manufacturer of custom armored vehicles for federal and state agencies

$25M Revenue

Company Overview

A division of a publicly traded company that is a GSA-approved manufacturer of custom armored vehicles for the US Federal Departments of State, Defense, Homeland Security as well as other state and federal agencies.  These custom vehicles are built for a variety of specialized purposes including: assault, SWAT rapid deployment, prisoner transport, bomb squad, crime scene, executive transport and cash-in-transit.The armored division contributed $25 million in sales.

Engagement Overview

•  The Company had lost money in each of the prior two fiscal years and was EBITDA negative in the prior year.

•  Working with management, Fort Dearborn developed a comprehensive operating plan, including strategies and tactics, designed to stabilize the Company and return it to profitability.

•  Key strategic initiatives included:

•  Implementing immediate expense reductions including a reduction in force.

•  Enacting immediate price increases.

•  Drawing on FDP’s experience with dealerships, implemented a strategic price increases on truck bodies, parts and service labor.

•  Recommending a plant consolidation strategy.

•  Initiating Continuous Improvement efforts and processes to capture shop floor costs in order to improve product costing and increase margin.

•  Identifying and effecting a key management change in the sales and marketing function.

•  Improved leadership and direction; revised pricing approach/strategy; reduced sales rep authority to offer discounts; revised  commission structure.

Results

• Identified and implemented $5 million in annualized profit improvement measures.

•  The Operating Plan was presented to and approved by the Board of Directors, including key strategic initiatives such as implementing a plant consolidation strategy.

•  Stabilized the Company and its existing bank relationship.

FDP News

Jul - 21

Brian Hartford joins Fort Dearborn Partners

Fort Dearborn Partners is pleased to announce that Brian Hartford has joined the firm as a Senior Director.

Read More

May - 21

Fort Dearborn Advises Kanaflex Corporation, USA

Kanaflex Corporation USA (“Kanaflex” or the “Company”) is an industrial hose manufacturer with operations in Vernon Hills (IL), Compton (CA), and... Read More

Feb - 21

2020 Year in Review

Chicago, IL - Despite the rollercoaster ride that was 2020, we at FDP are proud to say that, thanks to our resilient and trusting clients, hard-working and talented staff,... Read More