Oceana is a family owned and vertically integrated vegetable and fruit procurer, packer, and distributor. The Company produces 15 types of vegetables, and sells directly to food manufacturers, and distributors.
The Company suffered a number of business disruptions in the 2018 production cycle leading to profitability challenges and tight liquidity.
G2 quickly assessed the situation and delivered a strategic alternatives report. This lead to G2 implementing liquidity and financial management procedures, cutting non-profitable lines, outsourcing of internal fleet and drivers, and replacing leadership at two of the entities.
G2 successfully revitalized the Company – decreasing the liquidity need by $13.4MM, executing a RFP on transportation services yielding significant cost savings, and is in the process of completing an amendment with the Company’s lenders.