Turnaround Management Award goes to former FT columnist
Certified Turnaround Professional Gene Baldwin will receive the 2014 Best Small Company Transaction Award from the Turnaround Management Association at its annual conference September 30, for his role in the sale of Tully's Coffee Shops.
A group led by actor Patrick Dempsey (known as Doctor McDreamy in TV's “Grey's Anatomy”) paid $9.15 million for 46 coffee shops and licenses for 75 other franchises in the U.S. and Asia in a bankruptcy-court approved sale. The deal yielded a 100 percent recovery for the unsecured creditors, thanks to several "critical maneuvers" in the turnaround and bankruptcy sale process, according to the association.
Working with Baldwin on the project were Rob Carringer and Michael Juniper of Deloitte CRG, Gayle Bush of Bush Strout & Kornfeld LLP and Matthew Farrell of Renovo Capital.
Baldwin, who wrote a series of columns on operations for Franchise Times, has more than 25 years of experience in financial and operational restructuring and interim management. He held the position of director during Tully's assignment for Deloitte CRG.
The Turnaround Management Association has more than 9,300 members in 49 chapters worldwide, including 31 in North America.