"At the beginning of the year, we have split AVC Čadca into 2 separate manufacturing plants. Thus, we have achieved better transparency in the structure of assets and better operational efficiency. Today, the original AVC Čadca company is a sound business and the plants are ready to welcome strategic investors," Jozef Špirko, Penta Private Equity Group partner, said.
- AVC is a leading automotive industry supplier,
- since 2001 the company generated loss, which achieved more than SKK 155 million alone in 2004,
- at the end of 2003, distraint proceedings concerning company assets were commenced by a creditor who held a bank receivable of SKK 250 million. The company was in default with liabilities amounting to more than SKK 50 million and it faced bankruptcy,
- in 2004, the main shareholders in AVC addressed Penta with a call to join their company. Penta undertook to settle the liabilities and to start a company recovery process. Immediately after joining, Penta provided SKK 30 million to rehabilitate the debt and to avert the threat of distraint and bankruptcy. They carried out many restructuring measures which included, inter alia, settlement of past contracts which were unfavourable for AVC,
- on 1 January 2008, AVC Čadca, a.s. company was divided into 2 separate manufacturing plants: AVC Raková, a.s. and AVC Čadca, a.s.
- until today, Penta has invested some SKK 200 million into AVC,
- AVC shareholders structure: 73% ZSNP, 21% FBH, approx 6% small shareholders.
- AVC has 500 employees and the 2008 company revenues are planned to achieve a volume of SKK 600 million.