SOURCE: MorrisAnderson


October 05, 2011 10:55 ET

MorrisAnderson Honored With "Turnaround of the Year" Award by the Turnaround Management Association

CHICAGO, IL--(Marketwire - Oct 5, 2011) - MorrisAnderson, a leading financial and operational advisory firm, announced today that it received the "Turnaround of the Year - Small Company" award from the Turnaround Management Association (TMA), the only international non-profit association dedicated to corporate renewal and turnaround management. MorrisAnderson's CEO, Dan Dooley, along with Terry Bartz, managing director, and Aaron Gillum, director, were honored for their work with Analytics, Inc., a group of Midwestern analytical chemistry laboratory businesses.

MorrisAnderson served as the court-appointed receiver for Analytics, Inc., which in mid-2009 comprised three independent laboratories. The MorrisAnderson team instituted a three-stage plan to stabilize the immediate situation, develop and implement a new business plan and maximize recovery on the assets for the secured lender.

"We worked closely with the President David Riggs and the senior management team at Analytics, Inc. throughout the turnaround process, which was integral to our success," said Bartz. "Together, we were able to roll three separate, under-performing businesses into one profitable enterprise and save every single job in the process."

After leading the company's turnaround efforts for nearly a year, in late 2010, MorrisAnderson negotiated an agreement to sell Analytics, Inc. to a stalking horse bidder for nearly five times the amount offered to the lender at the start of the receivership. Ultimately, MorrisAnderson grew the company's sales by 23 percent, improved EBITDA 40 percent -- from $3 million in 2009 to $4.2 million in 2010 -- and added 15 jobs to the company.

"The real endorsement of our turnaround strategy was the impact we were able to have on the overall health of the business," said Gillum. "In 2011, Analytics, Inc. is targeting $16-$17 million in sales and at least $5 million in EBITDA under its new management."

Dooley, Bartz and Gillum served as financial advisors during the turnaround, providing comprehensive planning services tailored specifically to Analytics, Inc. Together they have more than 25 years of experience leading companies in a broad range of industries through successful turnarounds, providing interim management and implementing comprehensive revenue optimization programs.

"This national award showcases MorrisAnderson's commitment to ensuring a successful outcome for both the company and the secured lender by strategically managing every aspect of the complex turnaround process," said Dooley. "Under the leadership of our experienced turnaround team, we were able to engineer a financial victory for all parties involved in the Analytics, Inc. engagement."

The "Turnaround of the Year - Small Company" award will be presented October 26, 2011 at the 2011 TMA National Convention in San Diego. The award honors turnarounds at companies with revenues of less than $50 million at the onset of the engagement.

About MorrisAnderson
Now celebrating its 30th anniversary, Chicago-based MorrisAnderson has offices in New York, Atlanta, Toronto, Milwaukee, Cleveland, St. Louis, Minneapolis and Florida. The firm's service offerings include performance improvement, financial advisory, interim management, turnarounds, workouts, litigation support and insolvency services and wind-downs. MorrisAnderson emphasizes hands-on involvement for companies with $25 million to $500 million in annual sales.

About the Turnaround Management Association
Chicago-based Turnaround Management Association, the premier international nonprofit association dedicated to the corporate renewal industry, has more than 9,000 members in 47 regional chapters who comprise a professional community of turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants.

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