PSC, Inc.
PSC is a developer and manufacturer of bar code based scanning products. Prior to Littlejohn's investment, the Company was in financial distress due to a history of expensive acquisitions, a failed sale process, expensive litigation with a competitor, and soft market demand for its products. The Littlejohn team purchased the Company's debt at a steep discount and converted its debt to a control equity stake through a prearranged Chapter 11 bankruptcy filing. Following Littlejohn's involvement, the Company expanded its product line, exited non-profitable product lines, consolidated its location base, began outsourcing to reduce capital expenditures and settled all litigation. During Littlejohn's ownership revenues increased by approximately 50% and EBITDA doubled.