Pivot Points Newsletter: June 2022

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    Receive and explore monthly insights from our Restructuring & Dispute Resolution team.


    Why so many M&A transactions fail and how not to be one of them

    Research shows that as many as 90% of M&A transactions fail – they either don’t live up to their investment thesis or they flat out destroy shareholder value. However, by avoiding common pitfalls and implementing performance improvement strategies, it’s possible to be in the small minority and extract full value from a transaction.

    Read full article

    Case studies

    Sporting Goods Manufacturer 

    Background: Fourth-generation, family-owned, sporting goods manufacturer with approximately $150 million in revenue had to manage through volatile market cycles in order to control costs and manage inventory levels. 

    Our role: Performance improvement consultant 

    Results: Client was provided with a comprehensive roadmap to reduce year-over-year SG&A spend by $2.4 million (10.3%). We also reduced E&O inventory by more than $5 million over the first six months.

    Beverage Distributor 

    Background: Third-generation, family-owned, beverage distributor with about $300 million in revenue had to manage through turmoil after leveraging the business to acquire a competitor.

    Our role: Performance improvement consultant

    Results: Increased EBITDA by 75% and created a 200% increase in equity value.

    • Improved cash flow by $650,000 during the first quarter and maintained a 10% improvement to weekly cash flow through improved collections
    • Reduced inventory investment by 10% and dilution by $700,000 on rising sales
    • Realized more than $1.3M in warehouse and delivery cost savings despite increasing volume.


    Congratulations to Kevin Clancy who has been named the new Chairman of the Nexia TRI (Turnaround Restructuring and Insolvency) Group. Formed in 2012, The Nexia TRI Business Group is represented by a 39-member team of specialists from across the globe with experience working in multiple industries/sectors and countries. As chair of the group, Clancy will lead a team that provides expertise to member firms and their clients in areas such as turnaround and restructuring, cross-border insolvency, investigations, and profit improvement.
    kevin clancy

    Upcoming events

    2022 TMA Mid-Atlantic Regional Symposium (Jun. 8-9) – Attending 

    AIRA AC22 Conference (Jun. 8-11) – Attending/Panelist 

    SFNet Women in Secured Finance Conference (Jun. 15-16) – Attending

    TMA Florida Renew, Rebuild and Realize (Jun. 16) – Attending 

    TMA Connecticut 15th Annual Golf Outing (Jun. 21) – Attending 

    TMA NextGen Leadership Conference (Jul. 14-15) – Attending 

    ABI Northeast Bankruptcy Conference & Consumer Forum (Jul. 14-17) – Attending 

    SFA SFVegas 2022 (Jul. 17-20) – Attending 

    NYIC/TMA New York City/TMA New Jersey Super Networking Party (Jul. 28) – Attending 

    ABI Mid-Atlantic Bankruptcy Workshop (Aug. 4-6) – Attending

    TMA Southeast Regional Conference (Aug. 22-24) – Attending

    Continued expansion

    Real Estate, Texas. Debra Morgan has joined the firm as a Managing Director and is based in our Houston office. She specializes in real estate transactions, portfolio management, recapitalizations, and the restructuring, repositioning  and disposition of over-leveraged real estate and distressed debt.

    Recent engagements

    Offshore Alternative Energy Company

    Our role: Advise client on raising debt financing for a construction loan on a new production facility and for initial working capital. 

    Structured Finance

    Our role: Provide expert witness services in connection with RMBS litigation regarding the commercial understanding and application of certain representations and warranties. 

    Financial Institution

    Our role: Assist lender in performing a forensic investigation of their real estate related collateral. 

    Healthcare Company

    Our role: Assist a large health system assess viability of, and identify integration and growth possibilities for, a distressed acquisition target.

    Subject matter expertise

    • kevin clancy
      Contact Kevin Kevin+Clancy kevin.clancy@cohnreznick.com
      Kevin Clancy

      CPA, JD, CIRA, CFF, CTP, Global Director, Restructuring and Dispute Resolution Practice

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    This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.