Industries

Industrials & Manufacturing

The last decade has seen many changes in the U.S. industrials and manufacturing industry. Factors like technological advancements, consumer spending, and increases in global competition are a few of the challenges manufacturers face. In this continuously evolving industry it is vital for business owners to stay informed and make innovative, quick and well thought through business decisions in order to stay competitive.

SCP has led numerous industrial and manufacturing companies through diligent assessments to identify the specific challenges facing their business.  See how our team of professionals can help you.

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Case Studies

Industrials & Manufacturing Industry Team Members

William White

Senior Director

Roger Gorog

Senior Director

Christian Sorensen

Senior Director

Philip Kaestle

Managing Director

Bob Riiska

Managing Director

Carl Moore

Managing Director

David Bitterman

Managing Director

Ahmed Shamsi

Director

Bill Partridge

Managing Director

John Halloran

Senior Director

Ben Smith

Senior Director

Curt Kroll

Partner

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William White

Senior Director

BiographyNotable Assignments

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Industry Expertise

William White, a Senior Director at SierraConstellation Partners, has over 12 years of experience advising companies and creditor groups through complex transactions, including in- and out-of-court restructurings, distressed mergers and acquisitions, and challenging financings.

He has worked with clients across a variety of industries and executed transactions ranging in size from less than $100 million to over $20 billion. His industry experience includes apparel, automotive, consumer retail, manufacturing, distribution, infrastructure, technology and telecommunications.

Prior to joining SCP, Mr. White was a vice president in the restructuring group at Rothschild, Inc. in New York. He also worked as a financial analyst in the financial restructuring group at Houlihan Lokey and as a financial analyst in the corporate finance group at Ernst & Young.

Mr. White holds a bachelor’s degree in business administration from the University of Southern California and earned his MBA from New York University.

  • Served as interim manager of a designer, manufacturer and retailer of branded children’s apparel operating 82 stores and an e-commerce platform during its restructuring and sale of assets.
  • Advised a leading manufacturer of waste handling and recycling equipment in North America on the consensual out-of-court restructuring of $725 million in debt obligations.
  • Advised a leading global manufacturer of wire harnesses on its $325 million pre-packaged restructuring.
  • Advised a global Tier 1 automotive supplier during its Chapter 11 restructuring of approximately $22.2 billion of pre-petition liabilities.
  • Advised a Tier 2 industrial supplier on its $335 million pre-negotiated restructuring.
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Roger Gorog

Senior Director

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Industry Expertise

Roger Gorog, a Senior Director at SierraConstellation Partners, provides operational and financial advisory services to underperforming companies and companies in transition. His experience includes in- and out-of-court restructurings, business cost rationalizations, operational turnarounds, interim management, and transaction advisory services. Roger has experience across a variety of industries including, Aerospace & Defense, Business Services, Construction, Consumer Products & Retail, Energy, Financial Services, Food & Agriculture, Healthcare, Manufacturing, Real Estate, and Transportation & Logistics.

Before joining SCP, Roger was a Director at Alvarez & Marsal in their Healthcare Group where he worked on several large bankruptcy cases and numerous out of court restructurings. Prior to A&M, Roger worked in public accounting at Deloitte & Touche where he worked on financial statement audits of various corporations, both public and private.

Roger received his bachelor’s degree in economics and accounting from Claremont McKenna College and his Master of Business Administration (MBA) from The Peter Drucker School of Management at Claremont Graduate University. He is licensed as a Certified Public Accountant (CPA, inactive) and a Certified Insolvency & Restructuring Advisor (CIRA). He is an active member of the Association of Insolvency & Restructuring Advisors (AIRA) and the American Institute of CPAs (AICPA).

  • Interim CFO to a food manufacturer facing serious operational issues after losing its largest customer. He successfully reduced operating expenses and cash burn while negotiating with major vendors and the Company’s lender to extend their runway.
  • Officer for a leading cancer research institute where he was responsible for all finance and accounting related activities during a Ch. 11 bankruptcy and associated sale.
  • Financial advisor to large retail chain facing serious liquidity and liability issues. Communicated with all constituents, negotiated landlord concessions, and managed cash while we prepared for bankruptcy filing and associated liquidation sales.
  • Served as a financial advisor to a national ambulance company through a prepacked Chapter 11 bankruptcy that reduced balance sheet obligations by $350 million.
  • Financial advisor to an oil and gas E&P company where we successfully sold assets to strategic buyers, providing needed liquidity to maintain go-forward operations and successfully repay lenders and creditors.
  • Lead a due diligence assessment of a target company for a private equity firm that led to a successful transaction of medical information services provider. After the acquisition, he was further retained to assist in developing the integration plan, including development of various strategic initiatives to improve overall financial performance.
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Christian Sorensen

Senior Director

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Industry Expertise

Christian Sorensen, a Senior Director at SierraConstellation Partners, provides operational and financial restructuring and advisory services to both underperforming companies and companies in transition. He has experience with in- and out-of-court restructurings, operational turnarounds/improvement, balance sheet restructurings, debt and equity capital raising, mergers and acquisitions, divestitures, and conducting financial modeling and forecasting.

