Drone & UAV Remote Sensing Services
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Roles
Chief Restructuring Officer
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Jeff Armstrong
Partner, Partners
Jeff Armstrong has more than 35 years of experience in operations, finance, and general management.
Dustin Lough
Partner, Partners
Dustin Lough has over 20 years of financial management experience in turnaround, crisis management, business valuation, and acquisition due diligence in a wide variety of industries.
- 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
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