Summary
Calder Capital is pleased to announce that the sale of Thornapple Excavating, Inc. of Grand Rapids, Michigan, has been named a finalist for M&A Deal of the Year ($10MM TO $25MM) in the 25th Annual M&A Advisor Awards.
Calder served as the exclusive Sell-Side advisor to Josh Rich, Thornapple’s former owner, in the sale to Scott Dore, Thornapple’s longtime Estimator and VP of Operations.
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Recognition Details
Thornapple Excavating provides commercial excavating and site preparation services throughout West Michigan, including clearing, demolition, earthwork, and utility installation. Under Rich’s ownership since 2016, the company grew substantially.
As the business expanded, Rich found himself spending more time managing office and administrative responsibilities and less time doing the things he wanted to do: operating equipment, moving dirt, and working directly with customers. He engaged Calder’ Sell-Side team to explore a sale that would support the next chapter in his career while protecting the business.
Calder distributed 83 Confidential Information Memorandums (CIMs) to qualified buyers and generated eight offers. The process gave Rich the opportunity to evaluate strategic, financial, and individual buyers while considering what each would mean for Thornapple’s future.
Ultimately, he selected a successor who already knew the business: Scott Dore. His operational experience, relationships with employees and customers, and understanding of Thornapple’s culture provided a tremendous foundation for the ownership transition. Calder Capital maintained a structured process, giving Rich confidence that he had explored the market, while he selected a successor who aligned with his values.
The sale also allowed Rich to pursue his new venture, Airport Aggregate, while placing Thornapple under the ownership of an experienced member of its leadership team.
Marc Blom of Calder Capital served as Lead Mergers & Acquisitions Advisor, with Greg Weess serving as Lead Associate on the transaction. The seller’s advisory team also included Gregory Wright of Varnum LLP as legal counsel, Doeren Mayhew as CPA, and Michael Martin of Fiduciary Financial Advisors as wealth advisor.
“Josh wanted to understand his options and feel confident about who would lead Thornapple into its next chapter. Going to market gave him the opportunity to compare those options and ultimately choose Scott with conviction. It was rewarding to help complete a transaction that respected Josh’s priorities and give someone who had helped build the business the opportunity to own it,” shared Blom.
“These exceptional individuals, firms, and transactions have truly distinguished themselves from an outstanding pool of candidates,” stated Roger Aguinaldo, Founder and CEO of The M&A Advisor. “In an ever-evolving and highly competitive M&A landscape, we are proud to recognize the dealmakers, firms, and professionals who demonstrate the highest standards of excellence and continue to shape the future of our industry.”
For a complete list of the award finalists from The M&A Advisor, please click here.
To read the full press release about the acquisition, please click here.
Calder’s History with The M&A Advisor’s Awards
Calder Capital has been recognized over the years by The M&A Advisor with as an award finalist and award winner, due to advisory excellence, resilience, innovation, and a client-first approach. To view all awards and recognitions received by Calder Capital, including past finalist placements by The M&A Advisor, please click here.
Calder Capital’s past awards from The M&A Advisor include:
| Year | Recognition | Subject |
| 2026 | International M&A Awards, Corporate/ Strategic Deal of the Year ($10MM-$25MM) | ADAC/ EBW Electronics |
| 2026 | Emerging Leader Award | Garrett Monroe |
| 2026 | Emerging Leader Award | Parker Schaap |
| 2026 | Emerging Leader Award | Jon Pastoor |
| 2026 | Emerging Leader Award | Jakob Simonds |
| 2025 | Cross-Border Deal of the Year (Under $100MM) | BCU Electric |
| 2025 | International M&A Awards, Industrials Deal of the Year ($10MM-$50MM) | BCU Electric |
| 2025 | Emerging Leader Award | Sam Scharich |
| 2025 | Emerging Leader Award | Matthew Baas |
| 2025 | Emerging Leader Award | Patrick Robey |
About The M&A Advisor
Now in its 28th year, The M&A Advisor was founded in 1998 to offer insights and intelligence on mergers and acquisitions, establishing the industry’s leading media outlet. Today, the firm is recognized as a premier leadership organization for mergers & acquisitions, restructuring, and corporate finance professionals, delivering a range of integrated services designed to accelerate the pace of dealmaking. To learn more, please visit www.MAAdvisor.com.
About Thornapple Excavating, Inc.
Founded in 1985 in Grand Rapids, Michigan, Thornapple Excavating, Inc. is a leading commercial excavating and site preparation contractor providing a full range of services, including clearing, demolition, earthwork, and utility installation. The company is committed to accuracy, efficiency, and integrity, maintaining strong relationships with contractors and clients throughout West Michigan. To learn more, please visit https://www.ThornappleExcavating.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].