Two years ago, a recruiter called corporate turnaround specialist Anna Ricardo, to help fix what she called a “mess” at MeriCal, a contract manufacturer of dietary supplements in Anaheim.
In 2023, the company had adjusted EBITDA of nearly $400,000. Payroll was bloated and vendors were not being paid on time. Other job candidates might have passed on stepping into the role of chief financial officer, but not Ricardo.
The self-described “adrenaline junkie” thrives on achieving stability from chaos.
“That’s kind of my bailiwick—turnaround,” she told the Business Journal. “It’s my adrenaline. I love it. Maybe I’m short-sighted and I want instant gratification, but I can always see the low-hanging fruit.”
While the past two years were challenging at MeriCal, especially last year, Ricardo said her game plan is working. Last year, the company reported adjusted EBITDA of $3.7 million, and this year will close at $12 million. She’s also positioning MeriCal for sale in the fourth quarter of 2026.
For her achievements, Ricardo, 62, received a Women in Business Award at the Business Journal’s annual event held Oct. 15 at the Irvine Marriott.
A Company in Distress
Ricardo, who previously worked in high-level finance positions at International Vitamin Corp., Gilead Sciences and Abbott Laboratories, has built a reputation as a turnaround specialist in the manufacturing sector.
“I’m definitely a risk taker,” she said. “I’m almost fearless.”
When she joined MeriCal—owned by private equity firm Chicago-based Linden Capital Partners—in 2023, she stepped into a company in financial and operational turmoil.
“The PE firm was wiring us money daily to stay afloat,” she said.
Leaders were too focused on selling the company, “rather than building” a business that the PE firm could sell, she said.
Her fix-it strategy involved recruiting new talent, including a controller and a data analytics team to establish accurate reporting and internal controls.
Payroll, for example, was out of control.
To rein in labor costs, Ricardo introduced a weekly Monday meeting last year that brought operations and finance leaders together to review production efficiency. The group analyzed how many hours were worked and if those hours were justified based on manufacturing output. By holding teams accountable and aligning staffing levels with actual production needs, MeriCal reduced waste and improved productivity, she said.
By doing this, she cut costs tied to overtime and temporary help.
“The results we’re finally seeing come through the P and L,” she said.
The company’s revamped sales team also established better relationships with important retailers like Sam’s Club, Walmart, Costco and they shifted the company’s R&D strategy.
Instead of waiting for retailers to request specific supplements, MeriCal is now reaching out to them and saying, ‘Here is our menu, and we can tweak the ingredients just slightly for your particular needs,” Ricardo said.
That approach landed MeriCal a major deal with Sam’s Club.
“They want formulas that are completely unique,” she said. “So they had us put together a super greens product with like 72 components. That’s a little crazy. We’re now in the process of reformulating it, but it got our foot in the door on a powder product that we had never even made before.”
Maintaining Integrity
Ricardo, who grew up in Fullerton but now lives in Long Beach, says integrity has guided her through some of life’s toughest professional choices. At times, that meant walking away from lucrative roles when her principles were tested.
She recalled one defining moment when a former employer pressured her to manipulate financial results. He essentially wanted her to cook the books — a request that weighed on her.
“I couldn’t sleep at night,” she said.
So, she left the company.
“Integrity is absolutely No. 1 at all times.”
