The Company
Industry: Medical Equipment Manufacturing
Entity Type: PE-Backed
Operating Region: U.S.
Size: $70M Revenue
The PROBLEM
Following the merger of two businesses and the resignation of its CFO, the company needed experienced financial leadership during a critical period of integration. The organization was consolidating entities and operations while navigating cash flow pressures, preparing its annual budget, and working to improve the accuracy and integrity of its financials. Leadership needed an interim CFO who could quickly take ownership of the finance function, maintain stability, oversee key consolidation efforts, and keep critical financial priorities moving forward.
The Solution
McDermott + Bull Interim Leaders placed an interim CFO with over 25 years of experience driving growth and transformation in PE-backed environments. Partnering closely with leadership and the private equity sponsor, the interim leader took ownership of the budgeting and forecasting process, year-end audit, plant consolidation, and working capital initiatives. The interim CFO also established a formal financial calendar, developed a new commission structure, and provided oversight for the integration of a new third-party logistics provider to improve operational efficiency and accountability.
The RESULT
Despite significant operational and financial pressures, the interim CFO successfully kept mission-critical initiatives moving forward throughout the engagement. The company budget was delivered ahead of schedule, working capital performance improved, the plant consolidation was executed, and the year-end audit reached approximately 95% completion with sign-off secured one month earlier than the prior year. The interim leader also identified a critical contractual error with the potential for significant financial impact and provided the private equity sponsor with clear recommendations to support the organization’s continued stabilization and financial performance.
Accelerated Year-End Audit
Brought the year-end audit to approximately 95% completion and secured sign-off one month earlier than the prior year.
Delivered Budget Ahead of Schedule
Completed the company budget ahead of schedule while supporting forecasting and strengthening financial planning.
Protected Financial Performance
Identified a critical contractual error with the potential for significant financial impact while improving working capital and operational efficiency.
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.