In September 1994 Kilmer took a significant equity position in Coretec Inc., providing the company expansion capital.
Coretec manufactured complex, multi-layered circuit boards out of a single manufacturing facility in Scarborough, Ontario. The
management team had a proven track record of growing the company profitably since inception and had a well articulated
strategy to grow the business through acquisition. The PCB industry was highly fragmented and conducive to growth through
acquisition. At the time of Kilmer’s investment, Coretec possessed many of the elements of a good platform company including a
proven entrepreneurial management team and leverageable manufacturing infrastructure but lacked the financial resources and
acquisition expertise to effect a consolidation strategy.
Following the investment, Kilmer worked closely with Coretec’s management in the execution of an aggressive acquisition
plan that resulted in the completion of two strategic acquisitions, including the purchase of the assets of a competitor out
of bankruptcy. The acquisitions nearly tripled the company’s manufacturing capacity and facilitated entry into the U.S.
market. During this period of rapid growth, Kilmer provided general guidance to the company facilitating its transition from a
small entrepreneurially run business to a highly profitable professionally managed company. |
