Zig Zag CFO Ready To Capitalize On Cannabis

The company looks towards the emerging market

When Louie Reformina traded in his 20-year Wall Street career for his first operational role, he joined a company, Turning Point Brands, that had a long history of distress. Although it had a highly recognized and successful brand in Zig Zag rolling papers, the company had been built through a series of leveraged buyouts and, for many years, was struggling with a weak balance sheet that left it unable to invest in growth. 

“It was operating at six times its leverage,” said Reformina, who came on board the company as a business development executive in 2019 and named CFO last month. “At one point, they were at $40 million of EBITDA and $40 million in cash interest payments, and that doesn’t allow you to invest properly.”

The company’s turnaround began in 2016, when it gained access to public capital through an IPO, enabling it to clean up its balance sheet and broaden its product reach into growth areas. 

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