CEO of Platform Acquisition

Background: As owner, completed the acquisition of a Tier 2 automotive supplier of electronics and plastic over molding out of bankruptcy through a 363 asset purchase.  Expedited (more) acquisition completed 45 days after stalking horse bid accepted by the courts.  Company had poor operations including:

  • On time delivery below 80%
  • No Quality Certification
  • No management team (formally a strong one-man rule)
  • No operating reports

Actions Taken:

  • Developed a self directed senior leadership team to run company
  • Initiated lean scheduling and production resulting in 35% direct labor improvement
  • Company certified to TS16949 Quality system which was linked to company-wide processes performance metrics.
  • Completed an add-on acquisition to diversify company from automotive industry
  • Implemented strategic planning focused on continuously improving tactical and operational aspects of company through consensus planning process
  • Initiated leadership and management training to develop all management and operating supervisors

During the ownership of the company these initiatives resulted in the company significantly improving quality, on-time delivery and gross profit margin.

Results: Despite the improvements in the company it lost its strategic position in the very competitive automotive industry.  The company was sold to a strategic acquirer due to the strength of the management team and the quality of the operations.