Huron Consulting Group (HURN), a leading provider of business consulting services, today announced that the Turnaround Management Association (TMA) has recognized the Company as one of the winners of the 2013 TMA Turnaround and Transaction of the Year Awards. Huron Financial was honored for its turnaround of Bancroft Bag, Inc.
“We are very pleased to have been selected as one of this year’s TMA Turnaround of the Year Award winners,” said John DiDonato, managing director and Huron Financial practice leader. “Our work with Bancroft Bag is an excellent example of an engagement that has benefited multiple stakeholders while preserving and enhancing the value of the client company.”
Founded in 1924, Bancroft Bag, Inc. operates the single largest diversified multiwall bag plant in the U.S. and serves a variety of markets. Coming out of the recession, Bancroft faced a number of serious strategic, financial and leadership challenges affecting its existence and the livelihoods of approximately 400 employees. These challenges resulted in the company hiring Huron to lead the turnaround of its operations. Ray Anderson, managing director with Huron Financial, acted as the company’s interim president resulting in the successful turnaround of the company. Hugh Sawyer, managing director with Huron Financial, advised the company’s board during the turnaround. Bancroft returned to profitability and remains a key employer in West Monroe, Louisiana.
“Leading the transformation of Bancroft was one of the most gratifying results of my career, and is a testament to the hard work and dedication of the management team, employees, board and the Bancroft family,” said Anderson.
Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions. The TMA noted that this year’s winners saved countless jobs and made a significant economic impact, both locally and globally. The 2013 TMA Turnaround and Transaction of the Year Awards will be presented at the 25th TMA Annual Conference to be held in Washington, D.C. on October 3-5, 2013.
About Huron Financial
Huron Financial provides financial advisory, restructuring and turnaround, interim management, valuation, forensic and litigation, and operational improvement consulting services to companies in transition, boards of directors and investors and lenders. Our consultants provide senior level involvement and extensive industry experience to drive results. Our experienced leadership, management depth and flexible staffing model allow us to efficiently lead projects ranging from middle market to large company assignments. Learn more at www.huronconsultinggroup.com/financial or connect with us on LinkedIn at www.linkedin.com/company/HuronConsulting.
About Huron Consulting Group
Huron Consulting Group helps clients in diverse industries improve performance, reduce costs, leverage technology, process and review large amounts of complex data, address regulatory changes, recover from distress and stimulate growth. Our professionals employ their expertise in administration, management, finance, operations, strategy and technology to provide our clients with specialized analyses and customized advice and solutions that are tailored to address each client's particular challenges and opportunities to deliver sustainable and measurable results. The Company provides consulting services to a wide variety of both financially sound and distressed organizations, including healthcare organizations, leading academic institutions, Fortune 500 companies, governmental entities and law firms. Huron has worked with more than 95 of the top 100 research universities, more than 400 corporate general counsel, and more than 385 hospitals and academic medical centers. Learn more at www.huronconsultinggroup.com.
About the Turnaround Management Association
The Turnaround Management Association (turnaround.org) is the leading organization dedicated to turnaround management, corporate restructuring, and distressed investing. Established in 1988, TMA celebrates its 25th anniversary with more than 9,000 members in 48 chapters worldwide, including 31 in North America. Members include turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, and executive recruiters, as well as academic, government, and judicial employees.
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Jennifer Frost Hennagir, 312-880-3260