Mitchell B. Arden, CTP
Managing Director and Shareholder
Years with Phoenix: 16
Years of Turnaround Experience: 18
Office location: Philadelphia, PA
Mitch Arden is a Managing Director and Shareholder at Phoenix, and is recognized on a national level for his operational skills and ability in assisting troubled and transitional companies. He has led and participated in more than 125 client engagements in a multitude of industries, including: manufacturing, wholesale and retail distribution, transportation, utilities, food service, and a variety of service-related enterprises.
Mr. Arden has an extensive background working with public and privately owned companies in the areas of turnaround management, crisis management, operational improvements and efficiency, business strategy, short- and long-term planning, distribution, inventory management and control, cash flow forecasting, financial oversight and financial management. Mr. Arden has successfully assisted a large number of clients with obtaining new or expanded credit facilities or alternative sources of capital. He has also assisted a variety of Phoenix clients with their merger and acquisition activities. In addition to his advisory expertise, Mr. Arden has served in interim operational and financial management positions with a broad array of Phoenix clients, including roles as Chief Executive Officer, Chief Operating Officer, Chief Restructuring Officer and Chief Financial Officer.
Phoenix Management Services Experience
- Turnaround Management
- Crisis Management
- Interim Management
- Operational Assessments
- Financial Forecasting
- Cash Management
- Strategic Advisory
- Bankruptcy Advisory
- Liquidation and Business Wind Down
- Due Diligence Reviews
- Litigation Support
Selected Advisory Assignments
Led the turnaround and served as interim CFO of a multi-location (four domestic plants and one international plant) steel service center and Tier-1 automotive supplier. Arden participated in successful negotiations involving the UAW, CAW, IBEW, and Teamsters, and introduced extensive financial and cost controls throughout the organization.
Developed and implemented the recovery plan to stabilize and ultimately return a prominent manufacturer of industrial scales to profitability. This effort required the consolidation of certain of the company’s operating units, and the implementation of cost controls and efficiencies throughout the organization. As the oversight partner on this project, Arden was also the point for communicating and maintaining the support of a fragmented bank group.
Served as Chief Restructuring Officer of a rapidly growing distributor of high tech satellite and direct broadcast components. This business had grown rapidly, and the pace of growth had out-stripped the support that was necessary from the company’s trade vendors. Arden brought leadership and focus to an increasingly stressful situation, developed and implemented the plan to regain trade support, and ultimately led the successful sale of the company to a strategic buyer.
Developed and led the turnaround of a large importer/manufacturer of hard goods that were sold predominantly through “big box” retailers across the United States. This company had expanded quite rapidly, and ran into financial trouble after failing to realize the integration benefits that were expected from the acquisition of a competitor. Arden led the development of the plan to aggressively integrate the recently competed acquisition, and managed the effort to maintain critical bank group support.
Managed the turnaround of the world’s preeminent manufacturer of high-end fishing reels, fishing tackle and related equipment. The company’s U.S. and international market share had been eroded by aggressive product development that was introduced by several competitors. Three inefficient manufacturing facilities and a parochial belief that 90% of component parts had to be manufactured within its own organization further impacted the company. Arden led the plan to consolidate the company’s manufacturing operations, while also aggressively outsourcing component parts manufacturing to more efficient, third party manufacturers. Concurrently, the sales force was rejuvenated with new products, new literature, and an aggressive campaign to regain market share. The company was stabilized, returned to profitability, and was subsequently sold in a cash transaction to industry/strategic partners.
Developed and implemented the plan to restructure a publicly held, $250 million, 41-store jewelry retailer. This company had invested heavily in an aggressive expansion beyond its 25-store core market. The company’s strong brand name recognition in its core markets did not carry over to the expansion markets, thereby resulting in substantial operating losses, limited capital to support traditionally strong merchandising, and reduced support from several well known jewelry and watch brands. Arden led the effort to downsize the operation, and gained Board of Director support to implement the plan to close 16 geographically dispersed stores. The stores were closed without the need for a Chapter 11 filing, thereby eliminating more than $8 million in annual operating losses, and new capital was attracted through a prominent Canadian jewelry store operator.
Served as Chief Operating Officer of the largest municipally-owned utility in the United States. Arden led the management and restructuring of all of the utility’s operating groups, including gas delivery, purchasing, plant operations, and service operations. As part of this critical interim management effort, the Phoenix team identified and implemented operational and financial changes that resulted in a $75 million improvement in the utility’s operating cash flow.
Industry Experience
- Apparel
- Automotive
- Consumer Products
- Direct Mail
- Convenience Stores
- Electrical Products
- Firearms
- Food and Beverage
- General Building Construction
- Information Technology
- Jewelry
- Local Transportation
- Machinery
- Measurement and Instrumentation
- Metal Products
- Oil, Petroleum and C-Stores
- Paper Products
- Printing
- Private Equity Fund
- Publishing
- Restaurants
- Security and Other Services
- Technology
- Telecommunications
- Utility
Phoenix Capital Resources Experience
- Recapitalization
- Refinancing
- Expansion/Growth Financing
- Equity Raise
- Management of §363 Sales Process
- Out-of-court Bankruptcy Auctions
- Divestitures
- Select Buy-side Engagements
- Balance Sheet Restructurings
Selected Capital Advisory Transactions
Served as the financial advisor in the refinancing of a $22 million credit facility for a Midwest-based manufacturer
Served as the financial advisor in the refinancing of a $13 million credit facility for a manufacturer/wholesaler that sold to large retailers throughout the United States
Served as the financial advisor in the cash sale of a large manufacturer of high-end sporting and fishing equipment
Served as the financial advisor and managed the process that resulted in the §363 sale of the assets of a large publisher of children’s books to a strategic buyer
Served as the financial advisor and led the process of selling the assets associated with an importer and distributor of satellite and direct broadcast components
Prior Experience
Prior to joining Phoenix Management, Mr. Arden served as Senior Vice President and Chief Financial Officer of TransEuro Group, Inc., a multi-location importer and distributor of automotive replacement parts. Before joining TransEuro Group, he served as Assistant Corporate Controller of The Horn & Hardart Company, a $550 million AMEX company principally engaged in restaurant management, direct marketing operations and hotel/casino management. Mr. Arden began his professional career in 1981 with the Big Eight public accounting firm of Touche Ross & Co. (now Deloitte & Touche).
Education/Affiliations
Mr. Arden earned his B.A. from Glassboro State College (now Rowan University) in 1981. He is active in a large number of industry-related organizations, including the Turnaround Management Association (TMA), Association for Corporate Growth (ACG), Commercial Finance Association (CFA), American Bankruptcy Institute (ABI), and the Risk Management Association (RMA). He has served on the National Board of Directors of the TMA, and served as Executive Vice President and a Board Member of the Philadelphia Chapter of the TMA. Mr. Arden serves as a member of the Governing Board of the Education Foundation of the Commercial Finance Association and he also serves as a member of the Advisory Board of the annual American Bankruptcy Institute – Mid-Atlantic Bankruptcy Workshop. Mr. Arden is also a Certified Turnaround Professional (CTP).
Contact
- (610) 358-4700 phone
- (610) 358-9377 fax
- (610) 659-8500 cell
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