Protein Business
Roles
Financial Advisor
Mike Juniper
Managing Director | Partner, Partners
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.
William Snyder
Senior Managing Director | Partner, Partners
With executive and entrepreneurial experience spanning close to 40 years, William Snyder has restructured, managed, and guided a multitude of companies in a wide variety of industries.
Barak Tulin
Senior Managing Director | Partner, Partners
Barak Tulin is a creative, analytical, and effective executive with over 25 years of experience in performance improvement, restructuring and turnaround, financial planning and analysis, transaction services and general management.
- Increased EBITDA
- Lender agreed to forbearance agreement
- Restructured existing debt and stabilized balance sheet
- CR3’s action plan was adopted to support the company’s restructured operations
The $160MM meat processor had a history of profitability, but faced operational challenges which led to a significant reduction in revenue and EBITDA. CR3 professionals worked with management to implement financial controls and develop strategic options, driving the company towards being demand-driven rather than production-driven. Efforts increased EBITDA nearly 2x and the lender agreed to a long-term forbearance. Under CR3’s action plan, the company restructured existing debt and stabilized their balance sheet.
The Situation
- Meat processor with two U.S. facilities, annual revenue of $160MM, a diverse customer base and multiple branded product
- Company had history of profitability but faced significant challenges due to under-utilization of its slaughter operation, turnover in its executive team, staffing constraints, and sub-optimal supply and pricing
- Operational issues resulted in significant reduction in revenue and EBITDA
The Work
- Worked with management to create operational-restructuring plan with new operating and financial metrics and a special emphasis on shrink and margin spread
- Implemented cash and working-capital management controls to provide time for analysis of strategic options
- Company switched strategic focus to becoming a demand-driven, rather than production-driven company
- Refocused management on performing against new metrics
- Improved slaughter operations by increasing volumes with third-party processors where the company charges a custom-kill fee, but does not take ownership of the animal
The Results
- EBITDA increased from $3MM to a projected $5-7MM
- Lender agreed to long-term forbearance agreement
- Company restructured existing debt and stabilized balance sheet
- CR3’s action plan was adopted to support the company’s restructured operations
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