Great Western Products is a specialty manufacturer and processor of branded and private label food and non-food concession products, primarily for movie theaters and other large venues. Headquartered in Northeast Alabama and with a primary packaging operation located in the heart of the Midwest corn belt, the 50+ year old Company was in crisis and needed financial support and new ownership to survive.
Challenge
Movie theaters worldwide were forced to close during the COVID-19 pandemic, immediately impacting Great Western’s topline and ongoing liquidity.
Solution
Rise Line supported Great Western during the COVID-19 crisis using its broad financing capabilities to allow the Company to get through the initial phase of the COVID-19 pandemic. In addition, Rise Line identified key support professionals to help manage the Company’s day-to-day operations to preserve its enterprise value.
Result
Great Western was acquired and became Performance Manufacturing, LLC in the first quarter of 2021. This acquisition rebooted the Company and not only were the 21 jobs in Alabama and the Midwest preserved but GW has added close to 50 additional positions and continues to grow.
“Great Western Products has enjoyed many loyal customers but there is no doubt the pandemic had a devastating impact on our company. We were very fortunate to have the financial backing of a company like Rise Line who recognized the value of our organization beyond the balance sheet and the willingness to see it through.”
—Rocky Franklin, Chief Operating Officer, Great Western Products
Great Western offers value-add services to the concession industry. Once we recognized the impact of the global pandemic on this 50-year-old firm, we worked tirelessly with our borrower to find an optimal solution for all the stakeholders. We were able to find a solution in middle of a pandemic that ultimately saved the Company and several jobs.