Outside Plant Telecommunications Contractor

Charter Capital Partners has been retained as exclusive investment banking advisor to a Midwest-based outside plant telecommunications contractor (“Seller” or “Company”). Calder Capital has partnered with Charter in order to market the business for sale.

The Company has enjoyed consistently improving performance, with FY 2017 revenue of $15.4 million and adjusted EBITDA margin of approximately 15.6%. The shareholders are seeking a sale of up to 100% of the business and are willing to transition the business to new ownership for a mutually agreed upon period following the closing of the transaction.

Executive Summary

The Company is a full-service outside plant telecommunications contractor, offering both aerial and buried line construction, as well as splicing services. The Company has numerous locations to best serve customers, with a central main headquarters and various yard locations spread across its service area.

The Company currently has over 110 full-time employees, spread over 30 crews. Employees have an average tenure of over 15 years of service with the Company.

The Company is in a strong position to capitalize on the implementation of government-funded programs, including the Connect America Fund, which have provided over $9 billion to upgrade networks throughout the rural United States through 2020.


Key Investment Considerations

Value Considerations

  • Excellent track record of safety, customer service and profitability
  • Entrenched position in growing industry
  • Several locations around the Company’s service area, allow for flexible and efficient operations
  • Long-term customer relationships

Financial Performance

  • Positive, stable earnings history
  • FY 2017 Revenue increase of 1.0% over FY 2016
  • Adjusted EBITDA decrease of 17.1% during FY 2017 over FY 2016
  • FY 2018 Revenue and EBITDA are forecast to increase by 12.2% and 40.5%, respectively

Growth Opportunities


  • Strategic acquisition in the Company’s highly-fragmented industry will expand geographic and customer coverage
  • Optimizing operations through upgrading technology and customer relationship management tools, can reduce redundancies and create cost savings throughout the organization









The BEST WAY to receive confidential information about this opportunity is to fill out the form below.

Upon doing so you will receive a link via email to review and sign our confidentiality agreement. Once signed we will be able to further the conversation and send you the confidential Offering Documents. Please contact us at info@caldergr.com with any questions. Interested parties must demonstrate proof of financial capability, sign a Non-Disclosure Agreement, and answer a few brief questions. Inquire today about this outside plant telecommunications contractor!

Profitable Asphalt Paving & Sealant Manufacturer for Sale!

This highly profitable company provides asphalt paving, repair and maintenance services to customers in Michigan and Indiana. In addition, it also manufactures and markets proprietary sealant products. The Company’s products are used internally and sold to contractors throughout the region. Headquartered in Michigan, the Company has been in continuous operation for decades. Its customer base is comprised of a blend of commercial businesses from a wide array of industries, churches, schools, municipalities, financial institutions, property managers, and private residences.

The company’s real estate is owned by a related entity and is available for sale or lease. The company also owns a storage building in its name which is also available for sale or lease.

Buyers must have a minimum of $2 million in available capital to receive additional information.

Financial Performance

TTM 8/31/2017 Revenue: $11,117,527

TTM 8/31/2017 EBITDA: $2,163,542

Investment Highlights

Recession Resistant Business Model – Historically, the Company has performed well during economic downturns. It is during these times that more individuals and businesses will seek out lower-cost repairs to extend the life of their investment. During the Great Recession of 2009, the Company operated profitably and hired excellent employees.

Repeat Customers – The Company’s extensive parking lot customer base requires maintenance on average every 2-3 years. This ensures, with a high degree of confidence, that the Company will continue to have repeat business indefinitely.

Excellent Employee Pool – Many of the company’s employees have been with the company for 15-30 years. This provides a new owner with a very strong support system. The Company conducts CDL training internally. While its competitors have laborers and drivers, this Company has laborers who also drive providing the company with a flexible, competitive advantage.

Limited Competition – This Company is the dominant maintenance business in the region. Although there are other smaller companies that offer similar services, many of them are actual or potential buyers of the Company’s products.

Growth Opportunities

Grow Sealant Manufacturing Business – Manufacturing and selling more sealant would likely generate the highest return on investment for a new owner as this division of the Company operates with low overhead. Currently, five individuals are generating approximately $3M in sales to other companies in the area and supply the Company with most of its sealants.
Utilize and Integrate Technology – Admittedly, the Company has been slow to integrate technology and software into the operations, sales, and marketing functions of the business. A Customer Relationship Management system, an Enterprise Resource Planning system, job tracking system, and employee management system are all potential investments that could drive greater efficiencies. Currently, the Company does not do any online marketing. Investments in this area may also provide additional growth opportunities.

