AlixPartners’ Lovett named ‘Turnaround Professional of the Year’
LONDON, 05 December 2007 – David Lovett, Managing Director at AlixPartners, on 3 December was named ‘Turnaround Professional of the Year’ at the annual Society of Turnaround Professionals (STP) Awards, Europe’s top corporate turnaround awards. Lovett’s career spans 30 years and he is known within the industry as a deeply experienced, well-rounded restructuring professional. Called by STP the ‘professionals’ professional,’ Lovett received the award as recognition for his significant contribution to the turnaround industry in recent years. On winning the award, he said, “I am both delighted and honoured to receive this award. Among other things, I believe this recognition serves as testament to the commitment we at AlixPartners have to providing intelligent, strategic advice and support to all of our clients.”
Acknowledgment of AlixPartners’ overall expertise also shone through as two of the four turnarounds shortlisted for STP’s ‘International Turnaround of the Year’ award were clients of the firm. Schefenacker, the automotive-industry supplier, and Maerklin, the world’s largest manufacturer of model railways and accessories, were both shortlisted, and Maerklin received the winning award in this category.
When Maerklin, headquartered in Germany, was forced into financial hardship in 2006, three AlixPartners professionals were appointed to the company’s management team. By addressing a number of aspects of the business, and with the introduction of new products and channels, the company reversed a previous four-year downward trend, with 660 jobs preserved in Germany and a further 360 in Hungary.
There was further recognition for AlixPartners – specifically, its advisory offering -- as Galiform plc (formerly MFI Furniture plc) was shortlisted for the ‘Listed Company Turnaround of the Year’ award. When the company’s market capitalization collapsed in 2005, turnaround commenced with in October of that year with the appointment of Matthew Ingle as CEO and AlixPartners as advisors to the Group. “Our work at Galiform shows the breadth of our turnaround and restructuring services,” said Pippa Wicks, the Managing Director in AlixPartners’ London office who led the engagement. “Though well known for our interim-management work in turnarounds, Galiform was an excellent example of our restructuring-advisory services to what was an extremely complex case.”
“AlixPartners’ overall fantastic showing in this year’s STP awards is, we believe, further proof that AlixPartners is fast forging a reputation for quality and professionalism in Europe similar to the one we’ve long enjoyed in North America,” said Michael Grindfors, CEO of the firm. “Best of all, this recognition comes from our peers. There is great satisfaction in that. And at the same time, this recognition is also a powerful motivator for all of us to continue to provide leading-edge services to our clients in the future.”
About AlixPartners
AlixPartners is a global restructuring, consulting and financial advisory services firm, with offices in Chicago, Dallas, Detroit, Dusseldorf, London, Los Angeles, Milan, Munich, New York, Paris, San Francisco, Shanghai and Tokyo. It is on the Web at www.alixpartners.com.
About STP
The Society of Turnaround Professionals (STP) was established in 2000. Its accredited members are proven experts at rehabilitating under-performing organisations within a very wide range of industry sectors, and many different types of ownership structures. As the professional body for turnaround practitioners, STP’s remit is to ensure that the highest standards of ethics, behaviour and quality are observed and adhered to by its membership. (www.stp.org.uk).
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