The Company
Industry: Manufacturing
Entity Type: PE-Backed
Operating Region: U.S.
Size: $50M
The PROBLEM
Following the departure of its CFO, the company engaged an interim CFO to provide financial leadership during a period of growth. Shortly after the engagement began, significant accounting irregularities were uncovered, requiring an experienced executive to stabilize the finance function, restore confidence in the company’s financial reporting, and rebuild credibility with the Board, lenders, auditors, and investors while maintaining day-to-day operations.
The Solution
McDermott + Bull Interim Leaders placed a seasoned finance executive with over 30 years of experience leading financial turnarounds and operational transformations for middle-market manufacturing organizations. The interim brought deep expertise in financial reporting, forecasting, cash flow management, operational improvement, and private equity environments, enabling the organization to quickly regain financial discipline and strengthen decision-making across the business.
The RESULT
The interim CFO restored confidence in the company’s financial operations by leading a comprehensive financial restatement, strengthening forecasting and reporting processes, and improving working capital management. In addition to rebuilding relationships with key stakeholders, the interim established stronger financial controls, enhanced operational performance, and positioned the organization with a stable financial foundation for future growth.
Financial Transformation
Restated approximately $5M in financial inaccuracies while improving EBITDA from $5M to $18M within 12 months.
Forecasting Accuracy
Increased revenue and shipment forecast accuracy from 30–40% to approximately 95%, creating more reliable planning and decision-making.
Liquidity Improvement
Increased cash balances to $9M while reducing outstanding bank debt from $4M to $1.7M, restoring financial stability and stakeholder confidence.
James Hickey
Managing Partner and President, McDermott + Bull Interim Leaders
hickey@mbexec.com
James Hickey serves as Managing Partner and President for McDermott + Bull Interim Leaders, helping companies with mission-critical needs for talented executives during key points in their life cycle. He also works closely with Private Equity Groups to help their portfolio companies when there are gaps in leadership or to provide additional support to the team during critical transactions.