Christian has experience in a variety of industry verticals, including: aerospace and defense; agriculture; automotive; business services; consumer; food and beverage; healthcare; gaming, lodging and leisure; industrial and manufacturing; media and entertainment; oil and gas; restaurants; retail; technology; and transportation and logistics.

Prior to joining SCP, Christian worked at Sun Capital Partners, an operationally-focused middle-market private equity firm that invests in companies that are operationally challenged, experiencing an industry or business transition, undergoing a corporate divestiture, or managing rapid growth, with over $9 billion of capital under management. At Sun Capital Partners, Christian focused on analyzing control equity investment and divestiture transactions, and actively worked with executive management teams to drive performance improvement of portfolio companies. Prior to Sun Capital Partners, Christian worked at the investment bank Imperial Capital, where he focused on restructuring, financing, and M&A transactions.

In 2019, Christian won the M&A Advisor’s Annual Turnaround Award for Restructuring of the Year of between $25-$50 million for his work with the Cranberry Growers Cooperative.

In 2021, Christian received the M&A Advisor’s Emerging Leader Award, which recognizes leading M&A, financial and turnaround professionals who have reached a significant level of success while still under the age of 40.

Christian holds an Honors Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario, where he graduated with Distinction.

  • Financial advisor and part of team that served as Chief Restructuring Officer to cooperative of cranberry growers, which successfully implemented a Chapter 11 Plan of Reorganization. SCP's solutions identified and implemented operational changes to reduce costs by over 20% and improve production yields by over 10%, while providing secured lenders full recovery. The transaction also received a Turnaround Award by The M&A Advisor for restructuring of the year.
  • Financial advisor and part of team that served as Chief Restructuring Officer to agriculture and commodities company during its Chapter 11 bankruptcy restructuring. Executed an orderly sale of all inventory, monetized certain contract assets, and sold individual operating facilities via court-approved Section 363 asset sales to maximize recoveries.
  • Financial advisor to consumer packaging business with over $140 million of indebtedness following events of default. Developed and implemented cash management solution, identified operational changes to reduce working capital accounts and increase cash conversion, and provided strategic review of alternatives.
  • Financial advisor to diversified manufacturing company with prior year revenue of over $700 million, including developing plant idling plans and identifying and implementing operations changes to reduce quarterly cash burn by over $5.0 million, while achieving a successful refinancing.
  • Worked with leading global manufacturing company on key operational enhancement initiatives to generate over $30 million of EBITDA improvement, and sell non-core assets.
  • Led approximate $100 million acquisition of North American manufacturing company. Worked with executive management teams to identify cost savings and synergies across various departments to enhance EBITDA by approximately 50%.
  • Evaluated in- and out-of-court restructuring alternatives to maximize shareholder value for an aerospace company. Negotiated senior debt purchase, and subsequent stalking horse purchase agreement and credit bid in a Chapter 11 §363 asset sale.
  • Closed over $7.0 billion of restructuring, financing and M&A transactions.
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Philip Kaestle

Managing Director

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Industry Expertise

Philip Kaestle is a Managing Director at SierraConstellation Partners where he provides financial and operational advisory services to companies in transition. He has experience with balance sheet restructurings, interim executive management, operational turnarounds, identifying strategic opportunities, debt and equity capital raising, mergers and acquisitions, financial modeling and forecasting. Philip has worked in a variety of industries, including aerospace, apparel, distribution, entertainment, financial services, food and beverage, healthcare, industrial services, manufacturing, marketing, media, real estate and retail.

Philip has served in a variety of senior-level positions including Interim President, Chief Restructuring Officer, Interim Chief Financial Officer, Liquidating Trustee, Financial Advisor and Investment Banker to numerous middle-market companies and is particularly skilled at assisting clients through challenging situations.

Prior to joining SCP, Philip was an associate vice president in OneWest Bank’s Media and Entertainment Finance Group where he was responsible for structuring, underwriting and executing new senior debt transactions and recapitalizations for media and entertainment companies. He was also a senior financial analyst in OneWest Bank’s Commercial Real Estate Group, responsible for managing and liquidating non-performing real estate assets.

Before joining OneWest Bank, Philip was an associate at Arch Bay Capital, a Southern California-based real estate investment fund. He started his career as an investment banking analyst with Imperial Capital, LLC in Los Angeles.

