In 2009, VXi, a Dover, N.H.-based maker of corded and wireless telephone headsets, had outdated products and flagging sales. New management shook things up, creating a slew of new products that customers couldn’t get enough of, and a revamped corporate culture that rewarded innovation. VXi was beginning to turn the corner.
VXi needed capital to grow. But because the company’s reserves had been depleted during the rocky times, traditional lenders weren’t able to extend more financing.
Why VFG made this investment
The new management team was stellar, demonstrating a clear and compelling strategy that put customers first and produced immediate results. VXi’s top product line was improving, with the bottom line following suit.
From VFG’s investment in 2009, VXi more than doubled in size, reached record profitability, and instituted an employee bonus plan. When the owners sold the company three years later, not only did each employee receive a check, but the new owners were so impressed with the staff that they kept it intact. VXi continues to grow today.
To continue VXI's growth, we needed capital to strengthen our balance sheet. VFG provided it in a way that worked for our bank and for us.