Excavation And Road Contractors For Cities Schools

Description

Established civil contracting company specializing in excavation, utilities, and infrastructure projects with a focus on roads and school districts. The business currently has approximately $21 million in work in progress.Its customer base is diversified across municipalities representing 36 percent of revenue, state government agencies representing 22 percent, school districts representing 23 percent, and commercial clients representing 19 percent. The company performs site preparation projects for highways, school districts, and municipalities throughout Virginia, West Virginia, and Kentucky.The owner currently provides general oversight by choice, although the business does not depend on his daily involvement. Having founded the company more than 50 years ago, the owner is now preparing for retirement and is willing to remain involved for a transition period of one to two years following the sale.The company employs more than 120 people, including three Senior Vice Presidents who oversee operations, eight superintendents, one office manager, one administrator responsible for billing, and approximately 110 field employees.The purchase price includes more than $14 million in assets, including construction and transportation equipment, office equipment, software, and working capital. A third party appraisal has been completed to verify asset values. Annual capital expenditures are approximately $350,000 due to the company's existing equipment capacity and available room for growth.The business does not hold MBE, WBE, or Veteran certifications.Priced at $19,250,000, the company offers a long established reputation built over five decades. To support the transaction and demonstrate continued commitment to the company's future success, the owner is willing to finance 15 percent of the purchase price.Although the owner could liquidate equipment and collect accounts receivable for an amount exceeding the asking price, he has chosen to sell the company as a complete operating business in order to preserve jobs and continue the legacy built over many years.