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Acquired Small Platform, and then Added Large Workout Opportunity
In 1997, Sverica acquired Southern Micrographics, a small and well managed regional print and mail provider in Alabama. In 1998 this company acquired a larger, but significantly underperforming, competitor. Sverica re-labeled the combined company Accudocs with the strategy of restructuring and repositioning Accudocs as a full service document processing company. |
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Restructured Operations to Drive Efficiency and Unit Cost
Sverica led a comprehensive restructuring of Accudocs, eliminating and restructuring facilities, selling assets, and investing in a major equipment improvement program. These measures increased efficiency and reduced costs. With this flexible cost base, the company was able to grow its customer base and revenues. |
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Acquired New Customers and Added New Products
Accudocs rationalized and eliminated unprofitable lines of business, targeting the most profitable customers, and upgrading or eliminating unprofitable ones. Accudocs reinvented its sales force and added new products like electronic bill presentation and other IT-based services. These changes allowed Accudocs to better serve existing customers and also add major marquee accounts. |
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Sverica Took an Active Role in Management to Create Value
Sverica’s partners relocated and worked as C-level executives to drive this restructuring program for three years, increasing EBITDA fourfold in 24 months. The team recruited new C-level executives in sales & marketing and finance, and made internal promotions in operations and IT, empowering the company with a capable executive team at sale. In 2000, Accudocs was sold to a large remittance processing provider, generating superior results for Sverica’s investors. |
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