The Bekins Co., one of the nation's premier transportation and distribution services companies, has been named Turnaround Company of The Year
by the Midwest chapter of the Turnaround Management Association (TMA).
The award was given in recognition of Bekins success in developing a complete turnaround plan for the company, encompassing both operational and financial restructuring, including the successful purchase of the company by its agents.
The TMA's Chicago/Midwest Chapter Awards Committee presented the annual award to the team of Jim Vargo, Bekins' chief financial officer, and Stephen D'Angelo of the Impact Group for their work on behalf of Bekins Van Lines.
In January of this year, Bekins agents purchased the company from troubled GeoLogistics Corps. The purchase decision was based on senior management's realization that an agent-owned van line presents the greatest growth opportunities to the existing agency network as well as others in the moving and specialty logistics industries. The new owners believe that Bekins' unique approach to agent ownership, which ensures that every shareholder agency has equal voting rights, is at the core of the rapid turnaround in the company's business.
Within the first six months of the change in ownership, The Bekins Co. significantly reduced its debt and achieved profitability, while simultaneously reporting unprecedented levels of agent satisfaction and new agent interest.