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Victor Plastics avoids liquidation and sells for 5.5 times projected EBITDA
Victor Plastics, a custom plastics injection molder, was a thriving $100 million business in 2006, with 40% of their sales represented by Maytag. After Whirlpool acquired Maytag, Victor exited the Whirlpool business and subsequently became a $60 million company losing $3 million per year. MorrisAnderson believed in the long-term viability of Victor even though the lenders preferred a liquidation. Within four months, MorrisAnderson brought about the sale of Victor for 5.5 times 2008 projected EBITDA.
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Blackhawk Steered Through 363 Sale
Blackhawk, a $170 million automotive supplier, acquired $40 million in transfer business but launching the new business taxed its cash flow and resulted in Blackhawk filing for Chapter 11 bankruptcy. MorrisAnderson was able to complete a §363 sale of the company in 4 months. The new owner now has a $100 million company with 800 jobs and run-rate EBITDA of about 12 percent.
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Roman Becomes a Turnaround Success
In 2004-2005 Roman averaged $66 million in revenues, but losses each year were $3 million. EBITDA was a $500,000 loss. With MorrisAnderson's restructuring plan in place, on $66 million in sales, Roman's loss was reduced to $500,000 and EBITDA increased to $1.8 million. The initial, conservative projection for 2008 is for revenues of $40 million and EBITDA of $2 million.
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