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CRO & Sale of Plastic Thermoformer Company

J.S. Held Acquires Shechter & Everett to Expand Forensic Accounting Capabilities for Family Law Disputes in Florida

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Home·CRO & Sale of Plastic Thermoformer Company

The Situation

  • Plastic thermoformer that served the horticultural marketplace from two Midwest plants.
  • The company lost $2 million from operations, primarily due to losses from an ill-fated acquisition two years prior. Unfortunately, the owners had saved an insolvent company from bankruptcy and liquidation by absorbing all its debts, including a beautiful manufacturing plant in a non-industrial rural area that would be difficult to sell.
  • Continuing price competition on commodity-type products had squeezed margins, and the company had inadequate cost systems to identify which products and customers were least or most profitable.
  • The company had been bleeding cash profusely and had exhausted all of its liquidity.
  • Additionally, no one was in day-to-day management control of the company.
  • The owners wanted to sell the company and salvage something as they were at retirement age.

How We Advised

  • The initial assessment revealed the seriousness of the problem, and our project manager became CRO to salvage as much value from the company as quickly as possible.
  • Quickly closed the corporate office and one of the plants, relocating all functions to the other plant to improve the significant underutilized capacity and to conserve cash and reduce costs.
  • Attempted to keep the business operating as we hoped to bridge to a sale transaction and avoid a liquidation that would be financially disastrous for all parties.
  • Negotiated on a daily basis for two months with the vendors and the bank to keep the business alive as a going concern in order to sell it.
  • Found two prospective buyers who preferred to purchase the business through a 363 bankruptcy sale.
  • Sold the business via a 363 sale, as our previous marketing was critical in convincing the court of the market value of the proposed deal, and sold the expensive plant independent of the business.
  • The secured lender recovered over 90% of its loan in this very difficult and painful process.

Related Practice Areas

> Chief Restructuring Officer (CRO) and Interim Management Services 
Our experienced C-suite interim executives advise and support companies in financial distress, experiencing hypergrowth, or that are challenged by critical vacancies among senior leadership. Whether the leadership void results from operating challenges, a recent officer resignation, the need for added support during busy periods, or during an extended job search for the right permanent hire, our experienced executives provide immediate relief and value.

 

> Business / Operational Assessment 
Most consulting firms approach a business assessment from a purely financial perspective — our assessments provide a 360° view of a business, addressing growth drivers, profitability, and uses of capital. Along with detailed financial performance reviews and cash flow forecasting, our comprehensive Business / Operational Assessment identifies the various challenges clients encounter throughout their operations. 

Key Contact

For additional information about the engagement or to learn more about our services, contact:

Dan F. Dooley
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Dan F. Dooley
Senior Managing Director
Mobile: +1 630 660 8952
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© 2025 J.S. Held LLC.  

All Rights Reserved.

J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held is not a law firm and does not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB or Ocean Tomo Investments, a part of J.S. Held, member FINRA/SIPC. All rights reserved.
J.S. Held

Headquarters

50 Jericho Quadrangle
Suite 117
Jericho, N.Y. 11753
+1 516 621 2900
[email protected]

J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held is not a law firm and does not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB or Ocean Tomo Investments, a part of J.S. Held, member FINRA/SIPC. All rights reserved.
Markets Served

Geographies

Industries

Media Relations

[email protected]

 

© 2025 J.S. Held LLC.  

All Rights Reserved.

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