Winter Harbor LLC

The Mullica Hill Group

Winter Harbor Partners with First Generation Owner

 

The Mullica Hill Group is a provider of cold-storage, warehousing and transportation solutions to food-service and pharmaceutical customers, with $22 million in annual revenue.

Our Role

Winter Harbor was hired by request of TMHG’s senior lender to assess its business structure and develop an operational improvement strategy. During this engagement, Winter Harbor acted in multiple capacities - both as Financial Advisor and Chief Restructuring Officer.

Financial Advisor

  • Assessed the Company’s recent performance and its projected financial results with detailed review of the Company’s two businesses (cold storage and transportation).

  • Determined near-term cash flow based on multiple financial scenarios.

  • Reported on organization and management performance.

  • Reported weekly cash flows and projections to the lender after it executed a forbearance to the loan agreement.

  • Assisted the Company in the debt-refinancing and sale process.

Chief Restructuring Officer

  • Assisted the Company in creating a strategic plan for its trucking division in order to return to long-term profitability and cash generation.

  • Developed operational improvement initiatives that were acted upon by the Company.

  • Provided recommendations based on detailed restructuring options.

  • Monitored operational performance and directed short-term operational strategy.

Engagement Outcome

Winter Harbor partnered with first generation owner to assess The Mullica Hill Group’s recent business performance. We developed a detailed analysis of the Company’s two businesses (cold storage and transportation) and presented our findings to the Company’s executives. Using our analysis, TMHG negotiated partial sale of the company. The capital received from the sale replaced the senior lender in full and the original owner was able to maintain control. After the sale, Winter Harbor partnered with the Company to restructure its operations and implement strategic improvements.