Steris was a $90.0 million annual revenue medical device company prior to its acquisition of American Sterilizer, a $0.3 billion annual revenue medical devise company. As part of the acquisition, Steris required a merger integration plan which was developed by an ABS professional.
Developed complete integration and synergy plans enabling the integration of all business process, people and systems. In addition, substantial cost reductions and process improvements were identified.
Coyne Textile Services, Inc.
Coyne is the largest domestic privately held laundry company with eleven operating plants and approximately 1,000 employees. The Company had defaulted on it’s secured lending facility and an ABS professional served as Chief Restructuring Officer.
A strategic review to determine improvement opportunities was undertaken which led to large cost reductions and an improved sales strategy. As a result, the lenders were able to forbear over an extended time while the Company paid a substantial amount of debt from operating cash flow.
International Textile Group, Inc.
This textile industry roll-up sponsored by W.L. Ross and Company has global reach and diverse textile products. The Board was sued for breach of fiduciary duties by minority shareholders An ABS professional acted as financial advisor supporting council’s case.
A report was prepared supporting a contrarian view, from a financial perspective, to each allegation asserted by the minority shareholders. A detailed response disputing the opposing experts opinion was also prepared.
Hamon, a $0.3 billion U.S. subsidiary of a European public construction company, served the power generation industry. The Company required assistance to stem a liquidity crisis caused by the failure of two large projects. An ABS professional served as financial advisor.
A successful out of court financial restructuring was achieved which included credit commitments of $10.0 million, among other improvements identified during the course of the assignment.
Ideal Electric Company
The Company was a producer of large custom electric generators and motors. The Trustee required a solvency opinion to support an avoidance action and financial analysis to support a debt recharacterization action. An ABS professional served as an expert witness in the matter.
An expert report was submitted and the matter settled during mediation on very favorable terms for the Estate.
Engaged by the plaintiff in a breach of contract dispute with its supplier. The plaintiff, a distributor of hydraulic valves to the aeronautical, tire and automotive industries, alleged lost profits due to the defendant refusing to supply valves.
An ABS professional was part of a project team that analyzed the various industries, competing technologies, and economic factors that found the plaintiff had not been damaged due to a change in technology as well as factors attributed to the economic impact resulting from 9/11.
Private Construction Company
A construction supply company found itself in a dispute with its bank as to its viability. An ABS professional was engaged to develop a financial strategy to resolve the dispute.
A financial strategy was developed to clearly establish the entity as viability. This resulted in several offers of favorable new financing.
Private Healthcare Products Company
A large equity fund was seeking funding to start a greenfield health care product company. An ABS professional was engaged to develop a validity study for the new entity.
The validity study assessed the industry, marketing plan, competitive landscape, financial strategy and operating procedures. The study provided the bank support required to fund the venture.
Private Injection Molding Company
A plastic injection molder was in a dispute with its bank over a sizable loss. An ABS professional was engaged to develop financial strategy to ensure financing.
A strategy was developed to ensure the viability of the company. As a result, the bank issued a default waiver ensuring the continued financing of the company.