Meet Our Team David M. Drinan
Meet Our Team

David M. Drinan

Managing Director
Years with Phoenix: 4
Years of Turnaround Experience: 15

Dave Drinan is a Managing Director at Phoenix with more than 18 years of experience in finance and operations. His particular expertise includes interim management, turnaround management, restructuring, profit improvement, transaction advisory services and investment banking for companies in a variety of situations and stages of transition. He has served in interim management roles and as a trusted advisor to companies across many industries including restaurants, real estate, energy, manufacturing, distribution and healthcare. He employs an analytical approach to solving problems and assisting clients break through barriers to make positive change.

Dave recently served as Chief Financial Officer for a $200 million metal door manufacturer where he was responsible for improving cash flow forecasting and working capital management, improving financial reporting and driving performance enhancements in the finance team and the business operations. Dave also recently served as CFO for a high growth livery leasing company. Dave has experience with companies reorganizing under Chapter 11 protection of the U.S. Bankruptcy Code, as well as engagements that involve creating and implementing profit improvement plans for companies that are seeking to make operational improvements. He has transaction advisory experience providing insight to various capital providers through Quality of Earnings analysis. He is a registered investment banker capable of raising debt and equity and facilitating mergers and acquisitions. Clients include Management Teams and Boards of Directors, Private Equity Funds, Activist Hedge Funds and Lenders.

PHOENIX MANAGEMENT SERVICES ® EXPERIENCE

  • Quality of Earnings/Due Diligence
  • Business Plan Review or Development
  • Liquidity Management
  • Operations/Profit Improvement
  • Strategic Advisory
  • Crisis/Turnaround Management
  • Interim Management
  • Restructuring
  • Investment Banking

SELECTED ADVISORY ASSIGNMENTS

  • Served as Interim Chief Financial Advisor for a $200 million annual revenue metal door manufacturer. Led finance team reorganization and achieved several major objectives within two and a half months including; cash flow forecasting and liquidity management, billing and collections clean up, structured payables management, inventory reductions and improved purchasing decision. Responsible for establishing accounting policies and procedures, establishing timely monthly financial reporting, creating roles and responsibilities for accounting team and holding people accountable for results. Billing, which was 3 months behind schedule, was caught up within two weeks, collections results were vastly improved - accounts receivable ineligibles were reduced by $5 million, borrowings under the revolver were reduced by $2.5 million, accounts payable aging was made current, inventory was reduced and ERP implementation was expedited.
  • Led a profit improvement project for a national restaurant chain with $500 million system wide revenue. Savings included labor efficiency, strategic sourcing and SG&A reductions. The EBITDA improvement equated to a 5X return on the investment of the engagement by the client. The client enjoyed the long term benefits of the management strategies, tools and training to drive further operating improvements for the company. The Activist Investors made substantial profits on their investment in the stock.
  • Assisted the Chief Restructuring Officer of an $800 million revenue electronics and housewares distributor. Led cash flow forecasting, cash management, working capital management, vendor negotiations, collections efforts, inventory management and purchasing controls. Developed the DIP financing model and assisted with Chapter 11 bankruptcy filing matters. Helped reduce the senior lenders’ exposure from $80 million to $20 million.
  • Served as the Financial Advisor to a major insurance company with regard to their ownership position in a monorail company. Responsibilities included; tracking cash flow and providing financial projections, reviewing/challenging the debtor’s proposed Plan of Reorganization and advising the client on their settlement with the bondholders.
  • Served as Financial Advisor to a $2 billion revenue specialty chemicals company. Led the cash flow forecasting and liquidity management efforts for the company during the global economic recession and liquidity crunch. Spearheaded the special task force that reported directly to the CEO assembled to address liquidity and business issues in Europe. Managed the liquidity crisis so the client was able to survive the macro-economic recession and resulting global credit crisis without having to resort to a Chapter 11 filing. The stock price rose from $0.81 to over $10.00 per share during the period of time of the engagement.
  • Assisted the Chief Restructuring Advisor of a $22 billion Multi-family Apartment REIT during a global financial crisis. Assisted with the development of contingency plans and strategies to prepare the client with alternatives in the event its lenders could not reach agreement to continue to support the company.

INDUSTRY EXPERIENCE

  • Automotive
  • Consumer Products
  • Distribution
  • Energy
  • Healthcare
  • Manufacturing
  • Real Estate
  • Recycling
  • Restaurants
  • Transportation

CAPITAL ADVISORY EXPERIENCE

  • Recapitalization
  • Restructuring
  • Refinancing
  • DIP Financing
  • Equity Raise
  • M&A

PRIOR EXPERIENCE

Prior to joining Phoenix, Dave worked for other nationally recognized consulting firms in the areas of corporate restructuring, interim management, transaction advisory (QofE), profit improvement and investment banking. Earlier in his career he worked as an equity analyst, portfolio manager and gained investment management experience with public equities, private equity and venture capital.

EDUCATION / AFFILIATIONS

Dave earned a B.A. in Finance from the University of Illinois and an MBA with concentrations in Finance, Economics and Entrepreneurship from the University of Chicago, Booth School of Business. He earned the Chartered Financial Analyst (CFA) designation from the CFA Institute and is a Certified Insolvency and Restructuring Advisor (CIRA). In addition, he passed the examinations for the Certified Turnaround Professional (CTP) designation from the Turnaround Management Association. He holds the Series 79 and 63 and is a registered investment banker. Dave is actively involved with various non-profit organizations including The Robin Hood Foundation which supports the fight against poverty in New York City.

david m. drinan

Contact Information

Office Location: New York
 

Office: (646) 490-5064

Fax: (646) 490-7633

Mobile: (917) 902-0776


Email:
ddrinan@phoenixmanagement.com

vCard: David M. Drinan.vcf