In 2020, Philip received the M&A Advisor’s Emerging Leader Award, which recognizes leading M&A, financial and turnaround professionals who have reached a significant level of success while still under the age of 40. In 2022, Philip was named to the Turnaround Management Association Northwest Chapter Board of Directors.

Philip holds a Bachelor’s degree in Financial Economics from Claremont McKenna College and is one of the co-leaders of the Claremont McKenna College Seattle Alumni Chapter.

  • Liquidating Trustee and Chief Restructuring Officer to a distributor of alcoholic and non-alcoholic beverages where he raised senior debt through a refinancing of the company’s credit facility, then sold the assets of the company through a competitive process and completed the wind down despite ongoing litigation between the two shareholders.
  • Interim President and Chief Financial Officer to a dental laboratory manufacturing company where he rebuilt management and finance teams and significantly reduced operating expenses through a series of strategic initiatives despite a volatile operating environment.
  • Chief Restructuring Officer to a clinical-stage biopharmaceutical company which filed for Chapter 11 as a lawsuit with a former co-development partner was coming to a head. SCP led a settlement negotiation to resolve the litigation and is in the process of effectuating an orderly wind down of the business, which has already resulted in full repayment to the pre and post-petition lenders.
  • Chief Restructuring Officer and Interim Chief Financial Officer to a color marketing manufacturing company where he executed a series of cost reductions and operational improvements to increase profitability despite a challenging operating environment. He also assisted with the sale of the company, resulting in full repayment to the senior lender.
  • Chief Restructuring Officer and Interim Chief Financial Officer to an ethnic grocery store chain. Key responsibilities included cost reductions, vendor relations and cash management. He implemented a $12 million restructuring within a three-month timeframe which stabilized the business and allowed for a sale and subsequent recapitalization.
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Bob Riiska

Managing Director

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Industry Expertise

Robert O. Riiska, a Managing Director at SierraConstellation Partners, has over 25 years of turnaround and advisory experience, including serving in interim senior management capacities for clients and performing numerous value-added consulting assignments. Clients have included multigenerational family businesses, sponsor-backed roll-ups and large publicly traded corporations.

Mr. Riiska is a Certified Turnaround Professional (CTP), Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA). He received a Bachelor of Science Degree in Economics from the Wharton School of the University of Pennsylvania, and an M.B.A. in Finance and Marketing from the University of Chicago Booth School of Business.

Mr. Riiska serves on the boards of several leading industry associations including the Executive Committee of the Turnaround Management Association’s Southern California Chapter, the Advisory Board of the American Bankruptcy Institute’s Bankruptcy Battleground West and as a Secured Finance Network member director.

In 2019, Mr. Riiska received the Turnaround Atlas Award for his work as Chief Restructuring Officer of LORAC Cosmetics prior to joining SCP in 2018.

Mr. Riiska’s recent engagements have been in diverse industries, including automotive dealerships, transportation, furniture manufacturing and retailers, apparel, mining, cryptocurrency lending, nonprofits, consumer products, restaurants and industrials.

  • Served as CRO of a gold mine located in the Southwest U.S., spearheading out-of-court restructuring efforts which led to a successful sale.
  • Served as financial advisor to a manufacturer and distributor of commercial office furniture, negotiating a forbearance agreement which would give the company sufficient operational runway to recover from the issues mainly caused by the pandemic.
  • As CRO of a prestige cosmetics company based in Los Angeles, oversaw all aspects of day-to-day operations, including directly interfacing with large national retailers and suppliers, and developing and executing liquidation strategies for excess inventory, while also coordinating successful sale efforts.
  • As financial advisor to a consumer packaging company, negotiated a new financing solution to provide liquidity to maintain core operations and pursue growth initiatives, while also achieving a successful sale of one of the divisions in an expedited timeframe.
  • As financial advisor to a $500 million long-haul trucking company, developed a successful turnaround plan and convinced the lenders to provide a significant structured loan overadvance to facilitate execution of the plan.
  • Served as financial advisor to a $300 million family-owned grocery wholesaler and developed a comprehensive turnaround plan to return the business to profitability.
  • Served as CRO of a $900 million publicly-traded staffing company with over 30,000 temporary employees. Successfully sold several business units after a massive tax fraud related to an affiliated company had been discovered.
  • Acted as Financial Advisor to one of the largest manufacturers of recreational vehicles while it operated in Chapter 11, leading to a successful asset sale.
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Carl Moore

Managing Director

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Carl Moore, Managing Director and Head of the Dallas region at SierraConstellation Partners, has over 20 years of experience in distressed investing, private equity portfolio management, and the provision of advisory services to underperforming companies and companies in transition.

