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

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.

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.