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FEC Technologies, Inc.
Early-stage Companies
Real Estate
FEC Technologies, Inc.
In the fall of 2008, Susquehanna Bank contacted Hammer Creek regarding FEC Technologies, Inc. ("FEC"). Susquehanna was working with Harry Blok, FEC's Executive Vice President, to recapitalize the company.
Mr. Blok joined FEC in 2007 and at that time purchased a minority interest in the company and received an option to purchase a controlling interest. The option was subject to satisfaction of certain conditions with which he needed assistance.
Hammer Creek evaluated the situation and concluded that, despite recent losses, FEC had a good reputation and significant upside potential. Mr. Blok retained Hammer Creek to assist him in exercising the option. Subsequent discussions revealed that rather than the transaction contemplated by the option agreement, the owners preferred to be bought out completely.
Hammer Creek then took the lead on three separate negotiations: a stock purchase, a new lease and a new bank credit facility. The parties agreed on terms in February 2009 and finalized documentation over the next month. The transaction closed in March. Hammer Creek injected subordinated debt into the company and assisted Mr. Blok, who became President and CEO, in purchasing the stock of the selling shareholders. Hammer Creek's principals serve on the company's Board and provide management assistance, particularly in the areas of business development and financial management.
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Real Estate
140 West Market Street, York, PA
Commercial real estate leased to Comcast and others.
61 Anchor Cove Court, Hampton Lake, SC
Residential lot held for future development.
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