Company Overview
The Company was headquartered in Illinois with a facility in Texas, and a maquiladora in Mexico.
The Company had an advanced engineering and design process with “total in-house” tool build capabilities to provide customers with a competitive advantage from concept and design to full production.
The Company faced mounting operational and financial challenges including sales falling from a high of approximately $36M.
Engagement Overview
Fort Dearborn Partners was initially engaged as the turnaround consultant to prepare a 13 week cash flow forecast and monitor liquidity.
Despite expense reduction and other restructuring efforts, the Company remained in a liquidity crisis and engaged FDP to sell the business.
FDP led an expedited sale process, creating a confidential information memorandum and contacting approximately 150 buyers, and receiving multiple competitive LOIs.
Results
FDP held several on-site management presentations, supported the Company through due diligence, and led the negotiation of the asset purchase agreement.
The Company was ultimately sold by way of a UCC Article 9 sale to a private equity-owned strategic buyer, saving 100 jobs.