Business Summary:
Excavation, Utilities and Infrastructure with a focus onroads and school districts and $21M in WIP. This firm has adiverse list of clients, including Municipalities 36%, StateGovernment 22%, Schools 23%, and Commercial clients19%. This Civil Contracting Firm performs site prep forHighways, School Districts and Municipalities throughoutVirginia, West Virginia and Kentucky. The owner providesgeneral oversight (by preference), which is not a necessity,as owner is 80+ years old. He started the firm more than 5decades ago and is willing to stay for a transition period of1-2 years post-close. The reason for selling is obviouslyage. They have an impressive team in place of 120+,including 3 SVP’s that manage all aspects of the company,8 superintendents, 1 office manager, 1 administrator/billing,and +/- 110 laborers. The purchase price includes over $14million in assets which collateralizes the bank loan! Abuyer will receive construction & transportation equipment,office equipment & software, and a working capital! A 3rdparty appraisal was completed to verify the value of theassets. The CapEx budget is only $350,000 because thereis a surplus of assets with capacity for room to grow. Theydo not have any MBE, WBE or Veteran status. Priced at$19,250,000, this business is primed and ready for a newowner to step in and enjoy a reputation that has been builtover the last 5 decades. As a show of good faith andvested interest in the ongoing success of the company, theowner is willing to carry 15% of the purchase price. Theowner could sell the equipment and cash out the A/R formore than the list price, but due to his loyalty andemployees in place, he is choosing to sell the business asone cohesive unit so everyone keeps their jobs, and thebusiness can continue to thrive as his legacy.
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