Following the successful restructuring of certain subsidiaries based in the United States, through a Chapter 11 bankruptcy filing, Ultura’s major stakeholders decided that the European business units were no longer part of the group’s forward looking business plans.
The European business units had suffered from poor management, overstaffing, excessive costs, closure of production facilities and allegations of fraud and corruption. The stakeholders wanted to extract some value for the European businesses by spinning them off in a sale process.
KRyS Global was engaged to stabilise the business units in Germany and Italy and prepare them for sale. In doing so, KRyS Global provided hands on management capabilities, reduced operating costs, and created a business plan to stabilise and grow the businesses. KRyS Global has begun an extensive marketing process including the preparation of a detailed information memorandum for prospective purchasers.
The sale process is ongoing.
KRyS Global’s team has effectively stabilised the business units in Germany and Italy and prepared them for sale as going concerns by removing inefficiencies and ensuring the businesses are as attractive as possible to potential purchasers, with a view to maximising the value to be returned to the ultimate parent company.