Prior to joining SCP, Carl had a 15-year career in the private equity, distressed investment and restructuring groups at Highland Capital Management in Dallas. Most recently, Carl served as the Co-Head of Highland’s Private Equity group managing a portfolio of 7 industrial and healthcare companies with a collective enterprise value of $700M. During and after the financial crisis, Carl co-managed a team of legal and investment professionals that led credit restructuring, amendment and related negotiations for the firm’s $25B+ leveraged loan and high-yield bond portfolio.

Prior to joining Highland, Carl practiced law as an associate with the law firms Brobeck, Phleger and Harrison and Looper, Reed & McGraw with a focus on financing and M&A transactions.

Carl graduated from the University of Texas at Austin with a BA in the Plan II Honors Program and a BBA in Finance, and then received a JD from the University of Houston Law Center. He is a member of the State Bar of Texas, and was licensed as a Certified Public Accountant (currently inactive).

  • Served as CRO of GDC Technics, a Fort Worth aerospace company focused on complex interior modifications and connectivity solutions for wide-body aircraft. SCP helped the client navigate a contentious bankruptcy process during which it completed an expedited transition into two new lines of business, settled a major lawsuit with a former contract counterparty, and sourced exit financing from a sponsor-backed customer that supported its post-emergence business plan.
  • Served as Interim Management for a Dallas-based distributor of fuel and lubricants. The client faced significant pressure from fluctuating commodity prices, customer concentration in oilfield service clients, and a thinly-staffed central management team. SCP improved reporting and internal controls, led communications and negotiations with the client’s main vendor and asset-based lender, and assisted the sourcing and onboarding of a permanent CFO.
  • Served on a SCP team that was the CRO for a Silicon Valley-based digital medicine company. In addition to customary bankruptcy-related matters, oversaw an extensive IP sale and technology transfer process to a former strategic partner.
  • Served as Chairman of the Board of a major chauffeured transportation portfolio company. Took an operational role in efforts related to the transition from an independent operator to employee business model and related litigation in several jurisdictions, as well as a comprehensive strategic and SG&A overhaul resulting in significant EBITDA improvement.
  • Served as Board member and worked with investment professionals and portfolio company management team to prepare a healthcare DME company for sale under an expedited time frame and intensely competitive industry environment. Managed multi-party negotiations with the Seller’s stakeholder group and a foreign strategic buyer. The sale resulted in significant value realization in the face of rapidly deteriorating subsector dynamics.
  • As Chairman of a development stage medical device company, led team that overhauled the finance function as well as provided operational guidance for its commercialization efforts. Led negotiation for distribution agreement with, and ultimate sale to, a major medical device company.
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David Bitterman

Managing Director

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Industry Expertise

David Bitterman, a Managing Director at SierraConstellation Partners, has nearly 30 years of experience as a financial advisor, investment banker and sell-side research analyst mostly serving the automotive, transportation and general industrial sectors. His career has provided him with great connectivity to lenders, lawyers, private equity firms and other return-oriented investors. David has enjoyed great success professionally both in an execution and business development capacity. At SCP, David is focused on maintaining support from his longstanding relationships to expand SCP’s presence in new markets, mostly on the east coast.

Prior to SierraConstellation, David spent 11 years at Huron Consulting Group where he first served in a capital raising capacity, eventually co-heading the firm’s broker-dealer and, subsequently, running new business development nationally for the Business Advisory practice.

Prior to Huron, David was 8 years at Deutsche Bank Securities, mostly in leveraged finance, first running the High Yield Research group and then moving onto the Industrials investment banking team where he worked on financing transactions in the automotive, commercial truck and car rental industries. David helped arrange and finance several leveraged buyouts of automotive suppliers and well as finance consolidation in the car rental industry and in support of several car OEMs as they managed through the Great Recession.

Since then, David has helped to raise capital for many stressed and distressed middle market companies and has worked alongside many lenders and investors to manage through some very challenging credits and platform companies.

In 2021, David won the 15th Annual M&A Advisor Turnaround Award under the category of ‘Information Technology Deal of the Year’ for his work with Wave Computing.

David received his bachelor’s degree in International Relations from Tufts University and his MBA in Finance from the NYU Stern School of Business.

  • Ran several successful debt capital raises concurrent with Financial Advisor roles at several stressed automotive suppliers through the Great Recession when credit appetite for the sector was particularly tight.
  • At SCP, David led the successful refinancing of a non-emergency ambulatory care provider.
  • Completed successful rights offering for an automotive supplier.
  • Ran a sellside advisory for Contech Castings in bankruptcy.
  • Ran a sellside advisory for a west coast-based digital marketing and advertising agency.
  • Served as Financial Advisor to a Georgia-based Payday lender, which ultimately resulted in a successful high yield bond offering.
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Ahmed Shamsi

Director

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Ahmed Shamsi, a Director out of Los Angeles at SierraConstellation Partners, supports Directors in providing operational and financial restructuring and advisory services to both underperforming companies and companies in transition.

