The Turnaround Management Association (TMA) is the only international non-profit association dedicated to corporate renewal and turnaround management. Its international headquarters is in Chicago and was established in 1988 with around 9000 members. Every year TMA gives awards to the biggest turnarounds of the year in USA.
These awards are divided in 5 categories, according to the size of the company which are 1) Mega company, 2) large sized company, 3) Mid- size company, 4) small company , 5) International company
The 5 award wining teams of 2010 have a vast difference in there client deliveries but, they share a common thing between them is a huge turnover and bright future in their respective industries. The award winning teams of this year are:
1) Mega Company : Pilgrim's Pride was an $8 billion company dealing in uncooked partially cooked and fully cooked chicken products. It was facing problems of excess poultry supply and increase in commodity prizes. then CRG partners took the charge and raised up this company from bankruptcy to the biggest turnaround of the year and took from negative $350 million (2008) to $504 million ($504) in 2010
The CRG Team : William K. Snyder, CTP, CRG Partners Group, LLC; David W. Parham, Baker & McKenzie LLP; D. Michael Darland, CRG Partners Group, LLC; Winston Mar, CRG Partners Group, LLC; Richard A. Cogdill
2) Large sized company : Sleep Innovations Inc, is a manufacturer of sleep products which was facing sever nightmare as it was going into losses then Carl Marks Advisory Group was hired which eventually took the reins of the company and restored profitability and positive cash flow with their turnaround plan.
Carl Marks Advisory Team : Rick Heller, CTP, Carl Marks Advisory Group; Bob Sacks, American Capital Strategies; Paul Travers, DiMaio Ahmad Capital LLC; Stephanie Parker, JPMorgan Chase Bank; Patrick Flynn, Conway MacKenzie, Inc.; Mike Lastowski, Duane Morris LLP
3) Mid- size company : Z Gallerie it is a family based home furnishings and decorative accessories retailer. they faced hardships in the business then the team of Pachulski Stang Ziehl & Jones LLP made the turnaround plan by refocused their sourcing, merchandising and pricing efforts to restore gross margins.
Pachulski Stang Ziehl & Jones LLP Team : Jeffrey W. Dulberg, Pachulski Stang Ziehl & Jones LLP; Teddy M. Kapur, Pachulski Stang Ziehl & Jones LLP; Thomas S. Paccioretti, Broadway Advisors, LLC; Benjamin F. Cary, Broadway Advisors, LLC; Robert L. LeHane, Kelley Drye & Warren LLP
4) Small company : Agriprocessors, Inc was the largest meat and poultry processor with revenues in excess of$300 million per year in 2008. But then internal frauds in the senior Management caused severe hardships for the company and ultimately resulted in a bankruptcy. then the team of Triax Capital Advisors helped to save the company and the biggest turnaround in the year.
Triax Capital Advisors Team : Marc Ross, Triax Capital Advisors, LLC; Bradly D. Schwab, Triax Capital Advisors, LLC; Joseph E. Sarachek, Triax Capital Advisors, LLC
5) International company : Skis Rossignol SAS was a french ski maker company was rapidly going down in sales as soon as it was acquired by the new management group in november 2008 . Then Alvarez & Marsal was hired as CFO to develop and execute the turnaround plan.. this partnership worked and the company created a history by its turnaround
Alvarez & Marsal Team : Douglas Rosefsky, Alvarez & Marsal; Johann Temim, Alvarez & Marsal; Alexandre Masson, Alvarez & Marsal
The 2010 TMA Transaction Awards were announced on Friday, September 17, and Award recipients that will be honored at the 2010 TMA Annual Convention, October 7 at the JW Marriott Grande Lakes resort in Orlando, Fla.