Drone & UAV Remote Sensing Services

Drone & UAV Remote Sensing Services

Roles
Chief Restructuring Officer
  • Improved model with lower costs, improved contractual economics
  • Raised capital for growth initiatives

The company was a $40MM drone and UAV remote sensing services company that was experiencing acute operating and cash flow losses due to high fixed overhead costs and uneconomic contracts. CR3 Partners was engaged as CRO to provide leadership to management team, drive operational improvement initiatives, identify cost saving initiatives, and renegotiate uneconomic contracts. The company’s business model improved with lower fixed overhead costs and improved contractual economics, raised $32MM of fresh capital, and transitioned a new CEO into leadership role.

The Situation

  • $40MM drone and UAV remote sensing applications and data processing services company serving energy, agriculture, and telecom sectors
  • Company was undergoing change in senior leadership while pursuing additional venture funding for growth
  • Company was experiencing acute operating and cash flow losses due to high fixed overhead costs and uneconomic contracts

 The Work

  • Engaged as CRO by company’s Board of Directors to provide leadership to management team, drive operational improvement initiatives, and support capital raise
  • Recommended operational restructuring initiatives and milestones
  • Recommended improvements to address certain cultural issues
  • Identified and recommended cost savings initiatives
  • Assessed near-term cash flow and implemented spending controls
  • Negotiated with vendors and renegotiated uneconomic contracts

 The Results

  • Business model was improved with lower fixed overhead costs, improved contractual economics, and enhanced culture, including new leadership
  • Raised $32MM of fresh capital for growth initiatives
  • Identified and transitioned a new CEO into leadership role after three months

Explore Insights

View All
Cash is King — Credibility is the Crown When Dealing with Banks
Article

Cash is King — Credibility is the Crown When Dealing with Banks

In the last 20 years, turnaround professionals have assisted thousands of clients who were predominantly referred by stakeholders within the company who have money to lose.

Read More
Winston Mar Participates in the ABL Industry State of the Union Q1 2024
External Link

Winston Mar Participates in the ABL Industry State of the Union Q1 2024

Winston Mar participated in the first 2024 installment of the quarterly ABL Advisor article series to discuss the state of the ABL industry and general market dynamics with other commercial finance industry participants.

View
When Companies Need a Change Agent
Article

When Companies Need a Change Agent

There's a difference between steady state management and change agents. A great steady state management team can execute an operating plan every day with precision. Deviations from a defined process can create conflict in an organization that is dedicated to staying the course.

Read More
Restaurant Turnaround Strategies and Activities to Consider
Article

Restaurant Turnaround Strategies and Activities to Consider

Restructuring professionals wear many hats while executing a turnaround. They need to be skilled in finance, marketing, operations, human resources, and other areas. A strong turnaround professional is not only competent in these areas, but also knows when to leverage others.

Read More
Navigating a First-Of-Its-Kind Bankruptcy Case
Article

Navigating a First-Of-Its-Kind Bankruptcy Case

On September 15, 2021, a grain elevator operator and processor of soybeans submitted an out-of-compliance borrowing base certificate to its secured lender. What followed was a novel bankruptcy case marked by massive complexity and a near-impossible positive outcome.

Read More
Keys to Ensuring a Successful Roll-Up
Article

Keys to Ensuring a Successful Roll-Up

Roll-up mergers can create significant value through scale and cost savings, but not all roll-ups perform as expected. Speed of integration may be the most challenging factor when acquiring and consolidating multiple assets.

Read More
Unconventional Interim Management Approach Leads to Profitable Exit
Article

Unconventional Interim Management Approach Leads to Profitable Exit

Sometimes an unconventional approach validates an uncommon way of thinking. When an organization seeks interim management, it is typically distressed. A new CEO is named, and restructuring commences with the goal of continued operations or an exit.

Read More
CR3 Partners Named to Consulting Magazine list of Best Small Consulting Firms 2021
Video

CR3 Partners Named to Consulting Magazine list of Best Small Consulting Firms 2021

CR3 Partners was recently named to Consulting Magazine's list of Best Consulting Firms to Work For. It is an honor to be part of this distinguished list of companies.