The BEST WAY to receive confidential information about this opportunity is to fill out the form below.

Upon doing so you will receive a link via email to review and sign our confidentiality agreement. Once signed we will be able to confirm with the owner and then send you the confidential Offering Documents. Please contact us at info@caldergr.com with any questions. Interested parties must demonstrate proof of financial capability, sign a Non-Disclosure Agreement, and answer a few brief questions. Inquire today about this profitable asphalt paving and sealant manufacturer!

West Michigan Machining Company Aquest Machining Acquired by FabX Industries, Inc.

Calder Capital, LLC is pleased to announce the sale of West Michigan CNC machining company Aquest Machining of Greenville MI to FabX Industries, Inc. FabX Industries was formed to acquire Aquest by Gopi Ganta, an individual owner-operator. Aquest is a provider of tight tolerance cutting and machining of aluminum extrusions.

Since Bob Playford’s acquisition of the company in 1996, it has grown into a leading machining company capable of CNC saw cutting, CNC product machining, light stamping, prototyping, fabrication and fixture building, mig/tig welding, as well as vibratory deburring and assembly operations for kitting and packaging fulfillment. Over the years, Aquest has invested heavily into operations and emphasized continuous improvement. The company’s loyal customer base appreciates its superb quality, professionalism, flexible production scheduling, short lead times, and quick turn times.

“Aquest is one of the best run operations I have ever seen. As a result of the company’s commitment to quality and its equipment capacity, I felt that the company has a lot of growth potential. ” – Gopi Ganta, Buyer.

Bob Playford of Aquest stated “We have been blessed with team members who are committed to providing our clients with outstanding value and timely delivery. That has helped grow our business to its current level. After working in the business for numerous years, it was time to transition the company to new ownership. After engaging with Calder Capital, we had numerous inquiries and multiple offers. Most of the potential buyers were capable companies or individuals. With FabX Industries, we felt that it was the right combination for the future of the business. Not only is Gopi a competent individual, he is committed to the clients we have and the team we have built. He will continue to grow the business out of Greenville which will be good for the community.” Bob Playford will stay on as a consultant for the company for an undefined period.

Gopi Ganta stated “I had been looking for the right acquisition opportunity in the manufacturing space for a few years. Aquest is one of the best run operations I have ever seen. As a result of the company’s commitment to quality and its equipment capacity, I felt that the company has a lot of growth potential. We are planning on measured growth while ensuring that we continue to provide excellent value to our existing client base”. Prior to acquiring Aquest, Mr. Ganta’s background included 18-years of operational experience in the manufacturing space and being responsible for multiple plants. He is also well versed in lean manufacturing, Six-Sigma, finance and strategy management, among other things. After completing his graduate industrial engineering degree from Western Michigan, he went on to obtain two other Masters Degrees related to business management.

Calder Capital represented Aquest as it Mergers and Acquisitions Advisory firm. Ghazey Aleck and Pankaj Rajadhyaksha served as co-advisors for Aquest Machining.

Established Supplier of Proprietary Petroleum Products & Testing Laboratory for Sale!

This is a unique Company located in Southeastern Michigan that develops, markets, distributes and tests advanced, petroleum and synthetic-based energy conserving materials. Established over three decades ago, this Company began as a supplier to the automotive industry. After purchasing a sophisticated machine for testing materials for internal R&D purposes, the Company also began doing third-party testing for an array of clients (including Fortune 500 companies) and industries including automotive and military. The Company is accredited to the current automotive ISO 9001 quality standard, and the Lab is ISO/IEC 17025 accredited.

The Company’s founder passed away several years ago. With the recent passing of the founder’s wife, the equity of the Company has now been transferred to a trust to be sold by designated fiduciaries. Day-to-day business continues as usual and the Company’s stable management team is aware and supportive of a sale.


The Company has developed advanced automotive production lubricants which it sells globally.

Financial Performance:

July 31, 2017 Revenue: $790,785

July 31, 2017 Cash Flow: $166,755


The Company operates a very specialized friction wear and performance validation testing laboratory that conducts work for Fortune 500 clients.


