manufacturer of printed circuit board assemblies (PCB)

$94M Revenue

Company Overview

The Company manufactures printed circuit board assemblies (PCB), motors, and other rapid PCB prototype assemblies.

The Company had approximately $115M in revenue and sold into material handling, telecommunication, and military end markets.

The Company produces products at plants located in the Midwest, the West Coast, and a maquiladora.

Engagement Overview

Due to supply chain disruptions and labor challenges, the Company had underperformed relative to Management's prior budget, resulting in loan covenant violations.

FDP was retained by the Company to prepare and review the 13-week cash flow and annual financial forecast and make general recommendations to improve cash flow and profitability.

During the process, a significant customer also decreased its orders due to anticipated reductions in demand.

With the assistance of FDP, management identified and took corrective actions by implementing substantial price increases and reducing its operating expenses.  Expenses were reduced through a reduction-in-force (RIF) in its design department and selective cuts in its manufacturing plants.

FDP assisted with bank negotiations and helped expand the borrowing base, as part of the process.

Results

The Company was able to secure a loan extension and forbearance until it was back in good standing with its lender.  The credit moved from the special assets department back to the commercial bank.

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.

Read More

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.

Read More