DEAL SIZE
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Enesco
COMPANY
Enesco is an American company specializing in the sales and distribution of giftware. The company was known as an industry leader during the 1970s, ’80s, and ’90s, as it carried the Precious Moments porcelain figurine line of products.
OVERVIEW
- ACM Capital Partners served as Financial Advisor in Chapter II proceedings and facilitated the sale of the Company in a 363 sale
- Company had breached it’s covenants and was transitioned to the bank’s workout group
- The lenders demanded to be taken out
- Company’s costs were not in line with declining revenues
- The company had a desperate liquidity position
ACM VALUE ADD
- Negotiated with lenders to amend the existing credit agreement until a new source of financing was found
- Put together a comprehensive cash management plan to conserve cash, increase working capital and allow the company to operate normally
- Sold the company to a financial buyer
Result
- Executed a restructuring and working capital plan
- Hired Investment bankers and successfully assisted in selling the company to a financial buyer
- Successfully negotiated and closed an amended $90 million credit agreement
- Restructuring culminated in one of the two “Turnaround of the Year” awards, for companies with annual revenues of $50 million or greater, by the Chicago/Midwest chapter of the Turnaround Management Association
