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Alyssa Andrade
Senior Associate, Other Professionals
Alyssa Andrade is a finance professional with a background in private credit and banking. Her experience spans across various industries in the middle market and encompasses both the U.S. and Emerging Markets.
Tim Skillman
Managing Director | Partner, Partners
Tim Skillman is a highly experienced and successful senior executive with valuable management, consulting, and finance expertise.
David Tiffany
Managing Director | Partner, Partners
David Tiffany is a corporate finance and accounting professional offering over 20 years of leadership experience.
- Identified new sourcing opportunities for inventory productivity
- Surfaced initiatives to drive value
- Performed corporate SWAT analysis
The company was a $50MM designer and seller of compact appliances including beverage and wine coolers, ice makers, and other products through e-commerce retailers and direct-to-consumer sales. CR3 Partners was engaged by a creditor of the company to assess the company's projections and assumptions and understand the strengths and weaknesses of top customers, product costs, key business relationships, and processes. CR3 also estimated the company's enterprise value and gave recommendations on how the business could be improved.
The Situation
- $50MM designer and seller of compact appliances, including beverage and wine coolers, ice makers, and other products
- Products were sourced from various countries and sold to retailers and direct-to-consumers within the U.S. and Canada
- Company was experiencing underperformance and multiple covenant breaches, prompting lenders to insist on advisors to review company’s financial viability and assess how much additional capital would be needed to support company’s fiscal year budget
The Work
- Engaged by creditor to assess business model, determine viability of projections, and provide recommendations on cost-cutting measures to stabilize business
- Conferred with CEO to discuss company’s historical underperformance and discuss budget assumptions, including initial cost-cutting measures built into management’s model
- Engaged with Vice President of Finance to understand fully loaded landed costs of imported products and to determine contribution margin by customer
- Consulted with Director of Sourcing to analyze key vendor and business relationships and identify opportunities for improvement
- Identified management and resource weaknesses within current staffing structure
The Results
- Connected company to vendor sourcing specialist, who is experienced in sourcing and value engineering out of China
- Outlined additional cost-cutting measures, including recommendations to improve supply chain and velocity of inventory
- Advised lenders on additional capital needed to support company’s budget
- Highlighted exit opportunities for lender group and determined key initiatives needed to drive value within company
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News
CR3 Partners Opens Los Angeles Office and Adds New Partner
CR3 Partners is delighted to announce that Tim Skillman has joined as a Partner of the firm and will be heading the new CR3 Partners Los Angeles office.
News
New Partner and Two More Executives Receive CTP Designation
The CR3 Partners Board of Managers is delighted to announce that James Katchadurian has been promoted to Partner with the firm.
External Link
CR3 Partners Advises NEOPS Alongside SSG Capital on Sale of Debt
SSG Capital Advisors, LLC (SSG) acted as the investment banker to New England Orthotic & Prosthetic Systems, LLC and its affiliates in the sale of all of its outstanding senior debt to AHM Healthcare Strategies (AHM), an affiliate of Eschen Prosthetic and Orthotic Laboratories, Inc. (Eschen).