OFC / NetOptix
OFC / NetOptix was a bank workout/turnaround management engagement from Fleet Bank.
OFC was primarily a DOD contractor manufacturing optical lenses for missiles, satellites and optical communication systems.
The company had experienced a one year 44% drop in revenues resulting in a $3.6 million loss and the company becoming insolvent as well as facing bankruptcy.
In addition, there had been a $1.6 million fraudulent transfer of assets (the bank’s collateral). The bank was looking at a full $4.6 million loan charge-off.
GVPGC’s management:
- Recovered the lost collateral and allowed the bank to realize a full recovery
- Installed effective financial controls and hired new experienced personnel
- Put some of our experienced PIM’s on the Board of Directors
- Engineered a successful turnaround which within one year brought to being profitability by $742,000
OFC / NetOptix was then acquired by Corning Corp for $2.1 Billion; 134 x sales.
Each of our PIMs received $5 million from their board membership.
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