Investment Highlight

Two Distinct but Related Businesses

  • The Company’s lab and material sales arms operate independently but taken together offer the combined entity a number of benefits and opportunities:
    • Greater diversification in terms of customers and revenue sources from products and services.
    • The Lab can serve as an internal R&D division to the Company, without cutting off opportunities to serve third-parties.
    • Products developed in the Lab can very quickly be marketed and sold through the Company’s distribution system and many business contacts.
  • ISO 9001 quality standard accredited – The majority of Company’s customers are in the automotive industry. This means that they use the PPAP process, which is a system for controlling quality and reliability by completely controlling all the inputs required for a manufacturing process. Getting a product “PPAP’d” is an extremely involved, costly, and lengthy process. This means that once a product goes through the process, it is highly unlikely to be switched out for another product, creating a high barrier to entry. 

Growth Opportunities

  • Grow Retail Channel –  Recently, the Company has begun developing marketing strategies and product variations in order to reestablish the Company into the retail market. There is strong demand from the retail market and the Company’s products can be priced competitively in this market.
  • Capitalize on Distribution Network – Based on customer feedback, it is apparent that the Company is not fully capitalizing on its distribution potential. Many existing customers are more interested in consolidating their vendors than obtaining the lowest price on every product. By bringing back some of the products the Company used to carry and sourcing new non-lubricant products, sales could be increased substantially.
  • Grow Laboratory 3rd Party Business –  Beyond custom testing and fixture design, the lab also provides accredited ASTM standard testing, along with a wide range of associated tests.
  • Additionally, the Lab is developing intra-laboratory relationships to maximize its testing income as well as to be able to market its services as a complete package by utilizing other labs testing capabilities to complete tests the Lab cannot do onsite.

The BEST WAY to receive confidential information about this opportunity is to fill out the form below.

Upon doing so you will receive a link via email to review and sign our confidentiality agreement. Once signed we will be able to further the conversation and send you the confidential Offering Documents. Please contact us at info@caldergr.com with any questions. Interested parties must demonstrate proof of financial capability, sign a Non-Disclosure Agreement, and answer a few brief questions. Inquire today about this established and profitable petroleum products distributor and testing laboratory for sale in Eastern Michigan!

OEM Distributor Core Components Acquired by Midwest Timer Service of Benton Harbor

Calder Capital, LLC is excited to announce the successful acquisition of Core Components, Inc., of Carol Stream, IL, by Benton Harbor, Michigan-based Midwest Timer Service, Inc.

Established in 1974, Core Components is internationally recognized as a single-source supplier of HVAC, Controls, and Electromechanical Components for the electronics distribution and building automation industries.

The acquirer, Midwest Timer Service, Inc., has been in continuous operation in Benton Harbor, Michigan since 1954. For three generations, Midwest Timer has specialized in manufacturing high quality, reliable electromechanical timers for OEM markets, with a primary emphasis on the Appliance and Food Equipment Industries.

According to Midwest Timer co-owner, Bruce Chapman, “The Midwest Timer business has served our family well for over 60 years. As the industry evolves, so must our business. As many of our end markets move towards digital solutions, we decided early in 2017 to pursue acquisitions to diversify our product offering and open up additional end markets.” Keith Chapman, co-owner of Midwest Timer added “We are extremely excited about the opportunity provided by Core Components. Core is a well-established, highly-respected company that not only fits Midwest’s objectives from a growth and diversification perspective, but also from a cultural standpoint. Both companies are dedicated to customer service, continuous improvement and quality products. We feel it is a tremendous fit!”

Patrick Robey, lead transaction advisor and Director of Corporate Development at Calder Capital, LLC agreed. “It was truly a pleasure to work with Bruce and Keith of Midwest Timer, as well as Dave at Core – everyone was very professional and was able to work well together throughout the entire process. Buying and selling a company is a stressful experience for all involved and I give a lot of credit to all sides for working together diligently and positively to reach a mutually beneficial transaction.”

Calder Capital, LLC Served as Exclusive M&A Advisor to Midwest Timer Service, Inc.



“We engaged Calder Capital on the Buy Side to diversify our existing business with new products, markets and capabilities. Max Friar and Patrick Robey came to our facility to gain valuable insight into our specific needs and presented a comprehensive strategy on how they would locate a target company to meet those needs. We immediately felt comfortable with both Max and Patrick and with their approach in helping us meet our goals.

Within 30 days, Patrick had narrowed our search to a handful of companies and 45 days later we signed an Indication of Interest letter on the target company we eventually purchased. Throughout the Due Diligence process we found Patrick to be exceedingly knowledgeable and at all times seemed to be one step ahead of us. With each challenge that presented itself, Patrick had a solution available to solve it. He was available 24/7 and we often joked that he never slept as e-mails and spreadsheets would continue to arrive throughout the night. Five months later he guided us through a successful closing!

