Huron Consulting Group announced that the Turnaround Management Association recognized the company as one of the winners of the 2013 TMA Turnaround and Transaction of the Year Awards. Huron Financial was honored for its turnaround of Bancroft Bag.

“We are very pleased to have been selected as one of this year’s TMA Turnaround of the Year Award winners,” said John DiDonato, managing director and Huron Financial practice leader. “Our work with Bancroft Bag is an excellent example of an engagement that has benefited multiple stakeholders while preserving and enhancing the value of the client company.”

Founded in 1924, Bancroft Bag operates the single largest diversified multiwall bag plant in the U.S. and serves a variety of markets. Coming out of the recession, Bancroft faced a number of serious strategic, financial and leadership challenges affecting its existence and the livelihoods of approximately 400 employees.

These challenges resulted in the company hiring Huron to lead the turnaround of its operations. Ray Anderson, managing director with Huron Financial, acted as the company’s interim president resulting in the successful turnaround of the company. Hugh Sawyer, managing director with Huron Financial, advised the company’s board during the turnaround. Bancroft returned to profitability and remains a key employer in West Monroe, LA.

“Leading the transformation of Bancroft was one of the most gratifying results of my career, and is a testament to the hard work and dedication of the management team, employees, board and the Bancroft family,” said Anderson.

The 2013 TMA Turnaround and Transaction of the Year Awards will be presented at the 25th TMA Annual Conference to be held in Washington, D.C. on October 3-5, 2013.