A wholly owned subsidiary of Bell Atlantic Corporation – now Verizon Corporation – Bell Atlantic Properties was a non-strategic holding of the parent company. The company required significant operational improvement, which occurred over a five-year period. Jim Still and his management team led a successful management buyout of the company after a five year holding period.
BAP was a wholly owned subsidiary of Bell Atlantic Corporation (“BAC”), a Fortune 10 covering telecommunications clients in the mid-Atlantic region from New Jersey through Virginia. BAP was formed as a diversification initiative for BAC and was part of the Bell Atlantic Capital Corporation family of financial services companies. The company had $200 million revenues, $1.0 billion assets, and 75 FTEs.
When Jim took over as CEO of Bell Atlantic Properties, the company was losing customers at a rapid pace. Occupancy for the portfolio was down to 60% with renewal rates in the mid-50% range. After hiring a new management team, our team developed a turnaround plan to improve performance. The core plan was to develop a new “go to market” strategy for the in-house and external leasing agents. In addition, our team developed a comprehensive customer service program – one highlighted in various industry articles at the time – that focused on customer satisfaction metrics.
Bell Atlantic Properties Performance Result
· Developed and implemented performance improvement plan driving 22% per year growth in cash flow
· Occupancy rose from 61% to 87% over five-year period
· Tenant retention increased from mid-50% to 85% over five-year period
Engineered management buyout with successful exit on behalf of Bell Atlantic (now Verizon).
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