SecurLog GmbH
SecurLog GmbH, a leading German cash-in-transit provider, was formed when Matlin Patterson acquired the main part of the business from Heros Werttransporte after it filed for insolvency in Q1 2006. Alvarez & Marsal was engaged by Matlin Patterson to step in as post acquisition advisor and to provide an interim senior management team – including CRO, CFO, COO and Treasurer. The company has since stabilised at only 30% less than its pre-insolvency business size. A platform for new growth has also been established, which is expected to increase turnover by 40% over the next 12 months. Alvarez & Marsal is continuing to lead the turnaround plan, which includes down sizing from 64 to 28 branches, divesting elements of the fixed asset base, acquiring new key accounts and initiating performance improvements. The assignment is ongoing.
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