BACKSTORY: A holding company with a legacy in the aerospace industry dating back nearly 80 years, this organization’s portfolio companies produce niche parts for airlines and other plane owners.
PROBLEM: The reputation and future prospects of one of the companies was beyond repair, impacting operations and requiring a bankruptcy protection filing.
SOLUTION: TAP performed a “bolt-on acquisition” as a means of rescuing the company and restructuring the outstanding loan facility. Additional corrective steps included:
- Assimilating management teams and assigning responsibilities post-acquisition
- Securing multi-year contracts with some of the industry’s blue-chip performers
- Providing on-site accounting, reporting, and human resources expertise
- Creating internal sales processes that incentivized employees and eliminated the need for significant numbers of sales representatives
As a result of these changes, the company recently received a third-party valuation of $15 million.
