12 Aug Amherst Partners Honored by TMA for Transaction of the Year
Amherst Partners is pleased to announce that the sale of Albany, Indiana-based Beach Mold & Tool, Inc. to Livonia, Michigan-based NYX, Inc. has been honored by the Turnaround Management Association (“TMA”) as its 2020 Transaction of the Year in the mid-size company category.
About the Assignment
Amherst was initially engaged to provide financial advisory services to distressed automotive supplier Beach Mold & Tool. This engagement soon developed into a Chief Restructuring Officer (“CRO”) assignment, followed by a mandate from the Company’s senior lender to assess the viability of selling the business to a strategic acquirer. As an initial step and in fairly short order, Amherst was able to facilitate the sale of an underperforming division which was, at the time, responsible for losses that represented a significant drain on the Company’s cash resources.
This initial transaction created the opportunity to pursue an orderly sale process involving the Company’s healthier, more viable operations located in New Albany, Indiana. Prior to launching such a process, however, the Amherst team engaged in a complex restructuring exercise aimed at stabilizing the Company’s financial performance, addressing systemic operational issues that eroded profitability, and demonstrating Beach’s strategic value to prospective buyers. The success of this restructuring project ultimately paved the way for the successful sale of the business to Livonia, Michigan-based NYX.
“This is a great example of the impact that an effective turnaround process can have on a situation – even one that looks fairly dire,” said Amherst Restructuring Advisory Practice Head and engagement team leader Sheldon Stone. “By taking the time to understand the root causes of the problems, we were able to help the client mitigate them to the extent that they could engage in a robust competitive process to find a buyer with the resources and strategy to effectively incorporate Beach’s assets into their existing business, and use the resulting operations as a platform for growth. This is exactly what happened – not only did the legacy Beach jobs in both Virginia and Indiana stay in those communities, but the new operator of the Company’s primary facility, NYX New Albany, subsequently added several hundred more positions in that market.”
In addition to the Amherst team of Sheldon Stone, Brian Phillips, and James Morden, Amherst would like to recognize the advisors, attorneys, and lending professionals on both sides of the transaction, including Sue Cook at Warner Norcross & Judd, Peter Bolton at Wolfson Bolton, and Vince Pavlak at KMPG, as well as the owners and management teams at Beach Mold & Tool and NYX.
About the Award and Selection Process
The TMA Turnaround and Transaction Awards are among the most prestigious and important recognitions in the industry. The awards are given after many rounds of diligence and analysis by a team of volunteer awards committee members representing a cross section of TMA professionals. These professionals dedicate many months of time to assure that the nominated cases are properly vetted in a highly competitive field of excellent submissions.
The Turnaround Management Association (TMA) is the most professionally diverse organization in the corporate restructuring, renewal, and corporate health space. Established in 1988, TMA has almost 10,000 members in 54 chapters worldwide, including 34 North American chapters. Members include turnaround practitioners, attorneys, accountants, advisors, liquidators, consultants, as well as academic, government employees, and members of the judiciary.