The Wilmington Group, a U.S.-based recycling and materials management company focused on recovered paper and fiber products, operated in a volatile commodity environment characterized by pricing fluctuations, shifting demand, and rising operating and logistics costs. The company required an independent assessment of its financial condition, liquidity, and business outlook to navigate these pressures.

CMA evaluated historical performance, liquidity, and forecast assumptions, and conducted a detailed review of operations and organizational structure. The work included analysis of business plans, operating processes, cost structure, and capital requirements, supported by management discussions and site-level observations to identify key risks and execution considerations.

CMA provided a fact-based foundation to support stakeholder discussions around capitalization and long-term strategy. By assessing performance across multiple scenarios and identifying key sensitivities, CMA helped align stakeholders on strategies to enhance financial stability, support the operating plan, and position the business to navigate evolving market conditions.

CMA was engaged to evaluate strategic alternatives including a sale for PMC Biogenix, leveraging its experience in complex situations and its ability to integrate operational and transactional execution.

CMA ran a targeted, solutions-oriented process across both strategic and financial counterparties, addressing key challenges including a compressed earnings profile, environmental considerations, and limited traditional going-concern value. The process generated multiple alternatives, ultimately leading to a structured outcome.

The transaction was executed as a liability risk transfer, whereby the buyer assumed site-level liabilities on an “as-is, where-is” basis, substantially eliminating future environmental and decommissioning exposure while allowing PMC to retain the operating entity and associated assets.

The outcome provided a value-accretive solution relative to alternatives while delivering certainty and mitigating ongoing risk, underscoring CMA’s ability to drive creative outcomes in highly complex situations.

Gulf Coast Scientific, a 25-year leader in non-invasive diagnostic testing and the maker of the FDA-approved, market-leading urea breath test for H. pylori, sought a strategic partner to expand awareness, accelerate global growth, and support its pipeline of pulmonary-based diagnostic tests.

Carl Marks Securities advised the Gulf Coast family through a comprehensive sale process, identifying SSI Diagnostica Group, a global infectious-disease diagnostics leader with complementary gastric, respiratory, and blood-borne testing platforms, as the optimal acquirer.

Gulf Coast was successfully sold to SSI Diagnostica Group, with leadership joining SSID’s management team. The combination enhances global reach, strengthens the companies’ H. pylori diagnostic offerings, and positions the platform for continued innovation and international expansion.

Worldwide Machinery is a global provider of heavy equipment rentals and sales serving pipeline construction, civil/infrastructure projects, mining, and related sectors. The Company faced sharp revenue declines due to reduced pipeline activity under the Biden administration, regulatory headwinds, leadership departures, and rapidly dwindling liquidity.

CMA evaluated 13-week liquidity needs, conducted a comprehensive analysis of performance by business segment and geography, reviewed and sensitized financial projections around key revenue drivers, and assessed the cost structure to identify efficiency opportunities and operational improvements.

CMA secured amendments to the secured loan agreements, enabling the Company to pursue its turnaround strategy, and advised the lender group on strategic options to protect their interests while stabilizing operations and improving the Company’s financial outlook.

Red Monkey, a producer and bottler of blended spice products such as cumin and salt, faced severe operational and financial challenges including inefficient manufacturing processes, declining revenue, rising raw material costs, significant financial restatements, and tightening liquidity. With its Sponsor withdrawing support, the Company was at risk of failing as a going concern.

CMA conducted extensive due diligence, analyzing standard costs by SKU and customer, evaluating the new management team’s operational improvement initiatives, reviewing capital expenditure needs, validating the 13-week cash flow, and building an integrated financial model to quantify funding requirements and sensitize management forecasts.

CMA advised the lender group on multiple potential paths, outlining short-term funding to pursue an immediate sale, medium-term capital to support a more deliberate sale process, and long-term equity funding to enable a full turnaround, providing a clear framework for decision-making in a distressed and rapidly evolving situation.

Beautycounter was a direct-to-consumer and multi-level marketing beauty brand founded in 2013 by Gregg Renfrew and later valued at $1 billion following a majority investment by The Carlyle Group. After a leadership change and strategic shift, the company faced severe operational and financial stress, prompting Ms. Renfrew’s return in 2024 and Carlyle’s exit from the business.

The company suffered from a loss of focus on its core selling model, extreme liquidity constraints, and an inability to service debt, creating an urgent need to stabilize cash flow and evaluate strategic alternatives.

CMA supported the lender group by validating the integrated financial model and 13-week cash flow forecast, analyzing recovery outcomes across competing offers, and working with management to maximize near-term liquidity, helping position the business for a successful asset transition under new ownership.

Rubio’s Coastal Grill, a leading fast-casual restaurant chain known for its fish tacos and previously operating nearly 200 locations nationwide, faced significant margin pressure driven by California’s rising minimum wage, which contributed to deteriorating performance and the need to rationalize its store footprint.

