
Structured Finance Association (Feb. 27-Mar. 2) – Attending
IMN Bank Special Assets & Credit Officers Forum (Mar. 16-17) – Attending
SFNet - Independent Finance Roundtable (Apr. 5-7) – Attending
State of Connecticut; Our role: Conduct an analysis of every town’s use of federal CARES Act funding
Brand Acquirer; Our role: Operations advisor for pre-deal diligence and post-deal implementation for an international brand acquirer
Paper Distributor; Our role: Perform a refinancing of $160 million asset-based loan facility
Farm Products Retailer; Our role: Assist in strategic transaction on both a pre-deal and post-deal basis
Biomedical Company; Our role: Perform a multi-year royalty and contract compliance audit for a manufacturer of injectable products used to treat ailments including kidney disease, dental bone grafting, and bone regeneration products and pain medications
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