“I greatly appreciated the team approach that Calder takes with its buyside clients. Hannah, Alex, Matt, and the people in the background supporting them all had a role to play in my acquisition journey and ultimate success. Alex made the calls and scheduled the appointments. Matt advised on deal points and helped coordinate with the sellers and their team. Hannah initiated the marketing and managed the process overall. Calder has invested in the human and technological resources to make the process much easier on an individual searcher like me.”
– Brad Morrill, Founder, Morrill Enterprises, Grand Rapids, MI (Buyer)
Transaction Summary
Calder Capital, a nationwide mergers and acquisitions advisory firm, is pleased to announce the successful acquisition of Richfield Trailer Supply of Flint, Michigan, by Brad Morrill of Morrill Enterprises, based in Grand Rapids, Michigan.
The Acquisition Story
Brad Morrill is a purpose-driven executive leader based in Grand Rapids, Michigan, with a background in sales, marketing, and management. Morrill previously served as an executive in the energy sector and has experience across refined fuels, propane, lubricants, marketing, strategy, financial planning, and process improvement.
After thoughtful consideration about the best way to proceed with a full-time search to acquire a company, Brad engaged Calder’s Buy-Side team to identify and acquire an established Michigan business. His target business was in the distribution or services sector with a strong operating history, limited customer concentration, and meaningful growth potential.
Morrill’s engagement led to Calder Capital sourcing and facilitating the acquisition of Richfield Trailer Supply.
Richfield Trailer Supply was founded in 1955. The company was acquired from owners Colleen Duncan and Eric Warsin. The company is a wholesale distributor and retail operation offering trailer and RV parts and accessories from locations in Flint, Grand Rapids, and Traverse City, Michigan.
Richfield Trailer Supply fit Morrill’s acquisition criteria because of its long operating history, Michigan presence, management team, real estate, diversified customer base, and focus on trailer and RV parts distribution.
When asked what excited him most about his acquisition, Morrill noted, “There are a plethora of opportunities to explore. As a 70-year-old company, the business has solid bones and a stellar reputation with a long-term customer base. Going forward, process improvement, technology investment, product mix optimizations, focused marketing, online sales, and adding locations are all opportunities to grow the bottom line and provide personal growth for the team.”
Calder Capital’s Transaction Team and Sale Process
Matt Baas of Calder Capital served as the Lead Mergers & Acquisitions Advisor to Brad Morrill. Calder’s transaction team included Hannah Nabhan, Buy-Side Director and Alex Flechsig, Buy-Side Senior Associate.
Calder’s Buy-Side team generated 66 off-market seller introductions, leading to 34 client pursuits, offers on five unique businesses, and resulting in the successful acquisition of Richfield Trailer.
Morrill commented, “I greatly appreciated the team approach that Calder takes with its buyside clients. Hannah, Alex, Matt, and the people in the background supporting them all had a role to play in my acquisition journey and ultimate success. Alex made the calls and scheduled the appointments. Matt advised on deal points and helped coordinate with the sellers and their team. Hannah initiated the marketing and managed the process overall. Calder has invested in the human and technological resources to make the process much easier on an individual searcher like me.”
Baas shared, “Richfield Trailer Supply checked many of the boxes Brad set out at the beginning of his search: a long-standing Michigan business, a niche in distribution, a capable team, and meaningful opportunities for growth. Brad was thoughtful, steady, and highly engaged throughout the process, and we are excited to see how he builds on Richfield’s decades-long legacy.”
Max Friar, Founder and Managing Partner of Calder Capital, added, “We are thrilled to congratulate Brad Morrill, Richfield Trailer Supply, and the sellers on a successful transaction. Richfield is the kind of established, relationship-driven distribution business that has served Michigan customers for generations, and we believe Brad is well-positioned to support its next chapter. This transaction also reflects Calder’s continued expertise in sourcing and closing high-quality buy-side opportunities in distribution, service, and family-owned businesses.”
Calder Capital served as the exclusive Buy-Side Mergers and Acquisitions Advisor to Brad Morrill of Morrill Enterprises in the acquisition of Richfield Trailer Supply. Jon Siebers of Rhoades McKee served as buyer legal counsel, and EHTC served as buyer CPA. Ray Duimstra of Mercantile Bank provided financing for the buyer. Nicholas J. Goldsworthy of Witt & Goldsworthy, PLLC served as seller legal counsel and Plante Moran served as seller CPA.
About Brad Morrill:
In preparation of his acquisition journey, Morrill read “Buy Then Build” by Walker Deibel and The HBR Guide to Buying a Small Business by Richard Ruback and Royce Yudkoff, took Sleeping Giant Capital’s 10-week, 8-module course on how to acquire a business, and earned certificates in Private Equity Deal Process, LBO Modeling in the Lower Middle Market and Quality of Earnings in M&A and PE from Wall Street Prep.
Early in the engagement, Morrill noted on LinkedIn, “My current efforts center around working with [Calder Capital] to find companies that aren’t on the market but might be interested in selling in the right situation. After 9 weeks of active work, here’s what that looks like: Am seeing about 2 opportunities per week. Am choosing to ask 1 of those for a “first date” conversation. Conducted 6 first dates so far. Have mutually agreed with 2 of those to have a “second date” conversation. Have done 1 site visit that went well.” Morrill continued, “Progress is being made, I’m learning a lot, getting more efficient, and gaining more clarity about what I’m looking for with all of these interactions. Overall: having a blast!”
Prior to and after acquiring the company, Brad documented each step in his acquisition journey. His first post on working with Calder may be viewed here. The monthly posts regarding his acquisition may be viewed by clicking here, and his post-acquisition thoughts may be viewed by clicking here. Connect with Brad to stay up-to-date with him and Richfield Trailer Supply.
About Richfield Trailer Supply:
Founded in 1955, Richfield Trailer Supply is a Michigan-based wholesale distributor and retail operation offering trailer and RV parts and accessories. The company serves customers through locations in Flint, Grand Rapids, and Traverse City, Michigan. To learn more, please visit www.RichfieldTrailer.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.
Notice: Calder Capital, LLC is not affiliated with any similarly named organizations or entities. To verify communications from our firm, visit our website or contact [email protected].
