February 2020 – Calder Capital, LLC is pleased to announce the successful sale of D.C. Martin & Son Scales, of Grand Rapids, Michigan, to Mettler Toledo International Inc. (NYSE: MTD). Founded in 1955, D.C. Martin & Son Scales sells, installs, maintains and calibrates industrial scales and weighing systems. The Company’s direct sales and service personnel serve virtually every industry from food and pharmaceutical to discrete manufacturing, agriculture, and distribution. Overall, D.C. Martin offers a complete line of counting scales, floor scales, heavy capacity (truck and rail) scales, and high precision scales. Founded by their grandfather, Dave C. Martin, a first-generation immigrant from Scotland who achieved commercial success with little more than a 6th-grade education and a lot of grit, D.C. Martin & Son Scales owners David Martin and Pam Meier have worked in the business since 1984. Under David and Pam’s ownership and direction, D.C. Martin & Son was able to make incredible strides generating considerable business outside of West Michigan. Both David and Pam handled critical functions of the business and when Pam expressed a desire to slow down and pursue a transition, she and David thought it best to look for a successor for the business that would […]
Boelcke Heating & Air Conditioning Acquired by an Individual Investor!
January 2020 – Calder Capital, LLC is pleased to announce the successful sale of Boelcke Heating & Air Conditioning (“Boelcke”) of Stevensville, Michigan, to an Individual Investor. Boelcke Heating and Air Conditioning of Stevensville, Michigan was founded in 1963, and since then has focused on customer satisfaction. The Company retains some of the most talented technicians in Michigan. Boelcke provides complete home comfort products and services, including residential design and installation of complete comfort systems. Additionally, the Company provides repair and maintenance on both cooling and heating equipment, as well as air quality products that can help one breathe easier at home. Boelcke’s business has grown on the back of its laser-focused concentration on customer satisfaction. This is demonstrated by the Company’s 30-day money-back guarantee, which states, “If at any time during the first year of installation, you are not 100% satisfied with the performance of the equipment, our service or even our people, we will, within 30 days of your request, remove the system and cheerfully refund the entire amount of the contract.” Boelcke owner, Dave Boelcke, was originally contacted by Calder Capital Associate, Patrick Robey, as part of a buy-side search. Over the course of the ensuing months, […]
Foxbright of Grand Rapids, MI Acquired by an Individual Investor!
January 2020 – Calder Capital, LLC is pleased to announce that it has represented and advised on the sale of Foxbright to an Individual Investor. Foxbright, originally founded in 2002 in Grand Rapids, Michigan, is a software and web services company whose primary goal is to help schools improve and manage their websites. To accomplish this, the Company combines a process-driven approach with its proprietary, education-focused content management solution and highly skilled staff. The result is a dramatic improvement in the form and function of school websites. Foxbright approached Calder Capital in 2019. At the time, two co-owners, Catherine Ettinger and Paula Whisman managed Foxbright and Catherine had decided to pursue an exit from the business. “Once the Company came to market, in late 2019, there was lots of immediate interest,” mentioned advisor Ghazey Aleck. “Foxbright has all the characteristics most buyers look for, including, recurring revenue contracts, low overhead, scalable growth opportunities, excellent relationships with clients, optimal work-life balance, among others. By bringing buyers to the table in an efficient manner, we were able to secure multiple offers.” Calder Capital represented Foxbright as its exclusive Mergers and Acquisitions Advisory firm. The terms of the transaction were not disclosed.
Calder/SBDA Celebrate Blowout January, Hammer Home 10 Closings in January 2020!
