Daily News: June 25, 2014

Hilco Announces Formation of Diligence Services

Tom Greco, CEO of Hilco Valuation Services, announced formation of Hilco Diligence Services (HDS). The new business practice will provide asset-based field examination and deal-specific diligence services and analysis for lenders, financial sponsors, investors, corporations, and work-out and insolvency practitioners.

Hilco Diligence Services will be run by Doug Jung, who joined Hilco in September 2013 as managing director. Services include traditional and complex out-of-the-box ABL field examinations and deal specific transaction work.

“This is an important strategic decision for Hilco Valuation Services to expand our practice and offer field examination and due diligence services to our customers. This is a natural extension of our existing valuation practice, and Doug Jung, who built similar practices and trained many of today’s respected lenders in the asset-based community, is the ideal person to grow this business”, said Greco.

A seasoned financial professional with more than 25 years of diverse experience, Jung has established a solid background in diligence, audit, credit, management, advisory, finance and investigation. Since joining Hilco, Jung has been building the HDS team with professionals in New York and Chicago as well as the West Coast. Doug has performed single-lender and complex syndicated ABL field exams, and has also provided diligence services for highly structured secured loans in a broad array of industries, including specialty finance companies.

Over the years, Jung has performed or managed hundreds of field exams annually. His experience in mid-market and large cap covers a wide array of industries, including retail, consumer and commercial finance companies, distribution, professional services, aerospace, heavy manufacturing, consumer goods, retail, telecom, agriculture, textile & apparel, transportation, energy, healthcare and entertainment/media. His experience includes analysis of target companies in the U.S. as well as Europe and Asia.

Prior to joining Hilco, Jung managed Jupiter Advisory Group, a business consulting firm he founded. Earlier, he had spent seven years with Alix Partners and FTI/Compass Lexecon performing a wide variety of restructuring engagements, lender advisory, investigations and litigation support work. Jung also spent many years in banking, holding senior management positions with JPMorgan Chase and its predecessor banks, where he started and managed the bank’s diligence/field exam and collateral monitoring groups. Jung was JPM’s lead asset-based product specialist and played an integral role in many of the bank’s largest syndicated ABL transactions. While with JPM, Jung held senior roles in the Investment Bank, Special Credits (work out), the Commercial Bank and Chase Business Credit divisions.

Prior to this Jung was the national field exam manager at Fidelcor Business Credit, where he managed and executed all field exams, both new business surveys and recurring audits with a staff of more than 20 people located across the U.S.

A Certified Public Accountant, Jung is a member of numerous professional organizations, including AICPA, AIRA and TMA.