Both Tim and Mitch stated “We have been blessed with great clients and great employees. Our long-term success has been a result of ensuring that we provide a very high level of service to our clients. Our committed team members have been a very important part of making Fabtec what it is today.”
“As we started to think about retiring, we wanted to ensure that new ownership would have strong West Michigan values and take care of our clients and employees as we have. After engaging with Calder Capital, we received numerous inquires and multiple competitive offers. At the end of the day, we decided to choose the buyer that was the right fit for the business and its future. We are confident that he will help take Fabtec to the next level.”
The buyer stated “I had been looking at various opportunities and when I saw Fabtec, I realized that this was the perfect fit for me. I am excited to be a part of this wonderful team and look forward to building on the legacy created by Tim and Mitch”.
Both former owners will continue working at the business for an indefinite period.
Max Friar, Managing Partner of Calder Capital, noted, “The Fabtec acquisition was another excellent exemplary transition story. The owner/founders were seeking to reduce their active involvement in the day-to-day operations of a business and the buyer, an individual entrepreneur, had been seeking an opportunity to break free of corporate life and take the reins of his own destiny via business ownership. We are very happy for the buyer and seller. Everyone’s goals were met, and we have confidence that the company will continue to flourish!”
Calder Capital represented Fabtec as its exclusive Mergers and Acquisitions Advisory firm. Pankaj Rajadhyaksha and Ghazey Aleck served as co-advisors for Fabtec.
Mike Moraw and John Burmeister II from Huntington Bank provided financing for the acquisition.
Andrew Longcore of The Business Law Group provided legal counsel for the sellers. Nick Dekker of Cunningham, Dalman, P.C. provided legal counsel for the buyer.