AlixPartners

Methode Electronics Announces CFO Transition Plan

Retrieved on:

Monday, April 8, 2024

Retirement, Methode Electronics, AlixPartners, Accounting, Annual report, EidosMedia, Electronics, LED, Controller, CFO

Mr. Rawden has held multiple CFO and interim CFO positions at both publicly traded and private companies.

Key Points:

Mr. Rawden has held multiple CFO and interim CFO positions at both publicly traded and private companies.
"I would like to thank Ron for his many contributions to Methode and wish him the best in his retirement.
David is a seasoned finance executive, and Methode will benefit from his expertise over the next several months."
“I am proud of my time at Methode and am confident in the opportunities ahead for the company as I transition into retirement.”

AvidXchange Announces Board Additions and Transitions

Retrieved on:

Tuesday, March 26, 2024

CHARLOTTE, N.C., March 26, 2024 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced the appointment of two new Board members – Oni Chukwu and Arthur J. (“A.J.”) Rubado. Mr. Chukwu was elected by the Board to serve as a Class I director of the Company effective upon the resignation of Ms. Murdock. Mr. Rubado was elected by the Board to serve as Class III director of the Company effective upon the resignation of Mr. Harris. Messrs. Chukwu’s and Rubado’s terms will expire at the annual meeting of the Company’s stockholders to be held in 2025 and 2024, respectively. The appointments maintain the number of directors at nine, eight of whom are independent.

Key Points:

Mr. Chukwu was elected by the Board to serve as a Class I director of the Company effective upon the resignation of Ms. Murdock.
Mr. Rubado was elected by the Board to serve as Class III director of the Company effective upon the resignation of Mr. Harris.
I wish them all the best,” stated Michael S. Praeger, Chairman and Chief Executive of AvidXchange Holdings, Inc.
Concurrent with the aforementioned additions, AvidXchange announced that Matthew Harris and Wendy Murdock have resigned from the Board and any committees on which they served, effective March 21, 2024.
Both joined the AvidXchange Board, prior to the Company’s IPO, in connection with the Company’s institutional capital raises.

MISTRAS Group Appoints New Chief Transformation Officer to Advance Business Transformation

Retrieved on:

Monday, March 25, 2024

Project Phoenix, Growth, Supply chain management, General Electric Company, Partnership, Professional studies, AlixPartners, Louisiana Tech University, Electricity, Baker Hughes, Fossil fuel, Pennsylvania State University, Lean Six Sigma, Interim, Oil, Management

Mr. Hammad will report to Mr. Manuel (Manny) N. Stamatakis, Chairman of the Board and Interim CEO of MISTRAS Group, Inc.

Key Points:

Mr. Hammad will report to Mr. Manuel (Manny) N. Stamatakis, Chairman of the Board and Interim CEO of MISTRAS Group, Inc.
As the new CTO of MISTRAS Group, Mr. Hammad will continue to oversee the implementation and continuation of Project Phoenix.
Mr. Hammad expressed his enthusiasm for his new role, "I am thrilled to join MISTRAS Group at this pivotal moment.
As Mr. Hammad assumes his new role, MISTRAS Group looks forward to the innovative leadership and strategic initiatives he will bring.

Pernod Ricard Rated Top European Company in the 2024 Data & AI Human Capital Report: World Rankings Compiled by AlixPartners & Darwin X

Retrieved on:

Thursday, April 4, 2024

Pernod Ricard (Paris:RI) has been ranked as the leading European, and number four in the world, consumer goods company in terms of bringing skills dedicated to data and artificial intelligence (AI) in-house, according to the 2024 Data & AI Human Capital Report produced by AlixPartners and Darwin X.

Key Points:

Pernod Ricard (Paris:RI) has been ranked as the leading European, and number four in the world, consumer goods company in terms of bringing skills dedicated to data and artificial intelligence (AI) in-house, according to the 2024 Data & AI Human Capital Report produced by AlixPartners and Darwin X.
The study, which covers the 65 biggest global companies in the sector, assesses the proportion of the internal workforce dedicated to data and artificial intelligence activities, using data gathering and processing technology developed by Darwin X.
These results reflect the strategic priority given to leveraging data on a large scale at Pernod Ricard and highlight its position as a pioneer in business-applied AI.
As Pierre-Yves Calloc’h, Pernod Ricard’s Chief Digital Officer explained, “In 2020, we launched an ambitious Data and AI programme to ramp up our business.

