In The News continued...

PRC COMPOSITES

In 2016, the company reported sales in excess of $21 million, a 25% increase over 2015’s sales and an Adjusted EBITDA of $4 million which was more than double 2015’s of just under $2 million. Further, during the year, we paid off the bank line of credit, which stood at $800k at the beginning of the year, distributed a like amount ($800k) to the members, continued making P & I payments on the Seller notes and finished the year with almost $3 million cash in the bank. Not bad for our second year of ownership. The company started 2017 with a backlog over $13.5mm, buoyed by a $6.7mm order recieved from Boeing in December.

ADVANCE ADAPTERS

The end of the year 2016 found us executing all of the documentation required to purchase a majority interest in this 45 year-old manufacturer of automotive after-market transmission and engine parts, including the well known Atlas Transfer Case. Located in Paso Robles, CA in a modern 44,000 sq ft facility, the company was 100% owned by Mike Partridge, whose father started the business back in 1971. Mike continues to own a significant minority interest as well as manage the day-to-day operations. While the deal was effective on Jan 1st, with all monies disbursed on Jan 3rd, it frankly took the better part of a year to get this one done because of some “hiccups” along the way. But, all’s well that ends well, and we’re excited about the company’s prospects and pleased to add this one to our growing portfolio.

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