Enhancing Enterprise Management Value by Providing Critical Turnaround Expertise
ORLAND PARK, Ill.--(BUSINESS WIRE)--#CFO--Kreshmore Group (KG), a private restructuring and strategic mergers & acquisitions advisory company, announced today that it has successfully completed an eight (8) month endeavor providing critical corporate restructuring and M&A intermediary services for CCC Technologies (CCC). As a result of KG’s strategic services, enterprise management value was enhanced and CCC was successfully acquired by a boutique private equity firm located in the Chicagoland market.
CCC, a full-service IT firm located in the western suburbs of Chicago, in late 2018 found their business in a heavily distressed situation when they decided to utilize Kreshmore Group’s professional turnaround expertise. CCC welcomed KG’s skillset and found true value right from the onset as Kreshmore Group began restoring financial confidence by addressing strategic and operational challenges. “Kreshmore Group was able to roll up their sleeves quickly to help our business stabilize, rehabilitate and restructure,” said Geoff Adaire, CEO of CCC. “A realignment was necessary, and KG took a true partnership approach during an uncertain time.”
By implementing a turnaround plan and developing a future-state-operating-model for CCC, critical steps were taken to manage communications with lenders and creditors, provide financial modeling and operational improvements, and focus on enhancing liquidity and cash management. KG inserted an interim chief restructuring officer (CRO) to handle critical financial and restructuring activities. “With our hands-on approach and skill set we were able to execute a diligent strategic turnaround plan with success,” said Greg Paulus, CRO at Kreshmore Group. “A sharp focus on true cash management and cost-effective spending was critical in realigning CCC’s business.”
In addition to proving critical turnaround expertise, Kreshmore Group acted as exclusive M&A intermediary to CCC Technologies as well. Key KG team members working on the restructuring and sale were Greg Paulus and Jacob Pechukas. The result of CCC’s successful turnaround led to the sale of CCC to a Chicagoland private equity firm in late 2019 - specific terms of the deal transaction were not disclosed. CCC will continue to go to market under its long-standing, reputable brand.
About CCC Technologies
CCC Technologies (CCC) is a full-service IT firm located in the western suburbs of Chicago. Founded in 1984 after the ruling that broke apart AT&T, the Firm sold and supported Nortel phones, a spinoff of AT&T. Nortel eventually became Avaya, and the Firm remains one of Avaya’s largest and oldest business partners. The Firm is national in scope. CCC provides hosted voice (VOIP), managed data and network services to a blue-chip client list that features a variety of business sizes across industries. To learn more about CCC please visit www.CCCTechnologies.com, today.
About Kreshmore Group℠
Kreshmore Group (KG), through its predecessors started operations in 2009, is a seasoned restructuring and M&A advisory company. The firm serves diverse niche industries of mid-market & emerging growth companies within the continental United States. KG assists clients in restructures/turnarounds, workouts, recapitalizations, mergers, acquisitions, preparing companies to sell, senior and subordinated debt structuring, c-suite advisory, outsourced analytics and modeling, and solving complex financial problems with unique solutions. Headquartered in Orland Park, Illinois, KG is known within the Chicagoland area as a tenacious and hyper-focused strategic consulting firm. Kreshmore Group consists of a creative, cohesive and diverse team with over 175 years of combined relevant experience. To learn more about KG please visit www.Kreshmore.com or our LinkedIn page, today.
Thomas G. Varga