Winter Harbor LLC

TECT

 

TECT Corporation is a privately-owned manufacturer of turbine blades for the aerospace and power-generation markets.  They are known for their fully integrated supply chain that designs, produces and delivers airframe-ready components and assemblies for commercial, military, business and general aviation aircrafts.  After working with Winter Harbor, today, TECT employs over 1,200 employees and produces $350 million in revenue each year.

Our Role

Winter Harbor served as Financial Advisor and Interim Management to TECT as they worked to restructure their business operations.  During this engagement we:

  • Analyzed historical financial statements to assess the Company's profitability and cash flow.
  • Provided a detailed summary of each service line, including revenue drivers, margin analysis and utilization analysis.
  • Performed a detailed Quality of Earnings review and analysis of EBITDA adjustments.
  • Analyzed the historical revenue / customer mix.
  • Analyzed the historical inventory turnover, working capital and fixed assets versus capital expenditures.

Engagement Outcome

By working with Winter Harbor, TECT was able to develop and implement a restructuring plan focused on cutting overhead throughout the organization.  The fundamentals of the plan included closing one of two operating plants, restoring key relations with customers and resolving any labor disputes.  As Financial Advisor, Winter Harbor worked to renegotiate bank debt, allowing TECT to aggressively pursue synergistic mergers with other distressed companies.