Prior to joining SCP, Ahmed was an Audit Senior at Deloitte & Touche. His responsibilities included supporting and leading financial statement audits by identifying financial reporting risks, overseeing the implementation various audit procedures, and effectively managing teams of 2-5 people to meet strict reporting deadlines. Through auditing Ahmed has gained exposure to a variety of industries including Financial Services, Retail, eCommerce, and Manufacturing.

In 2021, Ahmed won the 15th Annual M&A Advisor Turnaround Award under the category of ‘Turnaround of the Year (Over $100MM)’ for his work with Alto Ingredients (fka Pacific Ethanol).

Ahmed earned a B.S. in Business Administration and Accounting from the University of Southern California. He is a CFA® charterholder and a licensed Certified Public Accountant (CPA) in the state of California. In 2021, he successfully completed ACG’s Middle-Market Certification program.

He is a member of the CFA Institute and CFALA society.

  • Managed a portfolio of distressed real estate assets and wholesale fabric businesses. Ahmed assisted with a $156M real estate transaction to obtain fresh liquidity of $19M for the business portfolio that extended the liquidity runway and improved strategic options for the portfolio. Additionally, he oversaw the winddown of fabric operations that yielded approximately $1.2M which were used to pay expenses and paydown bank debt.
  • Spearheaded audit that generates one of the highest fees among nonpublic clients within LA consumer products audit group. Responsibilities include leading quarterly financial statement reviews, executing work with minimal guidance and supervision, and coordinating workflow effectively between staff/senior team members to meet strict client deadlines.
  • Analyzed retail stores for impairment by performing sensitivity analysis on client’s DCF models by adjusting key assumptions (revenue growth rate and EBITDA margin). Resulted in a ~$500K finding that was communicated to the client.
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Bill Partridge

Managing Director

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Industry Expertise

Bill Partridge, a Managing Director at SierraConstellation Partners, has over 25 years of corporate finance, restructuring and capital markets expertise, across multiple industries including technology, biotech, media, energy and construction. Since joining SCP, Bill has worked closely with management teams, boards of directors, and stakeholders through many complex situations, leading them to successful results.

Prior to SCP, Bill spent several years as an interim executive and turnaround consultant taking on many unique and challenging engagements for private companies throughout the U.S.

Bill’s experience also includes leadership roles in private equity, banking, and as management at several operating businesses including Suntech, where he worked on its successful restructuring. His private equity and banking experience includes JP Morgan Partners, Credit Suisse and ABN AMRO Bank.

Bill’s work has yielded positive outcomes and earned him several recent industry awards:

  • In 2022, Bill was recognized in Global M&A Network’s 9th annual list of Top 100 Restructuring Professionals.
  • In 2022, Bill won the 14th Annual Turnaround Atlas Awards under the category of Private Equity Acquisition Deal of the Year.
  • In 2021, Bill won the 15th Annual M&A Advisor Turnaround Award under the category of ‘Information Technology Deal of the Year’ for his work with Wave Computing.

Bill received a BBA in Finance from the Mendoza College of Business at the University of Notre Dame and an MBA from the Marshall School of Business at the University of Southern California.

  • Financial advisor to the board of Embark Technology, Inc, a publicly traded autonomous trucking software company sold to Applied Intuition.
  • Financial advisor to board and CEO team leader for IT services and solutions provider based in Canada and US.
  • Financial advisor to board of a data center and fiber to the home outsourced service provider.
  • Financial advisor to board and Trustee to Debtor in Chapter 11 of publicly traded bio-pharma company, Zosano Pharma Inc.
  • Financial advisor in sale of private equity backed healthcare AI driven SaaS provider JVION to health analytics company, Lightbeam.
  • Financial advisor to Weldmac, a steel fabrication company, in its successful sale to TriMas (NASDAQ: TRS).
  • CRO team leader for business services company, Metco, in accelerated private sale process.
  • CRO team leader for Wave Computing, Inc. Chapter 11 reorganization. Debtor is a Silicon Valley based fabless semiconductor and AI technology company that owns MIPS IP core technology. Successfully orchestrated a plan of reorganization that provided liquidity for new product growth, while satisfying allowed creditor claims.
  • As interim CFO at a private B-corporation, improved liquidity through refinancing and the securitization of $40 million capital lease financings funded by a consortium of family offices and non-bank lenders.
  • Served as interim CFO at renewable energy company during refinancing and entry into foreign market. Bill led the expansion of the finance and accounting departments and successfully structured and raised corporate capital and off-balance-sheet project financing.
  • Financial advisor to rebar fabrication and construction company.
  • Financial advisor to stakeholders in a discount grocery store chain.
  • Financial advisor to board of a data center and fiber to the home outsourced service provider.
  • Represented debtor in restructuring of $2 billion multinational manufacturing company with headquarters in China.
  • Prior member of general partnership managing $360 million portfolio of private equity investments in technology companies.
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John Halloran

Senior Director

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Industry Expertise

John Halloran, a Senior Director at SierraConstellation Partners, provides interim management and operational and financial advisory services to underperforming companies and companies in transition. He leverages a growing track record at SCP and prior experience as a management consultant and private equity investor to help middle-market companies navigate through difficult business challenges. His experience includes exposure to various industries, such as pharmaceutical/biotechnology developers, consumer-facing brands, retailers, and distributors, media & entertainment providers, and information technology services and platforms.

