Premier commercial millwork firm providing engineering, design, production and installation services

$21M Revenue

Company Overview

The Company is a premier commercial millwork firm providing engineering, design, production and installation services.

The Company operates from 3 facilities in the US.  The Company has 2 facilities located in Des Moines, IA and Emmetsburg, IA.  All-American Millwork and Fabrication operates one facility located in Hardin County, TN.  The Company employs more than 400 employees.

Engagement Overview

FDP was engaged by the Company to prepare a 13-week cash flow forecast model and assess the short-term liquidity needs of the Company.

  • In reviewing the customer base and outstanding trade receivables, FDP identified nearly $1.8 million of improper billings that materially misstated the financial statements and borrowing base certifications provided to the Company’s senior lender.
  • These discoveries led to further detailed work which uncovered a significant amount of personal expenses being charged to the Company’s credit cards
  • Once corrected, the Company was significant over-advanced on its line of credit with the senior lender.  As a result, ownership injected additional capital into the Company to provide liquidity.
  • Additionally, FDP implemented significant price increases providing as well as stretching the vendor base to provide additional liquidity.
  • The senior lender ultimately exited the relationship without incurring a loan loss.
  • FDP identified and corrected material misstatements in the Company’s financial reporting.
  • FDP identified significant short-term liquidity improvements stabilizing the Company.
  • The senior lender ultimately exited the credit without incurring a loan loss despite the significant over-advance.

FDP News

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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Oct - 22

Alice Chan joins Fort Dearborn Partners

Fort Dearborn Partners is pleased to announce that Alice Chan has joined our firm as a Director.

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Sep - 22

Bears Win Season Opener!

Not even the worst flooding in 2 years could stop the Bears from winning their season opener.

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