Restore confidence to be able to look to the future.
Texel Strategic Restructuring
Our approach
Find the path back to growth and profitability while involving all stakeholders is Texel Strategic Restructuring’s core purpose. This is the mission that distressed companies entrust to the firm.
This type of engagement requires the ability to take charge and quickly gather teams around a turnaround strategy.
Cédric Dugardin has led numerous restructuring assignments among which Quick, which returned to strong profitability within six months and without a workforce reduction plan, and the private childcare group People & Baby. In the most demanding cases, such as the restructuring of Presstalis, a historic player in a highly regulated sector, he has succeeded in bringing together a wide variety of stakeholders – employees, trade unions, creditors, public authorities and publishers – and creating a shared determination to save the company.
Whether the restructuring is financial or operational, he intervenes at critical moments in the life of organisations, with a clear objective: restoring confidence in order to overcome the crisis.
"Gather energies and project them forward"
Cédric Dugardin
Services
Intervention methods
Texel Strategic Restructuring offers several types of services:
– Crisis Management
– Restructuring
– Advisory services to executives or management teams
– Strategic Advisory
– Shareholder Advisory
– Support for investors in target analysis or target search, providing sector expertise as well as operational and financial expertise
Cédric Dugardin’s engagement models vary depending on the context and requirements:
– Advisor
– Chief Restructuring Officer
– Chief Executive Officer
– Member of the Board of Directors
Intervention examples
CEO Restructuring
Cédric Dugardin mostly intervenes, at shareholders’ request, as CEO in crisis situations or in complex restructuring contexts, where judgment and time management are essential.
(2024–2026) In the context of a severe media and financial crisis, appointed Chief Executive Officer to carry out the financial and operational restructuring of the private childcare group; management of accelerated safeguard proceedings and refinancing; restructuring of the network with the closure of nearly one-third of childcare centres over two years without a workforce reduction plan; restructuring of headquarters functions with the launch of a workforce reduction plan within the framework of judicial reorganisation proceedings; complete transformation of the group enabling it to operate, moving from a dysfunctional and nepotistic system to a responsible company at the forefront of audit and compliance in a sector that is still highly immature.
Appointed Independent Director and then Chief Executive Officer to support the final financial restructuring of the digital marketing group; debt restructuring and partnership with a major industry player enabling a sustainable future for the company.
Chief Executive Officer at the request of the family shareholders of this independent cosmetics group in severe financial difficulty; management of a rescue attempt and an in bonis sale process under hostile pressure from financial lenders; sale of the company through judicial reorganisation proceedings.
Appointed Chief Executive Officer to make a structurally loss-making and insolvent group viable in order to preserve newspaper distribution in France: negotiations with public authorities and shareholders to design and finance the restructuring plan and recovery plan; preparation and management of the judicial liquidation of the group and the creation of France Messagerie, the asset takeover structure; successful restructuring with unanimous agreement from trade unions and without industrial conflict, despite a two-thirds reduction in workforce.
In a context of governance change and severe financial difficulties, restore profitability of the group (€3bn in revenue, 18,000 employees including 9,000 in France) with a divestment objective: design, launch and management of a restructuring and transformation plan for the group (closure of 42 stores, elimination of 1,900 positions); negotiations with trade unions; support for the transition and reorganisation of the management team; driving a new strategic vision.
Financial Restructuring
His experience in finance and insolvency proceedings enables Cédric Dugardin to manage complex financial restructurings.
(2024–2026) In the context of a severe media and financial crisis, appointed Chief Executive Officer to carry out the financial and operational restructuring of the private childcare group; management of accelerated safeguard proceedings and refinancing; restructuring of the network with the closure of nearly one-third of childcare centres over two years without a workforce reduction plan; restructuring of headquarters functions with the launch of a workforce reduction plan within the framework of judicial reorganisation proceedings; complete transformation of the group enabling it to operate, moving from a dysfunctional and nepotistic system to a responsible company at the forefront of audit and compliance in a sector that is still highly immature.
Appointed Independent Director and then Chief Executive Officer to support the final financial restructuring of the digital marketing group; debt restructuring and partnership with a major industry player enabling a sustainable future for the company.
For this financial guarantee fund serving tourism professionals: management of the consequences of the COVID-19 crisis; development of a recovery strategy; reform of the association’s governance; interface between public authorities and APST.
Renegotiation of €2.6bn of debt held by a diverse pool of around forty French and international banks and leasing companies; active participation in the company’s turnaround, management of bank negotiations, coordination of advisors, definition of scenarios.
Advisory
Strategic advisory to the Chairman and majority shareholder of this major player in French tourism, in the context of the group’s financial restructuring and search for investors.
Strategic advisory to shareholders in a context of declining sales and recurring cash flow difficulties.
Assessment and preparation of a restructuring plan for the French operations.
Board Director
IKKS Board Director from July 2019 to December 2024. Support for the group’s transformation (2019–2022) and its restructuring (2022–2024).
Appointed Independent Director and then Chief Executive Officer to support the final financial restructuring of the digital marketing group; debt restructuring and partnership with a major industry player enabling a sustainable future for the company.
Media Review (in French)
In the news
Background
Cédric Dugardin
Specialised in business turnaround, crisis management, restructuring and transformation, Cédric Dugardin operates across a wide range of industries and in particularly complex environments. After starting his career at PwC and then Seita-Altadis, he has, among other achievements, successfully led the turnaround of Quick, the restructuring of Conforama and the liquidation of the Presstalis group, enabling its assets to be taken over by France Messagerie. Cédric Dugardin led the transformation of APST, France’s leading guarantor for travel operators, and supported the Salaün tourism group through its financial restructuring. He restructured the Eugène Perma group, an iconic French cosmetics company, and Solocal, a listed digital marketing company. More recently, he successfully led the operational and financial restructuring of the private childcare group People & Baby.
“My management style is very straightforward and direct. I do what I say and I say what I do, which is particularly useful in restructurings and labour negotiations where explaining and convincing are essential.”
Cédric Dugardin is a graduate of Sciences Po Paris, the Sorbonne University and the London School of Economics.
Contact
contact@texel-restructuring.com
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