The paper covers corporate restructuring process in the SPK group of companies (2004-2007). Firms may choose wide variety of restructuring strategies according to macroeconomic conditions, corporate culture, company lifecycle stage etc. Therefore SPK group restructuring is examined as the case of transformation in fast growing entrepreneurial company. Internal and external incentives to transformation are analyzed as well as correlation of restructuring efforts with changes in Russian business environment. Major constituent element and milestones of restructuring are revealed: transformation of organizational structure, divisionalization, internal controls implementation, moving toward investor-friendly legal structure.