Transaction of the Year Award Presented to Platinum Group

MINNEAPOLIS (January 15, 2014) - The Upper Midwest Chapter of the Turnaround Management Association (TMA) presented the award for its "2013 Transaction of the Year" at a meeting on January 16, 2014. The Chapter annually recognizes member firms and advisors for accomplishments that demonstrate exceptional achievement in the field of corporate renewal.

The 2014 award recognizes Eden Prairie-based Platinum Group and Manty & Associates, P.A., for their roles in managing through bankruptcy Duluth-based Fifty Below Sales and Marketing, Inc., a technology services firm. Fifty Below’s assets were sold in two parts to ARI Network Services, Inc. and Emerald Connect by a motion for sale free and clear in the bankruptcy. The transactions were concluded in less than three months and saved almost 200 jobs in Duluth.

"As interim operating managers for Fifty Below, Nauni Manty, assisted by Platinum Group and the Manty law firm provided the necessary leadership and operations guidance for this company in crisis," according to Mike Wolf, President of the local TMA chapter. "We believe that good communications and credibility with employees and customers were instrumental to their success. The team managed a fast-paced sales process to produce a favorable outcome for creditors and significant job retention in Duluth."

In determining the winner of the "Transaction of the Year" award, the local awards committee considers a variety of criteria including: company circumstances leading up to the transaction; company market positions for its products or services; jobs saved; impact on unsecured creditors; economic impact on the local economy; comparison of company performance prior to and after the transaction; and valuation upon sale or liquidation of the company.

According to Bob Stewart, a partner at Platinum Group, "Teamwork was the key to a quick resolution to this situation, including our work with Nauni Manty and the Manty law firm and our DIP lender, White Springs Capital."

Platinum Group is a 30-year-old turnaround, transition and advisory firm focused on increasing the value of privately held small- to middle-market companies. The firm received this same award in 2008 and the TMA’s "Turnaround of the Year" award in 2004 as well as the 2011 Minnesota Business Ethics Award. For more information, visit www.theplatinumgrp.com.

The Upper Midwest Chapter of the Turnaround Management Association unites nearly 200 management consultants, attorneys, lenders, accountants and other professionals with the specialized expertise necessary to restore and reinvigorate companies in need of corporate renewal. Its international headquarters are located in Chicago. For more information, visit www.turnaround.org.


Contact: Tim Donaldson
Upper Midwest TMA Chapter Communications
Tim@Donaldsongroupinc.com | 952-404-2210

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