Helping Business

NEED CONSULTING?

For questions or to schedule an appointment, please call 239-745-3700 or email us at sbdc@fgcu.edu

Pelican Wire

Pelican Wire Company is a custom manufacture of wire and cable products. Specializing in wire used for heating and temperature measurement, Pelican Wire products can be found in the defense, aerospace, medical devices, industrial processing, power management, and many other industries. The company was founded in 1969 by Larry and Theresa Bill out of their basement in Wonder Lake, Illinois. The company moved to Naples, Florida in 1975. Today Pelican Wire's 55 employees service their global customer base from their 33,000 square foot facility located in Naples, Florida.


Then and now, Pelican Wire Company

In 2008, Pelican Wire Company transitioned to a 100% employee-owned company (ESOP) allowing all of the employees an opportunity to benefit from the company's success. While this transaction will be beneficial to the employees, the subsequent buy-out of the owners by the company made significant changes to the Pelican Wire balance sheet leaving the company highly leveraged. This made it difficult for the company to find the funding to sustain operations and make the necessary capital investments needed for growth opportunities.

Cathy Haworth, Growth Acceleration Consultant of the Florida Gulf Coast University's Small Business Development Center was working with the company to help them get the needed capital. The company contacted local banking institutions to apply for credit. Commitment letters were issued. Ms. Haworth worked with the President, Ted Bill, and CFO, Joe Karkoski and was able to provide an analysis of the strengths and weaknesses of each proposal. As a result, Pelican Wire entered into an agreement with TIB Bank for a $400,000, with an understanding that, if the company continues to perform, there would be more funding available later in the year.

The SBDC at Florida Gulf Coast University is a member of the Florida SBDC Network, a statewide service network funded in part through a cooperative agreement with the US Small Business Administration. All opinions, conclusions, or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA.