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JC Jones turnaround deal honored

JC Jones & Associates LLC received a national award this week for its work in helping restructure a Pennsylvania pellet stove company, Harman Stove Co.

JC Jones turnaround deal honored

JC Jones & Associates LLC received a national award this week for its work in helping restructure a Pennsylvania pellet stove company, Harman Stove Co.
The Pittsford firm this week received The M&A Advisor’s Turnaround of the Year Award in the manufacturing and distribution category. This is the second time in three years the firm has been honored with a turnaround award.
Founded in 1997 by former Goulds Pumps Inc. controller Jeffrey Jones, JC Jones is a professional services firm assisting companies in profit improvement and turnaround, business restructuring, mergers and acquisitions, and strategic audit services, including Sarbanes Oxley compliance. The firm also has offices in Buffalo, Detroit and Syracuse.
Rather than filing bankruptcy, Harman worked with JC Jones to position the company for a strategic sale by lowering costs, realigning information systems, reducing working capital, negotiating with creditors and structuring a deal with Hearth & Home Technologies, a division of HNI Corp. (NYSE: HNI).
“We view the key to the turnaround process is fix the business before fixing the finances, and that’s exactly what transpired with this successful Harman deal,” said Jones, president and CEO of JC Jones. “It’s especially gratifying because in addition to the transaction helping Harman avoid a bankruptcy filing, it saved approximately 200 important jobs in a rural Central Pennsylvania community.”
Robert Baker, who led the turnaround project for JC Jones, accepted the award at the ceremony in Palm Beach, Fla. In total, 17 awards were given out to the nation’s top corporate restructuring professionals representing such disciplines as investment banking, private equity, law, bankruptcy and turnaround management. M&A Advisor is a leading conference producer and newsletter publisher serving the finance industry.
JC Jones & Associates also won a national Turnaround of the Year Award in 2005 from the Turnaround Management Association for its restructuring of Knowlton Specialty Papers Inc. in Watertown. The firm also was recognized in 2007 with the Rochester Business Ethics Award after being named a finalist in 2006.

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