John’s recent work at SCP has been recognized by industry awards, including:

  • In 2023, John was recognized by the Global M&A Network as an Americas “Rising Star Dealmaker,” which recognizes outstanding young dealmakers from the North and South American private equity, growth investing, lending, M&A and restructuring communities for their achievements in the space.
  • In 2023, John won the M&A Advisor’s Emerging Leader Award, which recognizes leading M&A, financial and turnaround professionals who have reached a significant level of success while still under the age of 40.
  • In 2023, John was recognized with colleagues by the Global M&A Network’s 15th Annual Turnaround Atlas Awards for the SCP team’s leadership of NewAge, Inc. in the category of Chapter 11 Restructuring of the Year (sm).

John has completed relevant professional education including the Chartered Financial Analyst (CFA) and Certified Insolvency & Restructuring Advisor (CIRA) designations. John is also active in several industry associations including the Turnaround Management Association (TMA), the Association of Insolvency and Restructuring Advisors (AIRA), and CFA Society New York.

Prior to joining SCP, John was an investor with Omaha Beach Capital. There, he supported management of private equity investment vehicles, with a focus on underwriting lower- and middle- market transactions. He began his career as a management consultant with Booz Allen Hamilton’s Strategic Innovation Group.

John holds a B.S. and M.S. degree in Political Science from the Massachusetts Institute of Technology (MIT). He is an alumnus of Chaminade High School in Long Island, New York.

  • Financial Advisor and Deputy Chief Restructuring Officer to a commercial-stage developer of branded OTC pharmaceutical products. As a Financial Advisor, analyzed cash flow assumptions, assisted the board in evaluating strategic alternatives, and conducted out of court negotiations regarding the settlement of liabilities. As Deputy Chief Restructuring Officer, facilitated negotiations to secure a stalking horse bidder, completed a sale of the company's assets through a 363 sale, and coordinated the Chapter 11 case requirements in Delaware.
  • Financial Advisor and Chief Restructuring Officer Support for a national dance events producer. Completed a review of company liquidity and business plan and assisted in negotiating a capital infusion from the senior lender to bridge the company to a sale transaction after events of default. Managed the company's cash flow and implemented cash controls on behalf of CRO and Board during the sale. The company was successfully sold to a private equity buyer in an out-of-court transaction.
  • Chief Restructuring Officer Support for the restructuring and sale of a global, publicly traded multi-level marketer of health and wellness products. Instrumental in ensuring that the company could prepare for and meet bankruptcy case requirements despite the limited budget and timeline. Key contributor on the SCP project team in their coordination of the company's finance function during the Chapter 11 proceedings in Delaware despite significant management turnover.
  • Interim CEO Support to a diversified IT services and solutions provider based in Canada and US. Assisted the CEO in overseeing company operations and communications with lenders regarding the company's capital needs in connection with a potential restructuring transaction. Oversaw the cash flow forecasting and reporting process for two independent operating entities and presented regular updates on behalf of company to lender group.
  • Chief Restructuring Officer and Liquidating Trustee Support to a wholesale distributor of beer, wine, spirits, and non-alcoholic beverages where he facilitated extensive transaction diligence for its acquisition by one of the world’s largest brewing companies and assisted the Liquidating Trustee in managing the satisfaction of all company obligations during its wind down post-close.
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Ben Smith

Senior Director

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Industry Expertise

Ben Smith, a Senior Director out of Chicago at SierraConstellation Partners, has over 20 years of experience providing financial advisory, restructuring and turnaround, and operational improvement services to companies across the transformation spectrum from those significantly distressed, to those stressed in specific segments of finance/operations, to those with targeted performance improvement initiatives.

He has experience with complex restructurings (both in and out of court), operational improvement initiatives, financial planning and analysis, budgeting and forecasting, cash flow management and modeling, business plan development and strategy.

Ben has experience in a variety of industries, including: airlines; automotive; distribution; healthcare; industrial and manufacturing; restaurants; and transportation and logistics.