Zinnia Closes Acquisition of Ebix’s North American Life and Annuity Assets

Retrieved on:

Monday, April 1, 2024

Zinnia Corporate Holdings (“Zinnia” or “the Company”), an Eldridge Industries business and leading life and annuity insurance technology services company, and Ebix, Inc. (“Ebix”), a supplier of software solutions, today announced that Zinnia’s acquisition of Ebix’s North American Life and Annuity Assets (the “L&A Assets”) has closed.

Key Points:

Zinnia Corporate Holdings (“Zinnia” or “the Company”), an Eldridge Industries business and leading life and annuity insurance technology services company, and Ebix, Inc. (“Ebix”), a supplier of software solutions, today announced that Zinnia’s acquisition of Ebix’s North American Life and Annuity Assets (the “L&A Assets”) has closed.
Zinnia will be welcoming over 770 new team members across 6 locations in India and the United States.
Global operations across the L&A Assets will be uninterrupted for customers and partners, providing continuity for the life insurance and annuity ecosystem.
The acquisition will further enable Zinnia to better serve carriers, distributors, and consumers as it builds the modern rails of the insurance industry.

Patient Square Capital, a Leading Health Care-Focused Investment Firm, Agrees to Acquire NanoString Technologies

Retrieved on:

Monday, March 11, 2024

NanoString Technologies, Inc. (OTC: NSTGQ) (“NanoString” or the “Company”), a leading provider of life science tools for discovery and translational research, today announced that it has reached an agreement with Patient Square Capital (“Patient Square”), a prominent health care investment firm, pursuant to which Patient Square will serve as the “stalking horse” bidder in conjunction with a court-supervised sales process.

Key Points:

NanoString Technologies, Inc. (OTC: NSTGQ) (“NanoString” or the “Company”), a leading provider of life science tools for discovery and translational research, today announced that it has reached an agreement with Patient Square Capital (“Patient Square”), a prominent health care investment firm, pursuant to which Patient Square will serve as the “stalking horse” bidder in conjunction with a court-supervised sales process.
Under the terms of the agreement, Patient Square intends to purchase substantially all assets of the Company’s global business operations as a going concern for $220 million.
“This agreement with Patient Square provides continuity for our scientific customers and employees, and represents an important step in our financial restructuring,” said Brad Gray, President & CEO of NanoString.
Patient Square is represented by Kirkland & Ellis LLP as counsel and Greenhill & Co as investment banker.

C1 Announces Agreement with Lenders and Other Stakeholders to Significantly Reduce Debt and Boost Liquidity, Enabling Company to Invest for Growth

Retrieved on:

Thursday, April 4, 2024

Silver Point Capital, Growth, Health, AlixPartners, White & Case, Patient, LLP, Monarch Alternative Capital, Student, United States bankruptcy court, Bankruptcy, L.L.C, CVC Capital Partners, Security (finance)

BLOOMINGTON, Minn., April 4, 2024 /PRNewswire/ -- C1, an advanced technology and solutions company, today announced it has entered into an agreement with a supermajority of its lenders and certain other stakeholders to support ongoing efforts to invest in the transformation and growth of the business. The agreement provides for the reduction of approximately 80% of debt from the balance sheet and $245 million in new equity commitments, resulting in a significant increase in the Company's available liquidity.

Key Points:

Over the past year, we have been taking actions across the organization to help position C1 for success in the market and harness the full value of One C1.
The new financing will, subject to Court approval, be available to support the Company throughout the process and in the future.
C1 has filed a number of customary "first day" motions to continue uninterrupted operations during the financial restructuring.
is serving as investment banker, and AlixPartners LLP is serving as financial advisor to C1.

