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Enercor

Automotive Connectivity

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EUR 65M (EUR 300M after recovery)

Revenue

Over $100M

Debts

438 days

Duration

Leading provider of car connectivity solutions with a global presence,
owning R&D centres, sales and operational offices worldwide

Locations: Belgium (HQ), France, Germany, Israel, China/HK, Korea, US, India, Japan, Cyprus

The restructured company solved most of its critical issues threatening the company’s existence. Moreover under
the Enercor team the new path for the future growth has been laid out by implementation of various restructuring
programs, launch of new products, introduction of new critical functions (Legal, HR etc), setting up IT
infrastructure, budgeting and other procedures.

Achievements

  1. Total debt
    decreased by
    > $70M

    Conversion of internal debts, reducing debt to various suppliers

  2. OPEX decreased
    by close to
    $10M per year

    Redundancies in various
    offices worldwide

  3. WC savings of
    more than
    $37M

    Better terms with existing
    clients, including higher
    prices, prepayments etc

  4. Pipeline of new
    potential businesses
    $1.6Bln

    Due to implementation of
    new Sales and Marketing
    Strategy

1-3 months

  • due diligence and analyses

3rd month

    • action plan presented and approved by shareholders
    • Enercor team takes over top management

4-8 months

    • redundancies in Israeli, German and Japanese locations
    • operations restored
    • debts reduced

9-15 months

    • new sales strategy and ERP
    • new customers engaged
    • launch of new EMS assembly
    • notable cost reduction
    • R&D activities resumed