Ironclad Finance: Restructuring for a Steel Manufacturer’s Future

Client Overview

Our client is a $150M revenue private equity-backed steel beam manufacturer and a portfolio company of a PE firm that invests in North American and European B2B middle-market industrial and specialty distribution businesses. Founded and led by experienced operators with hands-on expertise across companies ranging from lower middle-market to Fortune 500, the PE firm specializes in control equity investments and aligning with management teams to execute customized value-creation programs. At the core of their strategy is a commitment to investing with integrity and creating long-term value, leaving businesses stronger and more competitive in their industries.

The Challenge/Mandate

Our client required an Interim CFO to lead the financial turnaround of their steel components manufacturing business. Faced with tight liquidity and the need for rigorous cash flow management, the company sought a seasoned financial leader to stabilize operations, manage lender relationships, and provide strategic guidance during a critical transformation period. The role demanded deep turnaround expertise, experience working within liquidity-constrained environments, and the ability to navigate the complexities of a PE-backed, heavy industrial manufacturing company. Weekly onsite presence in the Southeast was required during the turnaround phase, and there was potential for conversion to a permanent CFO role for the right candidate.

Search Strategy

We focused on identifying a proven CFO with multiple successful turnaround engagements in manufacturing companies of similar size and complexity. The ideal candidate needed strong financial leadership experience, including FP&A, cash management, and working with lenders on covenant compliance. Prior experience in steel manufacturing or related industrial sectors was highly preferred, as was the ability to operate effectively in a private equity context and drive rapid operational improvements.

The Placement

We placed a seasoned financial and operational executive with more than 30 years of experience in interim CFO and CRO roles across manufacturing and industrial sectors. He brought a strong background in financial controls, treasury management, and operational restructuring, combined with hands-on experience managing multi-site business units for both public and private companies. His expertise included cash flow forecasting, ERP/financial systems restructuring, supply chain optimization, and organizational transformation initiatives. With a history of partnering with private equity firms, he was adept at leading distressed businesses through critical transitions and aligning management teams around value-creation objectives.

The Outcome

As Interim CFO, he rapidly stabilized the company’s finances by implementing a disciplined cash flow management process, uncovering liquidity pinch points, and working with the PE firm to secure temporary increases in the revolver facility to mitigate unforeseen cash swings. He successfully led the development and delivery of a comprehensive Annual Operating Plan (AOP) within six weeks, which was presented to the board and adopted as the roadmap for the turnaround. He introduced enhanced reporting systems that enabled senior leadership to monitor performance in real time and fostered a culture of financial accountability across all departments. By providing clear and actionable insights to non-finance managers, he elevated overall business acumen and improved decision-making throughout the organization. His leadership not only secured immediate operational stability but also positioned the company for sustainable growth and a seamless transition to a permanent CFO.