Water Meter test bench manufacturer.
Founded by Floyd Salser, Mars Water, is a very successful water meter test bench manufacturer and servicer for the global water and gas industry.
Similar to many companies in the lower middle market, Mars Water was hard hit by the recession as municipalities stopped purchasing test benches due to budgetary constraints. In addition, the company had invested in real estate for its manufacturing facility located in Central Florida and had invested in improvements to the facility just before the Great Recession. As a result of these factors, the company was in default of its senior debt.
ACM VALUE ADD
ACM stepped in and met with the company, analyzed its business today and the underlying collateral including the commercial property which they used for their manufacturing facility. ACM also met and worked with the senior lender. As a direct result of ACM’s efforts, the senior lender executed a short sale of the property to a 3rd party and forgave $4.2M of senior debt.