Prior to joining SCP, Mr. Smith was most recently a Senior Director at Huron leading and supporting turnaround, restructuring and performance improvement engagements for companies of varying sizes in multiple industries.

Mr. Smith holds a bachelor’s degree in Government from Cornell University and earned his MBA from the University of Florida. He is also a Certified Insolvency and Restructuring Advisor (CIRA) and Certified Turnaround Professional (CTP).

  • Served as a financial advisor to a $300 million transportation and logistics company during their multi-year financial and operational restructuring.
  • Served as a financial advisor providing due diligence services for a merger between two regional trucking companies.
  • Served as a financial advisor for a $200 million distributor during its asset divesture and reorganization process.
  • Served as a financial advisor to a $100 million manufacturer during their winddown and eventual sale of remaining assets.
  • Served as financial advisor to several clients in the healthcare industry during their turnaround and restructuring processes.
  • Served as a financial advisor to a producer of storage systems from their pre-bankruptcy planning to their 363 sale.
  • Served as a financial advisor for a CBD producer from their pre-bankruptcy planning through their in-court restructuring.
  • Served as financial advisor to an airline during their bankruptcy process supporting sales of their main line operations, commuter assets and loyalty program.
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Curt Kroll

Partner

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Industry Expertise

Curt Kroll, a Partner at SierraConstellation Partners, provides interim management and operational and financial advisory services to underperforming companies and companies in transition. His experience includes challenging CRO roles, interim management, refinancings, distressed acquisitions and in- and out-of court restructurings. Mr. Kroll has held roles in various industries including retail, industrial manufacturing, real estate, financial services, and healthcare.

Prior to joining SCP, Mr. Kroll was the Chief Financial Officer and Chief Information Officer at Katy Industries, Inc., a publicly-traded manufacturer of consumer and industrial products with operations throughout the United States and Canada. While at Katy, he worked on numerous refinancings, acquisitions, operational integrations, and restructuring transactions. Prior to Katy, Mr. Kroll was a manager at Deloitte where we worked with middle-market and corporate clients across industries. Prior to Deloitte, he also spent 3 years in a regional public accounting firm working with middle-market companies.

In 2022, Curt won the M&A Advisor’s 16th Annual Turnaround Award (between $10mm and $100mm) for his work on the turnaround of francesca’s.

Mr. Kroll holds both a bachelor’s and master’s degree in accountancy from the University of Missouri. He is licensed as a Certified Public Accountant (CPA Inactive).

  • Served as CFO of a publicly traded-consumer product manufacturing company where he lead the company through a restructuring process that ultimately led to a return to investors through the sale of the business.
  • Served as a financial advisor to a $500 million outsourcing company through a sale process to a private equity group.
  • Served as a financial advisor for a $600 million oil and gas pipe manufacturer in a refinancing of its debt.
  • Served as a CRO to a $700 million national retail chain during its restructuring process.
  • Interim Chief Financial Officer to a national bridal retail company where he led the team post-bankruptcy to rebuild the Company’s brand image, employee morale and trust with key stakeholders including the debt holders.
  • Chief Restructuring Officer and Interim Chief Financial Officer to a national retail company where he executed a series of cost reductions and operational improvements to increase profitability despite a challenging operating environment. He also assisted with the sale of the company.
  • Was interim CFO to an 80-store candy retailer.
  • Served as a financial advisor to several clients within the healthcare industry on capital bond issuances raising over a billion dollars in capital.
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Katy Industries

Situation

  • Publicly traded manufacturer and distributor of plastic consumer and industrial projects faced a severe liquidity crisis and defaults with their lenders following the failed move of their primary manufacturing facility and the acquisition of a business.
  • The Company was also saddled with substantial debts from prior acquisitions and divestitures including lawsuits and environmental liabilities.
  • The Company was suffering operationally as a result of their move and had a failed financing due to the state of the turnaround.

SCP'S SOLUTION

  • SCP worked with management to put in an operational improvement plan to increase efficiency and minimize the cash burn.
  • This plan resulted in increased cash flows and the ability to secure a take-out financing of the first lien debt and provide additional liquidity.
  • SCP worked to streamline the management structure and improve plant-level operations to provide stability to the operations.

Results

  • As a result of SCP’s work, the Company turned around its operations to the point where the Company could sell its assets and continue to operate, thereby avoiding a liquidation or a break-up of the Company.
  • SCP helped retain an investment bank to help sell the Company through a going concern sale.
  • The Company was successfully sold through an asset sale to the second lien lenders and the preferred equity along with a new partner to eliminate a large amount of the antecedent debts and preserve value for the fulcrum security holders.
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Aluminum Shapes, L.L.C.

