Saving Jobs and Supporting Success
Belt-Tech is a manufacturer of nylon and polyester webbing and narrow woven fabric used in the production of seat belts and other industrial products. The company was supplying 12% of the North American automotive belt market when textile plant closures and resulting layoffs in Quebec had a significant impact. The sale of this division had left the company with a debt load impossible to support given their current level of sales.
Three members of management submitted an offer to purchase the assets and continue operations as the company faced permanent closure, unless it could secure financing for the buyout.
Accord was able to leverage the combined value of the company’s accounts receivable, inventory, machinery and equipment to pay out the banks and provide necessary cash flow.
A turnaround plan was implemented, and with a combination of cost controls and an appropriate debt load enabled by Accord, Belt-Tech was able to realize a profit the first year.