integrated building systems provider of mechanical, electrical, plumbing and control systems

$550M Revenue

Company Overview

The Company is a publicly traded contractor with seven operating divisions across the US. The Company experienced significant growth in one of its divisions in a short period of time and began experiencing material project fade.

The Company was in discussions to obtain additional debt capital from its lenders to fund strategic initiatives, and the lending group wanted an independent opinion on the Company’s current financial position and project fade issues before approving the loan.

Engagement Overview

The Company retained Fort Dearborn to review operations at the troubled division and provide an assessment of its processes, controls, and financial condition of existing projects. The division had experienced:

–High growth in both the scope and size of engagements it had undertaken;

–Substantial key employee turnover, both in division management and project managers;

–A tight labor market that made hiring new, qualified staff a challenge; and

–Project fade on fixed fee contracts, which are customary in that market.

FDP reviewed the operation, including:

–Circumstances creating the financial challenges on projects with significant write-offs;

–The work-in-process (WIP) report and status of active jobs;

–Significantly over or underbilled projects, to assess financial risk related to those projects; and

–Internal controls related to key business processes, and remediation status of material weaknesses in internal controls.


FDP interviewed management and reviewed the troubled division’s operations, processes, controls, and documentation.

FDP provided independent analysis to the Bank Group, which enabled the Bank Group to decide whether to provide additional financing.

The Company was able to obtain the financing necessary to fund the business and growth objectives.

FDP News

Oct - 23

Max Bechtel and Austin Curtis join Fort Dearborn Partners

Please join us in welcoming the newest members of the Fort Dearborn Team, Max Bechtel and Austin Curtis.

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Apr - 23

Fort Dearborn advises Reliable Knitting Works

Fort Dearborn Partners served as the exclusive financial advisor for the refinancing of Reliable Knitting Works, a $125 Million Wisconsin-based Company.

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