Prima Die Casting, Inc.
A Clearwater-based family owned and operated custom manufacturer of high quality tooling and high pressure die castings.
Prima Die Casting had operated profitably for decades, but was hit hard by the sequestration and the collapse of the automotive industry. Sales had been declining rapidly over a period of three years and then they lost a major customer to China. Revenue could no longer support their lease payments, causing Prima Die Casting to fall behind with their landlord and on payments with their trade vendors.
Prima Die Casting was facing liquidation when Equity Partners was retained. Equity Partners quickly provided bridge financing to pay the landlord and trade creditors to maintain operations. This allowed Equity Partners 60 days to complete an extensive marketing process.
Equity Partners was able to generate significant going concern interest within 60 days. In the end, a private sale was negotiated and completed that provided employment for ownership, allowed operations to continue, and an assumption of the real estate lease.