We hope to work with Calder Capital again on our next acquisition and would certainly call them when the times comes to sell our business as well. I would not hesitate to recommend their firm to anyone contemplating a business acquisition or sale and can confidently say the cost of their service was the best investment we have ever made.

Thank you, Max and Patrick, for your outstanding service!”

– Bruce Chapman, VP of Finance and Co-Owner, Midwest Timer Service, Inc. 

2017 Recap of Deals and Firm News

It was a record year at Calder Capital, one full of innovation and increased deal flow. Here are a number of the exciting landmarks that we passed:

Sell-Side Success

Calder Capital advised on the successful sale/acquisition of 13 companies in 2017. The market for selling companies remains hot with capital/credit available, motivated buyers, and a strong economy. In general, among industrial, manufacturing and service businesses, profits and therefore valuations are up. We expect 2018 to continue this trend and we are excited to work with more great companies. Click on each tombstone to read the story!

Custer Subsidiary C&S Electric Acquires Erickson Electric, Inc.Dykhuis Farms Inc Acquires Peters Farm, Hamilton MI









Brammall Industrial Supply Benton Harbor Acquired by Nemic Industrial SupplyTombstone 57 Brew Pub










Buy-Side Ramp Up

Throughout 2017, Calder Capital focused on its buyside representation service offering based on the premise that there existed many sellers who would prefer to be contacted directly on behalf of buyers in lieu of “going to market”. We also realized that many companies do not necessarily have the talent and resources in-house to execute these type of transactions, and therefore positioned Calder’s buyside services as an ‘outsourced corporate development team’ for strategic acquirers. Through the spring and summer of 2017, we engaged with numerous strategic buyers, completed an acquisition and have two additional closings lined up in early 2018. We are seeking to continue to expand this service throughout 2018 for strategic buyers seeking roll-up acquisitions.


New Small Business Division

In the spring of 2017, we launched River City Partners to better serve small business sellers that are traditionally underserved by the main street broker market. Our clients have ranged from small industrial companies to restaurants to retail shops.

Skate Fenders Gaylord MI Acquired by SPI Products Indianapolis Echo Salon Grand Rapids MI Acquired












Let’s grab 2018 by the horns and make it an awesome year!

Thanks in advance for reading!

– Max Friar, Managing Partner

Auto-Lab Howell Sold to Local Owner-Operators

Calder Capital is pleased to announce the successful sale of Auto-Lab Howell to two local individual investors.

Auto-Lab Complete Car Care Centers, in operation since 1989, is a growing auto repair franchise business with an emphasis on being the complete car care alternative to the dealer. The company currently has 26 franchised locations in Michigan, Indiana, Iowa, Florida and Texas. The Company utilizes state-of-the-art diagnostic equipment and certified technicians to ensure high quality service is always provided.

Auto-Lab Complete Car Care Centers located in Howell, Michigan, was previously under the ownership of franchisor Auto-Lab Franchising, LLC, who upgraded equipment and signage, hired new staff, and grew the customer base. The franchisor felt the Company was ready for a new franchisee and transitioned Auto-Lab Howell to local owner-operators, Andy Dobek and Travis Dwyer.

“I started out by working at Auto-Lab Howell as a Master Technician a few years ago,” noted Andy Dobek, co-owner of Auto-Lab Howell. “The opportunity to take over the store as an owner was brought to me and I then brought in my partner, Travis, to make this location an even more integral part of the Howell community.”

Auto-Lab Howell has been in business serving the community for many years and is a well-known establishment. Customers can expect the same quality repair and service provided by the dealership without the dealership price. Auto-Lab is partners with vendors such as AutoZone, O’Reilly Auto Parts, Advance Auto and Motown Automotive, to provide parts and a nationwide warranty.

“As a company, we were delighted to transition this ownership to new owners who are not only knowledgeable about the Auto-Lab brand, but are also members of the community in which they serve”, says Stephen R. Wilson, President and COO of Auto-Lab Complete Car Care Centers. “Howell is a close knit community and Andy and Travis bring that small town connection that is needed to operate this location.”

“The Auto-Lab Howell transaction exemplified a trend that we are seeing whereby two friends partner in the successful acquisition of a going-concern business,” said Max Friar, Managing Partner of Calder Capital. “We wish Andy and Travis the best of luck moving forward.”

