Winter Harbor LLC

Air Industries Group


Air Industries Group is an integrated manufacturer of machine components, mechanical assemblies, precision sheet metal assemblies, and electronic enclosures, focused on flight critical applications. They supply materials to the military, aerospace, and defense industry, characterized as working in the Industrial sector. Air Industries Group produces $50 million in annual revenue.


Air Industries Group had leveraged all available credit to cover operational expenses. They were forced to reduce staff levels and were unable to pay invoices due to a number of suppliers. Air Industries was considering the sale of one of its subsidiaries, and required assistance with determining alternative financing strategies.

Scope of Work

Winter Harbor served as financial advisor to Air Industries Group. The main objective of our engagement was to develop a liquidation analysis of the Company. As part of the analysis, we evaluated their 13-week cash budget and working capital requirements. We reviewed available monetization options including refinancing and sale of a business, along with the likelihood of each execution.

Engagement Outcome

Winter Harbor leveraged their deep knowledge and experience in the industrial aerospace industry to achieve a superior outcome for Air Industries Group. We negotiated a one year extension to Air Industries’ term loan and revolver with its senior lender. The Company’s equity contributed to an additional $2.5 million in working capital as part of this negotiation. In addition, Air Industries consolidated two of its manufacturing facilities, reducing part handling and delays in shipping. The Company also completed a sale of a subsidiary business, allowing Air Industries to pay down the debt associated with its collateral. Air Industries has reduced its accounts payable, leading to the reestablishment of credit terms with suppliers and improved payment terms with key customers.