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Success Story

O’Gara Armoring

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Sales Total
$ 0 M+
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O’Gara Armoring

Overview

Whether you’re downsizing, consolidating operations or closing up shop, you have a lot on the line. From emotional to financial pressures to tough expectations and critical timing. This is a moment when you need to have complete confidence that you can get the absolute most for your assets, and know you’re working with a partner who’s willing to go above and beyond to protect your interests. 

Tracing its roots to coachbuilders from the 1870s, O’Gara Armoring had designed, fabricated and integrated armored products on various military and commercial vehicles. The company transitioned to armored vehicles in the 1950s, starting with President Harry S. Truman’s limousine, and became a well-established military contractor operating out of West Chester Township for decades. They were trying for several months to secure the capital needed to sustain their operations, and had outlined a plan to do so. But the additional funding raised was not sufficient enough to keep operations going, and the company was forced to close its doors. They needed to sell and clear all assets from two facilities covering 290+K square feet, and they needed to do it quickly.

Process At a Glance

3.1.22

Confidential Conversation

Business Advisory Firm reaches out about company potentially closing due to financial constraints.

3.10.22

Company announces closure of facility

3.15.22

Site Visit & Evaluation

CIA team visits the facility and does a thorough walkthrough taking notes and photos and regroups internally to review market values for machinery & equipment.

3.20.22

Offers

CIA offers both commission & cash offer proposal

4.11.22

Contract Signed

Commission Offer Accepted

4.12.22

advertising begins

Website, social media, etc… Upload YouTube videos of machines.

4.15.22

Lien Investigation

CIA works with various lenders to ensure clear title. Establishes reserves in order to remove liens.

4.16.22

Setup Work Begins

All hands on deck – (8) CIA members work 7 days a week to meet deadlines.

5.24.22

Inspection Day

5.25.22

Day 1 Auction – Live Webcast – Location #1

5.26.22

Day 2 Auction - Timed Online – Location #2

6.15.22

Routine Updates to Ensure Completion

CIA gives daily updates on removal/clean out to company, advisors, lenders & landlords to ensure deadlines are met.

6.30.22

Project Completed

Outcome

CIA conducted a 2-day hybrid of Live Webcast and Timed Online Auctions at two locations. The main assets featured at auction included CNC Lasers, CNC Press Brakes, CNC VMC, HD Fab Machinery, Miller Welders, Paint Booths, Car Lifts, Toolroom Machinery, & more. CIA worked around the clock to meet all deadlines within a tight timeline, execute an effective advertising strategy to quickly build buzz, and keep all parties involved up to date throughout the entire process. The 2-day auction attracted 764 bidders and resulted in $3,156,428.00 in sales with the highest price item sold for $500,000.00.

“Throughout our recent auction, you went above and beyond, exceeding our expectations at every turn. Your dedication to meeting deadlines and providing daily status reports was exceptional. But what truly set you apart was the friendship we formed and the trust we developed throughout the process. Working with CIA Industrial was a positive experience and one I would do again.”

– Bo Siefert

Facilities Manager

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