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A £15m equity fund raised to identify, develop and operate CHP plants for blue-chip industrial users.
Jeff Holder has operated as Non-Executive Chairman since the funds inception. All the SPVs are profitable, cash generative and successful.
TAIGA was introduced to a loss-making business where the existing turnaround plan had stalled despite the injection of c. £100m in cash over a number of years.
TAIGA supported the Directors in re-evaluating the established plan and led the redesign and refresh of a turnaround pathway. The plan provided clarity and direction to potential investors and an accelerated M&A process was undertaken and ultimately the insolvent sale maximizing investor returns.
Company owned by a PE Funds and Management under an LBO structure. Due to 2008 / 2009 crisis investment in this market decreased drastically. Refinancing and renegotiation of the debt was necessary.
Complete review of the cost structure, change in the Management and executive reorganization. This has enabled the Group to renew with good profit (from 0 to 7%) and positive cash flow (+ 50 M€).
Company owned by two PE Funds and Management under an LBO structure. Needs to improve productivity and competitiveness in preparation for a secondary LBO.
Optimisation of the financial and operational organisation of the Group and implemented new cost control processes. Despite the 2008 / 2009 crisis the level of profitability was maintained and covenants were achieved.
Desired change of shareholder. From an UK Engineering company to a Private Equity funds.
Successfully managed to be acquired by the desired Private Equity funds at a satisfactory price for the previous shareholder (2x in 3 years) without endangering the future LBO. In the year following the acquisition, working capital has been improved by more than €100M
Sales administration costs had grown within Levis Europe much faster than business growth and operational requirements desired. A target savings of £10M (12% of current costs) was estimated.
A small task force was formed to review the sales admin operations throughout tall the European subsidiaries. A benchmarking exercise was conducted to assess each operation. The targeted savings were met in their entirety through a mixture of staff reductions and process improvements. A further benefit was gained in forming a process transferring sales admin's best practices throughout the organisation.
The European group wanted to improve the Accounting & Finance function in Ireland, as there were significant shortcomings in accuracy, reporting & governance. The Department was badly led, untrained and its staff were generally insufficiently qualified, using antiquated accounting methods.
Accounting & admin procedures and practices were overhauled extensively, and two, new computer systems were prepared, tested and implemented (one job costing and one accounting). Staff job descriptions were prepared and training was given in new procedures and practices to improve quality and reporting timetables (reduced from 4 weeks to 5 days). Finance operations were improved to produce £150k pa savings. also found and investigated an accounting discrepancy of over £1million. Subsequently asked to conduct a similar review in the Danish operations, with similar problems and eventual results.
Acted as CFO post 3i instigated MBO, as incumbent considered non-effective. Accounting and finance staff were at a low morale following a long MBO process. Accounting systems were bespoke, internally prepared and under supported within the IT department as well as very antiquated and rudimentary. The monthly reporting timetable was extremely labour intensive, onerous and not really fit-for-purpose - reports were prepared 6 - 8 weeks after the month end. Cash was not under control and AR was around 70 days with significant amounts overdue.
Implemented much-needed finance discipline into the function around accounting and cash procedures (reducing AR to 31 days and improving cash flow by £1.4 million) and improving the monthly reporting to two weeks while at the same time improving the quality of management information (favourably commented on by senior Board members at the time).
We reviewed the IT Department staffing and capability and also selected and successfully introduced new external software (accounting and MIS systems) to replace the antiquated systems. The company had to move to new premises and I project managed the investment required, £3million) and obtained Board approvalfor this and the acquisition of its first subsidiary, in Ireland.
A requirement arose for a CFO based in Latin America, providing oversight and control over the operations for the UK HQ Group. Centred in Santiago, Chile, substantial operations existed in Chile, Peru, Ecuador, Colombia and Argentina.
Implemented new and improved controls over monthly reporting and financial forecasting. Developed refinancing for four affiliates obtaining £30million in new capital and £75 million in trade financeto fund operations. Identified and evaluated major strategic acquisitions (BMW in Chile, Ford in Peru and Fiat in Argentina- agrrenfield operation start up) and obtained UK Board approval via Capital Committees.