General Trailers Ltd.
General Trailers was the largest European manufacturer and marketer of semi trailers and related parts and services, marketed under the Fruehauf, Trailer, Benalu, Blond Baudoin and Crane Fruehauf brands. At the time of purchase in 1997, the company was significantly over-leveraged, with shareholders and managers in major conflict. Further, the industry was in the midst of a fundamental restructuring. The Littlejohn team purchased the company at an attractive multiple and implemented operating and financial improvements. Management restructured the organization into Pan-European product-specific Strategic Business Units, streamlined manufacturing facilities, standardized product offerings, upgraded purchasing protocols and installed a new Baan ERP system. As a result, when the company was sold two and a half years later, revenues had expanded significantly and the EBITDA margin had more than doubled.