The Preiss Company Appoints John Manning to Chief Financial Officer
Tuesday July 27, 2010
Appointee to prepare accounting and financial team for corporate “hyper growth”
RALEIGH, NC – July 19, 2010 – The Preiss Company (“TPCO) is proud to announce the appointment of John Manning to Chief Financial Officer. In his role, Manning will be responsible for managing all accounting/financial reporting, treasury, risk management and administrative functions for the company, as well as overseeing all credit relationships with senior and subordinated lenders and institutional/private equity investors.
For the past 15 years, he has been the senior financial executive for investor-acquired business entities purchased through leveraged buyouts or recapitalizations with revenue ranges from $50 million to $150 million. Each entity a unique entrepreneurial environment and each requiring a close working relationship with commercial and asset based lenders, mezzanine lenders, boards of directors and sophisticated financial investors. He has also been responsible for sourcing working capital, interim and long-term debt financing, and providing strategic guidance in acquisition targeting and integration.
Prior to joining The Preiss Company, Manning worked in various financial and accounting positions throughout New York and New Jersey. In 1994, he moved to North Carolina and served for three years as Controller/CFO for Alpha Cellulose Corporation. In 1997, he was the Division Controller for Tecstar Inc., Electro Systems Division in Durham. Manning moved to Georgia in 1999 and served as Chief Financial Officer for US Supply Company in Augusta where he negotiated $5.3 million revolving credit and term loan facility and negotiated $2.2 million capital lease financing for e-coat/powder coat system. In 2006, he moved back to North Carolina and served as CFO for Cam Fabrication Holdings, Inc. in Smithfield. Manning says that one of his goals at TPCO will be to redefine the role of the accounting and financial team within the organization.
“As CFO, I want to lead and direct the accounting and financial team to become a more value-added function within the Preiss organization,” says Manning. “I not only want to increase the financial team’s sense of valued contribution to the corporate organization’s success, but I want to raise the bar to professional expectation and accomplishment.”
TPCO is currently one of the largest providers of off-campus student housing in the United States. The company is a multi-year recipient of the Raleigh Chamber of Commerce's Pinnacle Business Award, winner of the Metro Bravo Award for Residential Real Estate, and winner of the Triangle Fast 50 Award for fastest growing company.
Most recently, The Preiss Company’s Myrtle Beach property—University Village at the Coast—was featured in the November/December 2009 issue of Apartment Finance Today as one of the publication’s “13 Most Creative Deals of 2009”. Manning says that he wants to build on TPCO’s current successes by preparing his team for “hyper growth”.
“In order to strengthen our presence in the student housing industry and ensure continued financial success for the company, it will be important to redirect the financial and accounting team’s mindset from exclusively traditional, financial reporting to a new mindset of value-added financial analysis, profit improvement, increased return on assets, and timely economic analysis,” says Manning. “If we can accomplish these objectives, then the company will be well positioned to maintaining its leadership role in the student housing industry.”
About The Preiss Company
Founded in 1987 by Donna Preiss, The Preiss Company employs over 200 team members and is the leader in the development of new technologies, tools, and strategies for the student housing industry and also acts as a receiver for several national banks. In its 23rd year, the company has formed over 50 partnerships and developed over 20 projects stretching from Maryland to Texas. For more information, visit www.tpco.com.
The Preiss Company