CEVA unveils refinancing plan to provide breathing space over mounting debts
These are (relatively) good days for CEVA – despite its announcement that revenues fell 4% ...
They are coming back. Slowly but surely, managers who left CEVA in its darker days are returning; from Crane, Kuehne + Nagel, SEKO, SDV and Agility.
At the same time, quietly, CEVA has been rolling out its new IT, a freight management system which it has developed over years at a very reasonable cost, less than $20m. In the past quarter, it has completed its US implementation. (“Any teething problems we had were easily bearable in comparison with those at DHL GF,” smiles one CEVA executive.)
CEVA has entered a new chapter, one which started when former K+N executive Xavier Urbain took over from Apollo (CEVA’s private equity owner) stooge Marvin Schlanger at the start of 2014. The change is starting to pay dividends at a company which has been on shaky financial ground.