CMA conducted a comprehensive evaluation of the business, including four walls analyses for each location, 13-week liquidity forecasting, development of financial projections, and assessment of the cost structure, identifying operational efficiencies and strategic initiatives to stabilize performance.

After guiding the Company through footprint optimization and operational improvements, CMA executed a successful sale of Rubio’s ahead of the buyer’s pre-packaged Chapter 11 process, preserving value and positioning the business for transition under new ownership.

NBG Home was a global designer, manufacturer, and marketer of home décor products, including furniture, lighting, rugs, and bedding, serving major retailers worldwide. The Company entered a planned Chapter 11 process after liquidity deteriorated and a proposed going-concern transaction collapsed due to unaddressed pension liabilities.

CMA was engaged by the ABL lender group to analyze the Company’s cost structure, customer profitability, collateral base, capital structure alternatives, and liquidity needs, while also managing overseas supplier exposure and Sinosure claims and rigorously evaluating the DIP budget and post-emergence forecasts.

CMA redirected the case away from a potential Chapter 7 liquidation and led a successful carve-out of the profitable lighting and outdoor divisions, while winding down the remainder of the business, resulting in full recovery for the client and preserving hundreds of jobs.

FeraDyne, a manufacturer of outdoor and archery products, was evaluated by CMA on behalf of Owl Rock Capital following covenant breaches, elevated leverage, and significant working-capital pressure. The company required a comprehensive assessment of liquidity risk, including validation of 13- and 26-week cash flow forecasts, borrowing-base dynamics, and covenant compliance, along with sensitivity analyses to evaluate its ability to navigate a projected liquidity trough.

CMA analyzed operational drivers of cash underperformance, including demand forecasting and S&OP discipline, SKU proliferation, and inventory aging and obsolescence. The team assessed the impact of recent acquisitions, particularly OPI, on inventory levels and sourcing complexity, and evaluated procurement, logistics, freight, and assembly operations to identify opportunities for inventory reduction, cost improvement, and supply-chain optimization.

CMA developed actionable recommendations to stabilize liquidity and preserve enterprise value, including near-term capital solutions, SKU and inventory rationalization targets, and enhanced forecasting accountability. CMA also advised on operational initiatives such as outsourcing and 3PL implementation, and provided guidance on covenant monitoring, lender negotiations, and execution priorities to improve cash generation and reduce leverage.

Town & Country Living, a leader in home textiles and décor products, faced severe margin pressure from rising freight costs and an overbuilt inventory position following post-COVID demand surges and extended supply-chain lead times. When the sponsor withdrew support, junior lender Prospect Capital injected $14 million to stabilize the business.

CMA was engaged to step in as executive management, serving as Chief Restructuring Officer and Interim Chief Financial Officer, overseeing daily cash management, approving disbursements and purchase orders, restructuring the accounting and finance functions, and advising FP&A during a period of intensive liquidity management.

CMA developed and implemented a comprehensive operational and organizational restructuring plan, improved visibility through a rigorously managed 13-week cash flow process, led inventory liquidation efforts, drove a revised appraisal process that unlocked $2 million of additional availability, and produced weekly borrowing base reporting to support lender confidence and business continuity.

Professional Disposables International (PDI), a provider of infection-prevention medical supplies, experienced post-COVID operational headwinds, an unfinished manufacturing facility built with proceeds from a new credit facility, and a failed FDA audit that halted sales of its highest-margin products, creating significant liquidity strain and elevated professional fees.

CMA performed a comprehensive analysis of historical and projected financial performance, evaluated the feasibility and assumptions underlying the business plan, and assessed liquidity needs under base-case and sensitized scenarios. This work provided lenders with a grounded view of the Company’s operating reality to inform forbearance discussions and restructuring decision-making.

CMA advised lenders on restructuring options, drafted and negotiated an ABL-based restructuring term sheet, and supported ongoing monitoring as the Company pursued an alternative refinancing. The process concluded with the existing lenders refinanced at par, achieving a full recovery.

Remedi, a long-term care pharmacy provider serving multiple states and the District of Columbia, faced a significant decline in sales volumes as senior nursing facilities struggled with reduced occupancy in the post-COVID environment, placing pressure on liquidity and operational performance.

CMA was engaged to deliver a comprehensive lender assessment and ongoing monitoring, conducting a 13-week liquidity review, pharmacy-level four-walls analysis, sensitivity testing of financial projections, and a full evaluation of the Company’s cost structure to identify efficiency opportunities.

CMA helped the Company implement cost-improvement initiatives and secured amendments to its secured loan agreements, providing critical runway for Remedi to begin executing its turnaround strategy and restoring operational stability.