Alvarez & Marsal

Alvarez & Marsal Forms Dedicated Private Equity Performance Improvement Group

April 20, 2009

Firm Draws on Deep Operational Heritage to Help Private Equity Firms ‘Navigate Away From Danger Zone'

Nick Alvarez, Jeff Feinberg, Kathy Iversen, Richard Jenkins, Charles Lowrey and Markus Lahrkamp Serve as National Practice Leaders to Group of 30 Professionals

New York, NY (April 20, 2009) - As private equity firms face a new investment landscape in the wake of the credit crisis and dramatic market shifts, Alvarez & Marsal (A&M), one of the leading independent global professional services firms specializing in performance improvement, turnaround management and business advisory services, has formed a dedicated Private Equity Performance Improvement group.

"The challenging environment has forced private equity firms to hunker down and, in many cases, quickly implement financial and operational changes in their portfolio companies that allow them to preserve value" said Nick Alvarez, a managing director and national practice leader of A&M Private Equity Performance Improvement. "Drawing on our operational heritage and range of practical expertise, Alvarez & Marsal's performance improvement team has led the way in working closely and collaboratively with mid-and large cap investment funds and their portfolio company management teams to solve complex problems before they evolve into distressed situations, prevent value deterioration and position businesses for long term improvement.  Our team includes a deep bench of experienced industry C-suite operators and performance improvement oriented consulting professionals who help to accelerate the process either on an interim management or in a management consulting role.  We are approximately 30 dedicated professionals with plans to be 50 in the next several months, exclusively serving private equity portfolios."   

A&M's private equity professionals provide end-to-end services to private equity firms throughout the entire investment lifecycle. This includes due diligence and pre-acquisition support, post-acquisition performance improvement services and exit support, as well as serving in interim management positions.

The group's leadership team includes:

• Nick Alvarez is a managing director and national practice leader with more than 15 years of operating experience. Based in New York, Mr. Alvarez focuses on assisting private equity sponsors with due diligence and post-acquisition performance improvement and interim management.
  
  
• Jeff Feinberg has rejoined the firm as a managing director and national practice leader after most recently serving as a managing director and operating partner at Angelo Gordon, a major private investment firm. Based in New York, Mr. Feinberg was formerly a member of A&M's turnaround and restructuring group for eight years.
  
  
• Kathy Iversen is a managing director and national practice leader who most recently served in A&M's Business Consulting group and prior to that was the senior vice president of global sourcing and strategy for Target. Based in Chicago, Dr. Iversen is an expert in financial operations, supply chain, cost reduction, strategic and leverage sourcing, business innovation, organizational integration, transformation and revenue enhancement.
  
  
• Richard Jenkins is a managing director and national practice leader who most recently served in A&M's Transaction Advisory Group. Based in Denver, Mr. Jenkins specializes in analyzing strategic business plans, managing cash requirements and developing plans to improve financial management and reporting functions. He is currently serving as interim CFO for a Midwest concern.
  
  
• Charles Lowrey is a managing director and national practice leader, most recently with A&M's Business Consulting group; he built and led its Accounting Advisory and Remediation Practice. Based in Houston, Mr. Lowrey brings extensive experience in working directly with boards and CFOs to quickly remediate broken financial organizations and processes; he brings hands-on expertise in financial reporting and controls, shared services,merger integration and outsourcing. Mr. Lowrey is currently serving as an interim CFO and board member of a private equity owned manufacturing company.
  
  
• Markus Lahrkamp joins A&M as a managing director and national practice leader based in New York. With more than 15 years of consulting experience, he brings a wealth of expertise in top-line growth and performance improvement for manufacturing, distribution and services companies across a variety of industries. Prior to joining A&M, Mr. Lahrkamp was the president and CEO of Arthur D. Little, Inc. and Droege & Comp., Inc. He built and led both of the companies' private equity practices in New York, and focused on due diligence and value enhancements for a significant number of private equity-sponsored portfolio companies.

Alvarez continued, "Clients choose Alvarez & Marsal Performance Improvement Group when they are looking to rapidly identify opportunities and efficiently implement improvements relating to the critical operating EBITDA levers and cash drivers of a business. It's about speed to action oriented execution and achieving results. This is what our firm delivers, makes us stand apart and is why clients consistently choose us." 

