BACKSTORY: This company had been a leader in the overhaul and reconditioning of diesel engines, helping optimize performance for both the marine industry and power plants. Its state-of-the-art workshop in Florida enabled it to service fleets in North America and locations throughout the world, something it had done for nearly four decades.
PROBLEM: Large contracts were lost, forcing the company to file for Chapter 11 protection.
SOLUTION: TAP performed a comprehensive evaluation and determined many of the company’s problems were the result of actions of the former CEO. Reorganization through the bankruptcy court included the following critical actions:
- Onboarding a new C-suite executive to take the lead on sales and customer relationship initiatives that included regularly-scheduled vessel service management meetings
- Positioning the company’s expertise and ability to service all major engine brands
- Leveraging contacts within the company’s management and technical teams as the foundation of customer acquisition efforts
- Regaining and growing credit lines with critical suppliers
- Developing and/or recruiting the industry’s top technicians and engineers
- Developing internal procedures and controls that would be scalable for future growth and development
The bottom line is that after hiring a new CEO and navigating IRS issues, the company brought on a new engineering team to handle increased business opportunities. Revenues are expected to double within five years and the company is poised for additional growth, either organically or through acquisition, trade, or sale.