“Thank you, Calder Capital, for your assistance in the successful preparation, marketing and sale of Auto-Lab Howell!” – Steve Wilson, President/COO, Auto-Lab Complete Car Care Centers

Wholesale Electric Supply Acquired by Consolidated Electrical Distributors

Calder Capital is pleased to announce the successful sale of Bay City, MI-based Wholesale Electric Supply (“Wholesale Electric”) to Consolidated Electrical Distributors, Inc.

Established in 1960, Wholesale Electric is a full-line electrical distributor for commercial and residential lighting and parts. The Company also features a full showroom of high-quality fixtures, fans, decorative lighting, and other decorative items. The Company has developed an outstanding reputation for the quality of products and customer service offered.

With over 55 years of experience, Wholesale Electric has carved out a very loyal customer base with many long-term supply relationships. The Company serves major local builders and contractors who have come to appreciate Wholesale Electric’s customer service.

Consolidated Electrical Distributors, the buyer, is one of the nation’s largest electrical supply distribution networks, with nearly 600 locations in 47 states.

“It was a pleasure working with Rich to find a buyer for this second generation Michigan business. We are seeing a lot of M&A activity as we close 2017 and enter the new year. I am excited to continue working with local businesses that value their employees and communities,” said Max Friar, Managing Partner at Calder Capital.

57 Brew Pub of Greenville, MI Acquired by Local Investment Group, HMV Holdings, LLC

Calder Capital, LLC is pleased to announce the successful sale of Greenville, MI-based 57 Brew Pub & Bistro (“57 Brew Pub”) to investment group HMV Holdings, LLC.

Founded in 2012, 57 Brew Pub is an award-winning microbrewery and restaurant that has developed a loyal customer base in West Michigan. 57 has won numerous national awards including a bronze medal in the Best of Craft Beer Awards for its Sunkissed Ale in 2016 and a silver medal for its Oatmeal Stout in 2017. The facility was designed and built from the ground up and offers seating for 200 customers. The pub was founded and operated by local Greenville residents, Bob and Dottie Olsen. They decided to sell to retire more permanently to a warmer climate.

57 Brew Pub uses only the finest ingredients from Michigan-based suppliers. Customers appreciate the attention to detail used in crafting the various drink options. Management has been dedicated to supporting the local community since forming the pub in 2012. The Greenville, MI-based investment firm is excited to continue the legacy of 57 Brew Pub into the future.

“I am glad we had the opportunity to represent 57 Brew Pub and find the ideal buyer candidate for Bob and Dottie. 2017 has been another great year for us advising on transactions and the year is not over yet!” said Max Friar, Managing Partner at Calder Capital.

Tombstone 57 Brew Pub

Thank you to MiBiz for the great article! https://mibiz.com/news/food-biz/item/25360-staying-local-greenville-brewpub-gets-new-owners.

Hoosier Investments Seeks to Acquire Middle Market Businesses

Calder Capital has been retained to assist Hoosier Investments, a family-owned, private equity fund specializing in majority equity investments of privately held, owner-managed middle market businesses. The firm is seeking investments in light manufacturing, human services, fabrication, and commercial services businesses.

The Acquirer is seeking established businesses with proven profitability primarily in the Midwest.


Acquisition Criteria:

Target: Commercial Light Industrial Staffing, Commercial/Residential Fence Installation, Educational Staffing.  

Geography: All of United States with preference toward the Midwest.

Revenue: $500,000 – $5,000,000 for add-on acquisitions; $5,000,000 to $20,000,000 for platform acquisitions.

Valuation/Deal Structure: The Acquirer is flexible regarding deal structure; they are open to 100% buyouts or controlling-interest positions that allow the Seller to cash out over time.

Management Situations: The Acquirer prefers situations where there is a strong management team in place who would like to continue leading the company post-transaction.

Profitability: The Acquirer is looking for established businesses with proven profitability. 

hoosier investments acquisition search

Hoosier is interested in acquisitions in the following industries: Commercial Light Industrial Staffing, Commercial/Residential Fence Installation, Educational Staffing


About Hoosier Investments

Hoosier Investments is a family-owned, private equity fund that is seeking to partner with mid-market companies seeking investment and leverage their strengths through collaboration and strategic support; resulting in maximum company growth and long-term value.

The firm seeks to make majority equity investments in businesses with a strong market position and sustainable competitive advantage. Hoosier Investments looks to support strong management teams offering collaborative operating support through resources to support management in developing, implementing, and executing the company’s strategy.

If you are interested or know of a potentially interested party, please complete the following form:

Calder Capital, LLC

Click to Call: 616-965-2771

Toll Free: 844-452-4445