I can think of one time when the Gov. seized control of a privately held company...
During WW I Smith & Wesson took on huge contracts from both the Allied forces prior to 1917, and later the US military.
Only, they had very frustrating problems being able to fulfill their obligations under the contract.
After repeated warnings for non-performance, the government seized S&W and ran it until just after the end of the War in 1918. Successfully, too.