Apex Leaders Assists Distressed Investor with Glassware Manufacturing Turnaround
The Challenge
Our private equity client invests in distressed asset opportunities and wanted to investigate the landscape of publicly-traded and privately-held glassware manufacturing companies. With a surge in the number of breweries, distilleries, and wineries in the United States over the last decade, our client believed there could be distressed investment opportunities that were being overlooked by other investors. Our client leveraged Apex Leaders on sector thesis work to better understand the glassware manufacturing space and connect them with former and current industry executives who could help them analyze the competitive landscape and overall market trends.
Turnaround Story
Based on insights collected during diligence, our client began to buy the debt of a glass and can distributor that manufactures spirit packaging (i.e. glass bottles for wine and beer, aluminum cans, and accessories such as corks and stoppers). After buying a portion of the manufacturer’s debt, our client decided to pursue the acquisition of the company. Because the glassware manufacturer was distressed, our client requested introductions to advisors with turnaround experience, specifically in the manufacturing and packaging industries, as well as experience partnering with private equity firms.
The Results
Our client sought advisors deeply tenured in packaging supply chain management who were also C-suite executives from direct competitors or parallel packaging companies. They were also interested in learning how winery and brewery customers evaluate and select glass products from companies like the target and its competitors. Apex sourced, vetted, and presented:
- Former CEOs and Presidents from the target’s leading competitors
- Strategic high-level formers from the target company
- Current CEOs and Founders of the target’s customers
Last Word
Over the course of our client’s sector thesis and due diligence efforts, they were introduced to a dozen board-caliber senior executives including two River Guide advisors that our client brought on full-time post-acquisition. One now manages supply chain operations of the manufacturing facility and another serves on the board of the portfolio company.