CHICAGO, IL--(Marketwire - November 2, 2010) - MorrisAnderson, a leading financial and operational advisory firm, announced today that it received the "Turnaround of the Year -- Small Company" award from the Atlanta Chapter of the Turnaround Management Association. MorrisAnderson's turnaround and workouts practice provides comprehensive planning services individually tailored to each client.
Managing directors Michael J. Musso and Steven F. Agran were honored for their work with Cosmolab, Inc., a 100-year old manufacturer of color cosmetic and skincare products based in Lewisburg, Tenn. Musso served as the chief restructuring officer and interim CEO of Cosmolab and Agran served as the primary financial advisor during the turnaround process. Together, Musso and Agran have more than 30 years of experience leading companies through successful turnarounds, providing interim management and implementing comprehensive revenue optimization programs to complex organizations in a broad range of industries.
"This award showcases our dedication and commitment to going the extra mile and guiding our clients to the best possible outcome for their company," said Dan Dooley, chief executive officer of MorrisAnderson. "We are proud of Mike and Steve's great work, and we look forward to growing our presence in the Atlanta area with their emphasis on unmatched client service."
In late 2008, Cosmolab enlisted MorrisAnderson to provide financial advisory and interim management expertise, which led to the restructuring, turnaround and eventual sale of the company. Musso and Agran developed a multi-faceted strategy aimed at deleveraging Cosmolab, improving liquidity, strengthening operations and guiding the company back to profitability. After successfully turning the company back to profitability, Cosmolab was sold through a Chapter 11 363 sale process, enabling it to continue operating in the Lewisburg community and saving more than 400 local jobs.
"Cosmolab's strong management team and loyal customers were very engaged and supportive of the turnaround process," said Musso. "Together, we were able to implement a complex strategy that resulted in success for all parties involved."
The "Turnaround of the Year -- Small Company" award was presented by the Atlanta Chapter of the Turnaround Management Association at the Atlanta TMA Chapter meeting on October 15.
About MorrisAnderson
Now celebrating its 30th anniversary, Chicago-based MorrisAnderson has offices in New York, Atlanta, Milwaukee, Los Angeles, Cleveland, St. Louis, Charlotte and Minneapolis. The firm's service offerings include performance improvement, financial advisory, interim management, turnarounds, workouts, litigation support and insolvency services and wind-downs. MorrisAnderson emphasizes hands-on involvement for companies with $25 million to $500 million in annual sales.
Contact Information:
Contact:
Lynn Sheka (for MorrisAnderson)
T: (312) 447-2575
E: lynn@reputationpartners.com