Winston Mar, a Partner and Senior Managing Director at SierraConstellation Partners, provides advisory and interim management services to distressed companies. He is skilled in setting strategic direction, performing creditor negotiation, and implementing productivity improvements. His experience spans a wide variety of industries, including advertising and marketing, energy, entertainment, computer products and services, food and agricultural products, consumer electronics, manufacturing, and restaurants.
Winston has assisted numerous companies with their restructuring efforts, both out-of-court and during Chapter 11 proceedings and has served in a variety of senior-level positions including Chief Restructuring Officer and Chief Executive Officer.
Prior to SCP, Winston was a managing director at CRG Partners where he worked on numerous high profile cases including Pilgrim’s Pride, which received the “TMA Turnaround of the Year” award in 2010. Winston also won the M&A Advisor’s Annual Turnaround Award for Restructuring of the Year of between $25-$50 million for his work with the Cranberry Growers Cooperative in 2019.
Winston holds a bachelor’s degree in accounting from the University of Southern California and an MBA from UCLA Anderson School of Management. Winston is licensed as a Certified Public Accountant (CPA, inactive) in California.
- Part of a team that served as Interim Chief Restructuring Officer and Chief Financial Officer to an ethnic grocery store chain. Key responsibilities included cost reductions, vendor relations and cash management. Implemented a $12 million restructuring within a three-month time frame which stabilized the business and allowed for a sale and subsequent recapitalization.
- Financial advisor to agriculture business in a $65 million refinancing following events of default. Developed and implemented cash management solution, identified operational changes and cost-saving initiatives, and provided a strategic review of alternatives to negotiate a forbearance with the senior secured lender, providing additional liquidity (over-advance) to the Company to maintain business operations and fund material seasonal payments while a longer-term financing solution was completed.
- CRO of Pacific Ethanol, a publicly-traded producer of specialty alcohols, where he oversaw its successful operational turnaround and debt restructuring. Under the auspices of the COVID-19 environment, Pacific Ethanol pivoted toward higher-margin products and increased its quarterly EBITDA by $40+ million, allowing it to significantly reduce its debt burden and access capital markets to improve its liquidity position.
- CRO of NORPAC, one of the largest frozen vegetable suppliers in the Pacific Northwest, where he managed its Chapter 11 bankruptcy filing, 363 asset sales and subsequent plan of liquidation. Substantially all assets were sold to strategic buyers, allowing for significant job preservation and a meaningful recovery to unsecured creditors. SCP is also acting as the plan agent for the liquidation process.
- Served as CRO and financial advisor to a cooperative of cranberry growers in Wisconsin, which successfully implemented a Chapter 11 Plan of Reorganization. He identified and implemented operational changes to reduce costs by over 20% and improve production yields by over 10% while providing secured lenders full recovery.
- Served as financial advisor to a Wisconsin based bovine artificial insemination and animal health products cooperative. Structured and negotiated the sale of the company, which enabled them to settle all outstanding debt obligations and accounts payable and return several million dollars to their member-owners.
- Project leader of an $8.5 billion publicly traded poultry company where he assisted the company through the bankruptcy process where he oversaw all reporting to the court and other advisors in the case and was instrumental in the design of the plan of reorganization and exit financing.
- Appointed as a receiver of a winery that had been closed by the prior operator. He restarted the company and was able to generate positive cash flow and negotiate a sale of the company as an operating unit.
- Financial advisor to a raisin producer where he established operational improvement that allowed the company to refinance at a lower interest rate.
- CEO of a sun-dried tomato processor and distributor, where he arranged the restructuring, stabilized the restructured entity and subsequently sold the company to a strategic buyer.
- CRO of a biomass power plant where he stabilized the working capital requirements by working with vendors and utilities to generate positive operating income, after which he led the process to sell the company to a financial buyer.