GETZLER HENRICH NAMES MICHAEL OSMENT MANAGING DIRECTOR IN DETROIT OFFICE

Retrieved on:

Monday, March 25, 2024

CIO, GM, Education, Information technology, TRW, Commercial property, Business, AlixPartners, Rocket Mortgage, Knowledge, Warner Bros. Discovery EMEA, CISO, University, MBA, Digital divide, Automotive industry, Taubman Centers, Management

NEW YORK, March 25, 2024 /PRNewswire/ -- Michael Osment has joined Getzler Henrich & Associates LLC ( getzlerhenrich.com ), one of the nation's oldest and most respected middle-market corporate restructuring and operations improvement firms, as a Managing Director in the Detroit office.

Key Points:

NEW YORK, March 25, 2024 /PRNewswire/ -- Michael Osment has joined Getzler Henrich & Associates LLC ( getzlerhenrich.com ), one of the nation's oldest and most respected middle-market corporate restructuring and operations improvement firms, as a Managing Director in the Detroit office.
In announcing Mr. Osment joining Getzler Henrich, Joel I. Getzler, Co-Chairman of Getzler Henrich said, "We are pleased to welcome Mike to Getzler Henrich.
William H. Henrich, Co-Chairman of Getzler Henrich continued, "Detroit is an important and growing market for Getzler Henrich.
Prior to Getzler Henrich, Mr. Osment held the post of Chief Technology Officer at Bedrock Detroit, a real estate company 100% owned by Rocket Mortgage founder and primary owner, Dan Gilbert.

Princeton Equity Group Adds Jeremy Wright as Operating Partner

Retrieved on:

Tuesday, March 19, 2024

AlixPartners, HVAC, Investment, Atlantic Street station, Acquisition, Management consulting, Princeton University

PRINCETON, N.J., March 19, 2024 /PRNewswire/ -- Princeton Equity Group ("Princeton"), a private equity firm focused on franchise and multi-unit companies, announced today that Jeremy Wright has joined the firm as an Operating Partner. Jeremy's responsibilities will include providing tactical support to the firm's portfolio companies, partnering with management teams to drive strategic and operational initiatives, and helping further institutionalize the operating resources that Princeton brings to each of its investments.

Key Points:

PRINCETON, N.J., March 19, 2024 /PRNewswire/ -- Princeton Equity Group ("Princeton"), a private equity firm focused on franchise and multi-unit companies, announced today that Jeremy Wright has joined the firm as an Operating Partner.
Most recently, Jeremy served as an Operating Partner at Atlantic Street Capital, during which he supported numerous companies across a wide array of service categories, including pool service, HVAC, medical supply, and aftermarket automotive services.
Jim Waskovich, Managing Partner of Princeton Equity Group, said, "We are thrilled to welcome Jeremy to the Princeton team.
Phil Piro, Principal at Princeton Equity Group, added, "Jeremy brings a unique combination of qualities that include an extensive track record working with middle-market and founder-owned companies combined with an entrepreneurial approach.

Thrasio Takes Steps to Strengthen Financial Position

Retrieved on:

Wednesday, February 28, 2024

Court, AlixPartners, Kirkland & Ellis, United States bankruptcy court, LLP, KCC, Amazon, Centerview Partners, Bankruptcy

NEW YORK, Feb. 28, 2024 /PRNewswire/ -- Thrasio Holdings, Inc. ("Thrasio" or "the Company") today announced that it has entered into a restructuring support agreement (the "Restructuring Support Agreement") with approximately 81% of its revolving credit facility lenders and approximately 88% of its term loan lenders that will eliminate approximately $495 million of the Company's existing debt, defer all interest payments in the first year post-emergence and infuse new capital into the Company. To implement the terms of the Restructuring Support Agreement, Thrasio has initiated a pre-arranged court-supervised Chapter 11 process in the U.S. Bankruptcy Court for the District of New Jersey (the "Court").

Key Points:

Thrasio expects to use this process to strengthen its financial position and meaningfully deleverage its balance sheet.
Thrasio has received commitments from certain of its lenders for up to $90 million in new financing.
"We are taking steps to build on this progress by strengthening our financial position and working with our lenders to support our future success.
Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor and AlixPartners LLP is serving as restructuring advisor.