Rob Carringer held interim leadership roles and led projects in distressed and underperforming companies to improve operations, grow revenue, increase EBITDA, and reduce working capital in a wide variety of industries.
Mike Juniper has 20 years of experience in financial and operational analysis and improvement, turnaround and restructuring consulting, and interim management. He has served as an advisor to numerous companies through Chapter 11 proceedings.
Simplified ownership structure as a nonpublic company
Facilitated access to additional capital
The company was a Seattle-based coffee retailer that was unprofitable for years and eventually forced to file for bankruptcy. CR3 professionals were engaged as financial advisors and sought to maintain operations while managing 363 sale and bankruptcy processes. The team reduced back office overhead, closed unprofitable locations, and secured a buyer. The simplified ownership structured facilitated access to additional capital and allowed the company to take advantage of international opportunities.
Seattle-based specialty gourmet coffee retailer and was a popular alternative to larger coffee chains with 114 locations and 500 employees
Generated revenues through two operating divisions: retail (store management) and specialty (franchise management)
Generated revenues through licensing fees from U.S. and foreign franchisees and sales of products to foreign customers
Was unprofitable due to high coffee prices, generating losses every year
Engaged as financial and sales advisor to generate cash and maintain operations
Closed 18 unprofitable coffee shops and reduced back office overhead by eliminating ten corporate positions
Developed and enacted plan to use credit card receivables as collateral, obtaining credit card cash advances to fund operations; lender was paid 20% of credit card receipts to pay down debt
Company’s complicated capital structure made it difficult to raise money to fund operations and capital expenditure needs, leading to bankruptcy filing
Commenced 363 sale process with goal of exiting bankruptcy in 90-120 days
Contacted more than 60 potential DIP lenders; ultimately secured merchant cash advance
Produced stalking horse bid from private equity group, identifying potential eight buyers in total
Sale enabled smaller footprint of profitable coffee shops with more efficient overhead
Simplified ownership structure as a nonpublic company
Facilitated access to additional capital and to take advantage of international opportunities
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.
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.
Learn How Fraud and Valuation Matters are Handled During Bankruptcy
Dallas-based Partner Sugi Hadiwijaya recently teamed up with Jermaine Watson at Bonds Ellis on a podcast highlighting basic aspects of how fraud-related matters are managed in a bankruptcy context. Listen to the full podcast brought to you by AICPA's Forensic and Valuation Services Section.
Reed Smith's Keith Aurzada joins William Snyder and Dawn Ragan, both of whom served as financial advisors to the equity committee in the JCPenney case. Our speakers explain the valuation of JCPenney assets and how restructuring support agreements shaped this case.
CR3 Partners Adds Manager and Two Senior Associates
CR3 Partners is proud to announce its new Manager, Mark Kennedy, and its new Senior Associate, Lee Hiles, in the Atlanta office. We also made a recent addition to its new Richmond office with Senior Associate, Katie Usera.
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.
CR3 Partners' clients and referral sources agree that additional capital will be needed to return operations to the "new normal" after COVID-19. But how much capital will they need, where will it be deployed, and who will provide it?
The restaurant industry has been one of the hardest-hit industries during COVID-19. Director, Kep Sweeney, gives advice on how to best navigate through it and shares what his current client has done to actually improve during these difficult times.
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.
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.
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).
CR3 Partners, a Dallas-based national turnaround and performance improvement firm, today announced that the firm was awarded a 2018 Turnaround Award for "Ch 11 Reorganization of the Year for ($25-100MM)" by M&A Advisor in the "Chapter 11 Reorganization Award" category.