News: Hennessey Named CFO at Purple
Hennessey brings 25 years of finance, accounting and investment banking expertise to this company, which burst on the scene in late 2007 and has been rapidly attracting a loyal, taste-savvy and health-conscious following ever since.
Hennessey received his MBA in Finance from the Kellogg School of Management at Northwestern University, where he was also president of his class, and his BBA in Accounting from the University of Notre Dame. He is a CPA, a licensed Realtor®and also holds a Certification in E-Commerce from New York University's Department of Information Technology Services.
"Tim's extensive background in investment banking, as well as in successfully managing the unique growth and capital needs of similar companies, add up to a seasoned financial leader whom we are thrilled to have on our team," said Ted Farnsworth, CEO of Purple Beverage.
Before joining the company, Hennessey owned and operated Hennessey Financial Services, a business that provided comprehensive CFO services to public and private companies that spanned a wide spectrum of industries, including retail, telecommunications, internet/e-commerce, real estate, beverage/foodservice and motion pictures. For clients ranging from early-stage growth companies to large, publicly traded companies, Hennessey provided services that included capital transactions, financial reporting, budget and financial modeling, and investor and shareholder management.
Previously, Hennessey served as CFO for Wellness Discoveries Inc., a New York-based company that develops content and commerce opportunities in the wellness, fitness and alternative medicine sectors. In that position, he negotiated mergers, acquisitions and joint ventures, raised debt and equity capital, and provided detailed financial analyses and forecasts. He also managed relationships with shareholders, commercial and investment banks, and legal, accounting and tax advisors.
Hennessey previously served as a managing director in the Investment Banking Group of Deloitte & Touche USA LLP in New York. While there, he directly oversaw all client capital-raising transactions, including venture capital, private placements and acquisition financing, and specialized in raising capital for middle-market (pre-IPO) companies.
Hennessey was also an investment banker on Wall Street with Morgan Stanley Dean Witter & Co. for many years. In this position, he specialized in raising capital for middle-market companies and executed numerous leveraged buyouts, private placements and growth financing transactions for clients.
Prior to attending business school, Tim was an auditor for Arthur Andersen LLP in Chicago, where he developed his knowledge of SEC regulations and filing requirements while preparing and analyzing financial statements for clients in a wide variety of industries.
"Purple Beverage Company Inc. is on the brink of explosive growth across the U..," said Hennessey. "Its flagship product, PURPLE, has only been on the market for a few months and already has earned impressive reviews from customers in some of the country's most discerning cities, such as New York, Miami and Los Angeles. That's no easy feat. I'm excited to join Purple Beverage Company at this exciting phase to help lead the company on its continued growth course."
"The fact that Tim has worked with global, best of breed firms and has now attached his name to Purple Beverage Company is huge," said Farnsworth. "With the growing understanding of the health benefits of antioxidants, there's a great market out there for PURPLE, and we know that having Tim on our team will help us continue our mission of bringing healthful, nutritional and great-tasting beverages to consumers everywhere, while simultaneously increasing stockholder value."
From the January 21, 2008, Prepared Foods e-Flash