View Video
CR3 Partners Honored with M&A Advisor Award
News

CR3 Partners Honored with M&A Advisor Award

CR3 Partners announced that the firm received the Award for "Restructuring of the Year ($10MM to $50MM)" by M&A Advisor in the "Chapter 11 Reorganization Award" category.

Read More
Four Paths to Increase Revenue in a Turnaround
Article

Four Paths to Increase Revenue in a Turnaround

When restructuring advisors are engaged to stabilize their clients' operations, they often focus on cutting expenses and controlling disbursements.

Read More
CROs Adapt to Limits on On-Site Presence
Article

CROs Adapt to Limits on On-Site Presence

Partner, David Tiffany walks us through how CROs adapt to limits on on-site presence in the most recent installment of the Turnaround Management Association's Journal of Corporate Renewal.

Read More
CR3 Partners Expands Los Angeles and Houston Offices
News

CR3 Partners Expands Los Angeles and Houston Offices

CR3 Partners is proud to announce the expansion of its rapidly growing Los Angeles office by adding two Senior Associates, Alex Pettee and Ashtynn Baltimore. Along with the additions to the Los Angeles office, CR3 Partners would also like to announce its new Director, Avery Alcorn out of the Houston office.

Read More
CR3 Partners Honored with Two M&A Advisor's Awards
News

CR3 Partners Honored with Two M&A Advisor's Awards

Led by Dustin Lough, the engagement team for The NORDAM Group, a large international aerospace company, received the Restructuring of the Year ($250MM to $500MM) award as advisors to the lending group leading up to and including the Chapter 11 bankruptcy proceeding.

Read More
CR3 Partners Adds Two Partners
News

CR3 Partners Adds Two Partners

CR3 Partners is pleased to announce that Sean Cunningham has joined as a Partner of the firm and will be based in its New York office. David Tiffany has been elevated to Partner of the firm in the Los Angeles office.

Read More
CR3 Partners Opens Los Angeles Office and Adds New Partner
News

CR3 Partners Opens Los Angeles Office and Adds New Partner

CR3 Partners is delighted to announce that Tim Skillman has joined as a Partner of the firm and will be heading the new CR3 Partners Los Angeles office.

Read More
CR3 Partners Honored with Two Turnaround Atlas Awards at 2019 Global M&A Network Annual Gala
News

CR3 Partners Honored with Two Turnaround Atlas Awards at 2019 Global M&A Network Annual Gala

CR3 Partners is pleased to announce that the firm was awarded two Turnaround Atlas Awards on May 20, 2019 at the Global M&A Network Annual Gala.

Read More
New Partners and Continued Growth of CR3 Partners
News

New Partners and Continued Growth of CR3 Partners

The CR3 Partners Board of Managers is pleased to announce that Jeff Armstrong and Dawn Ragan have been admitted to the firm's partnership.

Read More
Dawn Ragan is Interviewed for Journal of Corporate Renewal
External Link

Dawn Ragan is Interviewed for Journal of Corporate Renewal

Partner, Dawn Ragan, was recently featured in a Q&A article in the Journal of Corporate Renewal, the official publication of the Turnaround Management Association.

View
New Partner and Two More Executives Receive CTP Designation
News

New Partner and Two More Executives Receive CTP Designation

The CR3 Partners Board of Managers is delighted to announce that James Katchadurian has been promoted to Partner with the firm.

Read More
CR3 Partners Advises NEOPS Alongside SSG Capital on Sale of Debt
External Link

CR3 Partners Advises NEOPS Alongside SSG Capital on Sale of Debt

SSG Capital Advisors, LLC (SSG) acted as the investment banker to New England Orthotic & Prosthetic Systems, LLC and its affiliates in the sale of all of its outstanding senior debt to AHM Healthcare Strategies (AHM), an affiliate of Eschen Prosthetic and Orthotic Laboratories, Inc. (Eschen).

View
Industry Veterans Combine to Launch National Turnaround and Performance Improvement Firm
News

Industry Veterans Combine to Launch National Turnaround and Performance Improvement Firm

The leadership of CR3 Partners, LLC, today revealed the details of their newly-formed national turnaround and performance improvement firm.

Read More
Contact Us

CONTACT US

Do you have any further questions? How can we help you? Get in touch with us.

CONTACT US