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Abraxas Group Provides Interim Leadership in Successful Middle Market Turnaround

August 26, 2016, 07:00 AM
Filed Under: Turnaround Management

Abraxas Group, a boutique advisory firm focused on driving radical value through transformational leadership, announced the compelling results of its inaugural engagement.
Situation Overview
David Johnson, founding partner of Abraxas Group, was retained to serve as Interim CFO of a private equity backed construction company facing operational and capital structure challenges. Over the course of an 11-month turnaround, the client witnessed a profound turnaround and restructuring:

  • 230% YoY increase in comparable period EBITDA (unadjusted)
  • 34% reduction in comparable period average Days Sales Outstanding
  • Doubling of Enterprise Value (>$70MM)
  • Successful refinancing of $100MM in total debt facilities

David Johnson had the following to say: “As a career change agent, I have always preached to clients the potential for radical value creation in a turnaround situation.  This case was special, in that everything came together: supportive  ownership, a change oriented leadership team, an energized staff, a talented group of advisors, and capital providers who were open to supporting a compelling turnaround.  Every successful turnaround is a team effort, and in this case the team performed admirably.” 

Abraxas Group is a boutique advisory firm focused on providing transformational leadership to middle market companies.  Founding Partner David Johnson has served as advisor or interim manager on over $5 Billion of distressed transactions, and is a recognized expert on the topics of value creation, change management, performance improvement, turnaround, and restructuring. 

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