The Company is a leading manufacturer of specialty fasteners operating several distinct business units across the Upper Midwest. Its products include wires, screws, rods, nuts, and bolts.

Following its acquisition by the sponsor in 2011, the Company expanded its operations through the addition of four additional businesses and associated facilities under the thesis that synergies may be realized through higher-margin licensed product portfolios and broader customer bases / end-markets. However, centralizing integration efforts undertaken by prior management did not yield the expected operational efficiencies or financial returns due in part to the disparate manufacturing processes across the plants, as well as limited historical customer overlap. Further, customer losses and plant mismanagement lead to declining quality standards, shipment delays, and margin deterioration.

The lenders engaged G2 to perform a Phase 1 business and financial assessment of the Company, with a scope focused on an evaluation of the operations, business units, profitability, and cash flows, and provide a review of the current management team’s proposed revitalization plan for the business, as well as potential strategic alternatives for the sponsor and lenders.