Finance and Commerce
October 9, 2008
by Finance and Commerce staff
Two Minneapolis firms, The Manchester Cos. and Platinum Group, were the region's top business recovery advisers this year, according to the Upper Midwest Chapter of the Turnaround Management Association.
The association gave its annual Turnaround of the Year honors to Manchester for its work in helping St. Paul-based nonprofit Minnesota Diversified Industries complete an operational reorganization. MDI operates competitive businesses that employ people with disabilities, providing them with jobs and individual development training. The Manchester team, led by Mark Sheffert and Pat Marso, helped the firm increase earnings on consistent sales by 28 percent during the year and reach consistent profitability, which enabled MDI to employ another 50 people.
The chapter gave its Transaction of the Year award to Platinum Group for its work in advising Minneapolis-based Diversified Graphics Inc. on its sale to Gartner Studios and Bolger Printing. Platinum began advising Diversified Graphics in the summer of 2007 when the firm was in default and considering liquidation. A Platinum team, led by Dean Bachelor, acted as the firm's restructuring officer for the next several months as it went through Chapter 11 bankruptcy proceedings, and ultimately helped DGI complete its sale transaction.