“Calder was prepared every step of the way and ran a process and attracted a strong pool of qualified buyers. Kregg was instrumental in keeping everything on track, and we are glad we chose Calder to represent us in the sale of our business.”
– Brian Conwell, Co-Owner, Stoutco, Bristol, Indiana (Seller)
“We enjoyed working with the Calder Team (Kregg & Andrew), they truly bring value-add to the table. Very responsive and professional; they made the overall experience a positive one throughout the entire process.”
– Jason Welch, Co-Founder & Principal, Quad Innovations, Brentwood, Tennessee (Buyer)
Calder Capital is pleased to announce the sale of Stoutco, Inc. of Bristol, Indiana, to Quad Innovations LLC of Brentwood, Tennessee.
Founded in 1959, Stoutco specializes in the fabrication of metal parts for customers in the bus and cargo trailer industries, with additional capabilities supporting the RV OEM space. Its services include shearing, punching, laser cutting, forming, welding, and assembly. With a strong reputation in Northern Indiana’s manufacturing hub, Stoutco has earned recognition for reliability, transparency, and high-quality work. The company, initially founded by Dick Stout and a few investors, decided in his 80’s to sell the company after many years of successful operations. During the process of trying to sell the Business to external parties, CFO Brian Conwell (since 2014) and President Ron Mason (since 2010), who had been aiding Dick and the other investors during the sale process, decided to partner together to purchase Stoutco in 2016. The business partners and sellers, Ron Mason and Brian Conwell, engaged Calder Capital’s Sell-Side team to move into retirement.
Quad Innovations is comprised of seasoned industry executives collectively bringing together more than 70 years of experience in manufacturing, sales and operations, finance, real estate, M&A, and legal strategy. The firm targets small to mid-size manufacturing companies with proven financial performance, strong management, and growth potential. Unlike traditional private equity groups, Quad structures each investment independently, enabling long-term flexibility and creative deal solutions for business owners. Through the transaction, Quad offers Stoutco increased geographic coverage and operational capacity to better service existing and new customers, enhanced operational efficiencies, broader service and product capabilities to deepen relationships with customers, and greater opportunities to recruit and retain talented employees.
“Our priority has always been to preserve Stoutco’s legacy of quality and customer service while ensuring a smooth transition for our employees,” reflected Ron Mason.
“The team assembled by Ron & Brian make Stoutco the preferred choice for fabrication services. Truly excited about continuing what has been built over the past 50-years and growing with our trusted partners,” stated Jason Welch, Co-Founder & Principal of Quad Innovations.
Kregg Kiel of Calder Capital served as the Lead Mergers & Acquisitions Advisor, and Andrew Williams served as Co-Lead Mergers & Acquisitions Advisor to Stoutco. Serving as Lead Analyst was Nick Browning of Calder Capital.
The Calder Capital team attracted robust buyer interest, distributing 190 confidential information memorandums to qualified buyers, which resulted in 16 indications of interest and 3 letters of intent.
“Calder was prepared every step of the way and ran a process and attracted a strong pool of qualified buyers,” noted Brian Conwell. “Kregg was instrumental in keeping everything on track, and we are glad we chose Calder to represent us in the sale of our business.”
“We enjoyed working with the Calder Team (Kregg & Andrew), they truly bring value-add to the table. Very responsive and professional; they made the overall experience a positive one throughout the entire process,” shared Welch.
“We are confident the transition to QUAD will deliver long-term value for employees, customers, and stakeholders,” stated Kiel. “It was an absolute pleasure to work with Brian and Ron in this Sell-Side transaction, and I wish them the very best in their well-deserved retirement. I also tip my hat to Jason Welch at Quad, who kept the needs of my client in mind throughout the process.”
“Metal fabrication and transportation component manufacturing remain highly active sectors in the Midwest,” remarked Max Friar, Founder of Calder Capital. “This deal echoes both the ongoing demand for quality manufacturers and Calder’s expertise in navigating competitive sell-side processes in this segment. Congratulations to Kregg, Ron, Brian, and Jason on this sale!”
Calder Capital served as the Exclusive Sell-Side Mergers & Acquisitions Advisor to Stoutco, Inc. Legal representation was provided to the Sellers by Saulo Delgado of Sanders Pianowski, and the Seller’s CPA was Joe Cataldo of RSM.
About Stoutco, Inc:
Founded in 1959, Stoutco, Inc. is a Bristol, Indiana-based fabricator of metal parts, specializing in services for the bus, cargo trailer, and RV OEM industries. Its operations focus on shearing, punching, laser cutting, forming, welding, and assembly, with a longstanding reputation for reliability and quality. To learn more, please visit https://www.StoutcoInc.com.
About QUAD Innovations LLC:
QUAD Innovations LLC, headquartered in Nashville, Tennessee, focuses on acquiring small to mid-size manufacturing companies with strong financial performance and growth potential. With over 70 years of combined executive, financial, and operational expertise, QUAD leverages flexible, independent deal structures to drive long-term value for portfolio companies. To learn more, please visit https://www.QuadCapPartners.com.
About Calder Capital:
Founded in 2013, Calder Capital is a cross-industry mergers and acquisitions advisory firm with offices across the United States. Calder provides valuation, sell-side, and buy-side services. We are nationally recognized for excellence in advising $1-100M enterprise value transactions in manufacturing, construction, distribution, and business services. Calder serves business owners, entrepreneurs, family offices, financial buyers, and investors. Learn more at www.CalderGR.com.