Situation

  • Aluminum Shapes, L.L.C. is a $40 million vertically integrated foundry and producer of aluminum products with capabilities to process, anneal, cut, fabricate, weld and extrude aluminum.  
  • Years of adverse market trends, including increased competition from overseas suppliers, forced the Company into a sale process.
  • Increased metal prices, supply chain issues, COVID-19 closures and the lack of cash flow further exacerbated the Company’s financial difficulties to the point the existing lenders were unwilling to fund working capital.

SCP'S SOLUTION

  • An SCP professional was retained as Chief Financial Officer to help prepare for and see the Company and its affiliates through the Chapter 11 process. 
  • Once engaged, SCP immediately took control of cash and operations and implemented a comprehensive plan to preserve liquidity to reach the ultimate sale of the Company in Chapter 11.
  • SCP was able to secure $15.5 million in post-petition DIP financing.

Results

  • The Company’s assets were sold through a Section 363 sale under a Chapter 11 proceeding resulting in a full recovery to the secured lender and over 60% recovery to the unsecured creditors.
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Manufacturer of Vitamins & Supplements

SITUATION

  • Contract manufacturer of vitamins, supplements, and personal care products.
  • Leading up to its acquisition, an overall industry slowdown resulted in the Company facing challenges including achieving short-term sales and collection targets and cash flow volatility

SCP'S SOLUTION

  • SCP was engaged to collaborate with the Company’s management to mitigate risks relating to the sale process and ensure maintenance of sufficient liquidity for the company through the target closing date.
  • Over a two-month period, SCP closely monitored the Company’s cash flow. Weekly reports jointly prepared by SCP and Company management were shared with the bank, providing a comprehensive overview of the Company's financial position while the sale transaction proceeded.
  • SCP created an enhanced 13-week cash flow monitoring tool, met weekly with the Company’s management on the sale process and risk mitigation, advised the client on vendor negotiations needed to maintain liquidity, and had regular communication with the bank on the sales process and any risk-mitigating strategies to maintain liquidity.

RESULTs

  • Through closely working with the Company’s management team and diligent monitoring and proactive risk mitigation, SCP helped ensure that the company maintained sufficient liquidity. As a result, the Company successfully completed the sale transaction, achieving its strategic objectives.
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Manufacturer of Color Representation Marketing Tools

Situation

  • A Chicago based, $60 million manufacturer of color representation marketing tools experienced a rapid decline in liquidity driven by a sharp drop off in sales and a lack of internal controls which led to an over-advanced line of credit.
  • After the senior lender froze the company’s working capital line, SCP was retained to serve as the Chief Restructuring Officer, develop a near-term cash flow forecast and explore exit strategies to maximize recovery to all stakeholders.

SCP'S SOLUTION

  • Identified and implemented $5.5 million of cost reductions within the first two weeks of the engagement. Demonstrated the company’s viability and reconstructed internal procedures to strengthen internal controls.
  • Created a short-term weekly cash flow forecast and exit strategy to negotiate a forbearance with their senior lender. 
  • After a failed attempt to refinance the company’s senior debt, SCP was named as the Interim Chief Financial Officer. Despite improved operating performance, the legacy internal control issues forced the process towards a sale. SCP prepared formal marketing materials and engaged an investment banker to broaden the pool of prospective buyers.
  • Successfully sold the company to a financial buyer within six months resulting in full recovery to the lenders.

Results

  • Despite the operational headwinds and the 30% decline in revenue, the business was generating 15% unadjusted EBITDA margins.
  • Maintained communication with all management, production employees, customers, vendors, lenders and prospective buyers.
  • Built a series of business analyses without an ERP system to demonstrate the company’s viability despite obvious challenges.
  • Worked along side the buyer’s team of professionals to facilitate a successful transition.
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Manufacturer of Electronic Cigarettes

Situation

  • A $110 million manufacturer, marketer and e-tailer of electronic cigarettes and vaping equipment that secured financing at a $1 billion+ valuation were facing substantial liquidity and operational pressures due to a failed product launch.
  • The company was also in default and under a severe liquidity crisis related to the inventory returns and customer losses associated with the launch.
  • SCP was retained by the company to provide financial advisory services to navigate the crisis.

SCP'S SOLUTION

  • Assessed the liquidity and operational issues facing the company to identify a short-term liquidity forecast and predictable forecast to assess the financial solutions.
  • SCP worked with vendors to maintain continuity of supply based on strong communications and consistent follow through.
  • SCP determined additional liquidity was required and supported the Company through the subsequent investment banking and financing process.

Results

  • Profitability was improved and credibility was restored with existing vendors as well as the marketplace.
  • Short- and long-term commercial agreements were negotiated with customers and vendors to ease liquidity concerns and improve cash flow.
  • The leadership team was overhauled to include industry veterans and an independent board of directors with a smaller overall work-force.
  • Long term financing was secured to fund the turnaround process and continue operations through the turnaround.