In addition to the newly comprised management team, Steven D. Goldstein has joined as a managing director and Dan Powell, previously of the turnaround and restructuring group at A&M, is a managing director. Joining the firm as senior directors are: Mike Barna, Mark Oser, Pierre Boldt and Torben Wetche. Stuart Douglas, Tim Keneally, Ryan Schmidt and Mike Simoncic have all transferred from the firm's Business Consulting group, and Darrin Wald has transferred from the firm's Transaction Advisory Group, to serve as senior directors for A&M Private Equity Performance Improvement. Also, Marcy LoCastro has joined as a senior adviser.    

Mr. Powell was previously a managing director for A&M's turnaround and restructuring group. He has more than 25 years of broad-based experience as an operating general manager, mergers and acquisitions specialist, and senior strategist for both high-growth and established businesses. Earlier, he spent eight years with McKinsey & Company, where he was active in the firm's private equity, consumer goods and retail practices. He also served as CEO of a national distributor of sporting good products and COO of a branded shoe manufacturer.

Mr. Goldstein brings more than 30 years of experience as a senior operating executive. He joins A&M after serving as the founder and president of Chaycon for eight years, a boutique advisory firm providing consulting and leadership coaching where, in many cases, he assumed an interim CEO role and assisted with the selection and transition to permanent management.  Previously, Mr. Goldstein was the president of Sears Credit Services and served on the Sears Management Committee and earlier, served as chairman, president and CEO of American Express Bank as well as a member of the American Express Planning and Policy Committee.  He is currently serving as an interim CEO of a Midwest bank.

Over the course of his more than 25 year career, Mr. Barna has served in numerous senior and executive roles. He has been a business partner and direct report to six CEOs over the last 13 years. Prior to joining A&M, Mr. Barna served as senior vice president and CFO for Atlas Air Worldwide Holdings, Inc. Previously, he held executive positions with Trafin Corporation and GE Capital Corporation, where he last served as executive vice president-aviation services.  In his current role for A&M, Mr. Barna is assisting an air-services and transport company.

Mr. Oser has specific expertise in strategic sourcing of goods & services, leveraged / collaborative sourcing, organizational design and post merger integration. Prior to joining A&M, he was a director with Archstone Consulting where he helped build, and was ultimately asked to co-lead, the strategic cost reduction practice. Earlier, he was director of member engagement for the WorldWide Retail Exchange (now Agentrics), and also previously served as a manager in the operations practice of Deloitte Consulting. Additionally, Mr. Oser owned a frozen dessert manufacturing business that produced all-natural sorbets.

With more than 10 years of consulting experience throughout North America, Europe and Asia, Mr. Boldt provides clients with operational, strategy and turnaround expertise across a broad array of industries including automotive, electronics and other manufacturing sectors.  Prior to joining A&M, he was a principal at Arthur D. Little, Inc. where he was instrumental in building and leading their private equity practice. 

Mr. Wetche is an accomplished general manager and financial executive with successes in diverse industries undergoing rapid change and increasing competitive pressure, including paper and chemicals, industrial polyester, lime, capital equipment, food, cement, packaging and metal recycling.  Most recently, he served as treasurer and CFO for Schweitzer-Mauduit, a public $800M specialty paper manufacturer. Previously, he was CFO and vice president of Performance Fibers and earlier, served as senior vice president and CFO of Heidelberg Americas.

Ms. LoCastro brings more than 30 years of experience in providing accounting solutions, software package implementation, business process improvement, and management reporting solutions to CEOs and CFOs. Prior to joining A&M, she served as the managing partner of the New York office of Tatum, LLC, a leading executive services firm providing strategic and operating leadership in finance and information technology. Previously, she held principal and partner roles with accounting and consulting firms, including Deloitte & Touche LLP, Ernst & Young and JH Cohn LLP. 

About Alvarez & Marsal Private Equity Performance Improvement        

For 25 years, Alvarez & Marsal, a leading global professional services firm, has led the way in working with investors and their portfolio companies to provide end-to-end services that improve performance and maximize value for stakeholders in every economic cycle.  Whether serving in interim management or advisory roles, the firm draws on a deep operational heritage and hands-on approach to deliver comprehensive services across the investment lifecycle including due diligence/acquisition support, performance improvement and business advisory services, portfolio management, turnaround management and exit support, among others. 

A&M has earned consistent recognition for its client work domestically and internationally by the Turnaround Management Association and was recently named Turnaround Firm of the Year by M&A Advisor and M&A Atlas Awards.  The firm has been named one of the top ten best firms to work for by Consulting Magazine.

For more information, visit www.alvarezandmarsal.com

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