Fairfield Aluminum Casting Company, Inc. (FALCO)
This Iowa based aluminum foundry specialized in sand and permanent mold products with fast turnaround prototypes. They had been hit hard by the recession and never fully recovered.
The company had seen a steady drop in sales since 2008. Since that time, they had sequentially adopted two turnaround plans that had both failed and they were in technical default with their lender. With only 6 weeks remaining under the current forbearance agreement, Equity Partners was retained.
Based on our retention, the secured creditor agreed to extend the forbearance agreement and continue funding operations for 30 days to allow Equity Partners to complete their marketing process.
Equity Partners quickly generated significant interest in the company, getting more than 80 groups to sign confidentiality agreements and review the information on the company. EP negotiated offers with several buyers which far exceeded any liquidation estimate and we closed the transaction without a single day of interruption. All jobs were saved and the business continues to operate today.