NGA Role
• NGA was appointed receiver in Hamilton County Common Pleas Court to operate and recommend to the court the whether the facility would be closed, sold as a going-concern or some alternative outcome.
• Maximize recovery of asset value for all creditors.
Problem
• Amco Products saw many of its customers take their sourcing overseas. The company experienced dramatic reductions in its revenues and tried to cut costs to return to profitable operation.
• Amco had no active selling effort and instead relied on long-standing customer relationships and Amco’s position as a licensed manufacturer of name brand, proprietary fastener driver bits and drivers.
• Management was very tired and couldn’t increase their sales efforts.
• It was clearly time to sell this business.
NGA Solution
• NGA undertook the sale of the business.
• Competitors were approached and balked at this opportunity.
• Financial buyers and other manufactures were sought and some interested parties found.
Outcome
• Assets of the business were sold with court approval to a new entity controlled by a local manufacturer who saw opportunity in the business.
