Business Overview
About the Company
Excavation, Utilities and Infrastructure with a focus on
roads and school districts and $21M in WIP. This firm has a
diverse list of clients, including Municipalities 36%, State
Government 22%, Schools 23%, and Commercial clients
19%. This Civil Contracting Firm performs site prep for
Highways, School Districts and Municipalities throughout
Virginia, West Virginia and Kentucky. The owner provides
general oversight (by preference), which is not a necessity,
as owner is 80+ years old. He started the firm more than 5
decades ago and is willing to stay for a transition period of
1-2 years post-close. The reason for selling is obviously
age. 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 $14
million in assets which collateralizes the bank loan! A
buyer will receive construction & transportation equipment,
office equipment & software, and a working capital! A 3rd
party appraisal was completed to verify the value of the
assets. The CapEx budget is only $350,000 because there
is a surplus of assets with capacity for room to grow. They
do not have any MBE, WBE or Veteran status. Priced at
$19,250,000, this business is primed and ready for a new
owner to step in and enjoy a reputation that has been built
over the last 5 decades. As a show of good faith and
vested interest in the ongoing success of the company, the
owner is willing to carry 15% of the purchase price. The
owner could sell the equipment and cash out the A/R for
more than the list price, but due to his loyalty and
employees in place, he is choosing to sell the business as
one cohesive unit so everyone keeps their jobs, and the
business can continue to thrive as his legacy.
