Agriculture & Food
MERU CASE STUDY
Identified $18.4M in EBITDA for a national Consumer Packaged Goods manufacturer
- A consumer packaged goods (“CPG”) Company and one of the largest producers of canned vegetables in the United States
- Provides canned and frozen vegetable products under a number of brands (Allens, Veg all, Trappeys, Popeye, etc.) – sold through two channels: retail and foodservice
- After completing a refinancing in June 2012 with a projected annual EBITDA of $37.7 million, the Company defaulted five months later, finishing the year with $1.4 million in EBITDA and less than $3 million in liquidity
- Initially engaged by the Board of Directors to identify EBITDA and working capital improvement opportunities
- After identifying a significant liquidity shortfall, the engagement transitioned into a restructuring role, which ultimately resulted in interim management roles – (Served as acting CFO, and Restructuring Officer)
Identified over $18.4 million in EBITDA performance improvement opportunities.
Identified & implemented sale process of non-core assets totaling $12.0 million.
Successfully sold the Company through a competitive § 363 sale process to a financial buyer led by the Company’s existing 2nd lienholders.