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David M. Drinan

David M. Drinan

Managing Director

Bio

Dave Drinan is a Managing Director at Phoenix with more than 24 years of experience in finance and operations. His corporate advisory experience includes investment banking, interim management, turnaround management, restructuring, profit improvement and transaction advisory services 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 restaurant, restaurant technology, retail, hospitality, real estate, energy, manufacturing, distribution and biotech. He employs an analytical approach to solving problems and assisting clients break through barriers to make positive change.

Dave recently lead multiple growth capital raises for restaurant and restaurant technology companies.  Immediately prior to that, he assisted with the refinancing and recapitalization of a $100 million revenue oil and gas staffing business.  He previously served as Interim CFO 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. He also served as Interim CFO for a high-growth livery leasing company.

Dave has experience restructuring and reorganizing companies, as well as creating and implementing profit improvement plans for companies that are seeking to increase shareholder value. He has transaction advisory experience providing insight to various capital providers through Quality of Earnings analysis and Operational Assessments. He is a registered investment banker capable of raising debt and equity and facilitating mergers and acquisitions.

Life Before Phoenix

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.

Featured Transactions

Advisor, Food Hall Development and Management Company: Lead $5 million growth capital raise for an innovative food hall development and management company to support its unit growth from one to five locations.

Interim Chief Financial Advisor, Metal Door Manufacturer: 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. Cleaned up billing cycle within two weeks, which was 3 months behind schedule, vastly improved collections results, accounts receivable ineligibles were reduced by $5 million, reduced borrowings under the revolver by $2.5 million, cleaned up accounts payable, reduced inventory and expedited ERP implementation.

Advisor, National Restaurant Chain: 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.

Assistant to CRO, Electronics and Housewares Distributor: 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.

Financial Advisor, Insurance Company: 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.

Financial Advisor, Specialty Chemicals Company: 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 engagement.

Chief Restructuring Advisor, Multi-Family Apartment REIT: 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.

Office: (646) 490-5062

Mobile: (917) 902-0776

Office Location: New York

Years with Phoenix: 6

Years of Experience: 18

Service Specialties:

Quality of Earnings/Operational Assessments

Business Plan Review or Development

Liquidity Management

Operations/Profit Improvement

Strategic Advisory

Crisis/Turnaround Management

Interim Management

Restructuring

Investment Banking

Industry Specialties:

Restaurant

Restaurant Technology

Hospitality

Real Estate

Retail

Consumer Products

Automotive

Distribution

Energy

Healthcare

Manufacturing

Let’s create value together.

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