After closing a record 22 transactions in 2019, the Calder Capital/Small Business Deal Advisors team cranked up the volume and drove home 10 closings in January 2020, breaking the record for most closings in a single month. “I’m not sure it gets much better than this,” affirmed Calder Managing Partner, Max Friar. “As I noted on LinkedIn earlier in the month, I remember looking back at the closing schedule in December and feeling almost apprehensive about acknowledging the potential for Q1 2020. I almost couldn’t believe it could happen and I continue to pinch myself. It did!” “The greatest part about January’s successes was how widespread they were shared among the team,” Friar continued. Five transactions occurred under the Calder banner and five under the SBDA flag. The advisors that shared in the firms’ closings in January were Rick Purcey, Matt Baas, Doug Yntema, Sam Scharich, Garrett Monroe, Ghazey Aleck, and Matt Uhl. Eight of the clients’ businesses are located in Michigan, one in Indiana and one in Iowa. Due to confidentiality and out of respect for smooth transitions, Calder/SBDA will not publish the entire list of buyer and seller names at this time, but here is a partial list. […]
2020 M&A Outlook & Multiples
While 2019 was filled with uncertainty and lots of questions surrounding what would result of the trade war, 2020 shows signs of continuing the largest U.S. economic expansion in history and lower middle market mergers & acquisitions activity is expected to remain elevated. Reflecting on 2019, Bizbuysell.com’s recent Insight Report stated: “What is certain is that 2019 small business financial performance thrived. The median revenue and cash flow of businesses sold in 2019 reached all-time highs, up seven percent and two percent respectively. At the same time, sale prices remained mostly flat, which would seem to favor a buyers’ market. This is supported by the 6 point increase in 2019 buyer confidence, rising while owner confidence has dipped.” “However, taking a deeper look, the deals are more balanced than they appear. Sellers are sacrificing value to avoid an uncertain future – and at prices much higher than past years – while buyers take on increased value and risk. The result is very positive for both parties and represents a rare, terrific opportunity to exit or enter the market.” According to the latest IBBA Market Pulse report, valuations remain strong and multiples the highest since 2014, for nearly every business size. Despite lingering concerns over […]
Topps Safety Apparel, Inc. Acquired by Pinnacle Textile Industries
January 2020 – Calder Capital, LLC is pleased to announce that it has represented Topps Safety Apparel (“Topps”) in its successful sale to Pinnacle Textile Industries, LLC (“Pinnacle Textile”). Topps Safety Apparel, based in Rochester, IN, is a leading designer and manufacturer of public safety and flame resistant industrial apparel. Headquartered in Rochester, IN, Topps offers a complete range of premium flame-resistant and public safety garments, including NOMEX® garments, wildland fire fighting, extrication suits, EMS gear, squad suits, tactical wear, lined coveralls, and uniform suits. The products are manufactured out of the company’s Edmonton, KY plant and are sold through a network of distributors and garment rental companies. The distributors sell into several markets including oil and gas, petrochemical plants, gas and electric utility providers, and wildland fire fighting. Topps Safety Apparel was originally founded by the Elin brothers in 1938 as Toppmaster. In the 1990s, Topps became one of the first manufacturers to attain (UL) certification of compliance with NFPA standards. Alan Dorrell, president and CEO, purchased Topps through BTQ, Inc., the US Division of BTQ Group, a United Kingdom-based holding company of entities that specialize in protective clothing for people at work. While Alan has thoroughly enjoyed managing […]
Wyoming, MI-based Precise CNC Routing, Inc. Acquired by Individual Investors!
December 2019 – Calder Capital is pleased to announce the successful acquisition of Wyoming, MI-based Precise CNC Routing, Inc. by local investors David and Carey Lefere. Established in 1995 by Rick Lemson, Precise CNC Routing is a family business that values commitment to problem-solving and customer service above all things. Precise CNC Routing offers a wide range of services to its customers including CNC machining, digital and screen printing, wood powder coating, plastic fabrication, and fulfillment. Having operated the business for almost 25 years, Mr. Lemson engaged with Calder Capital as he desired to pursue retirement with his wife, Laura. After spending years building the Company, Rick strongly desired a new owner who would carry on the outstanding reputation Precise CNC Routing had established with their customers and ensure the Company was successful long into the future. Calder Capital immediately began searching for a buyer for Precise CNC Routing. Mr. Lemson made his decision when Calder introduced him to David and Carey Lefere, who pursued the acquisition diligently and expediently. From start to finish, the transaction took only 4 months. The buyers of Precise CNC Routing are a perfect fit for the Company. Mr. Lefere is well-versed in the industry, […]
Calder/SBDA Continue to Smash Own Record with 21st Closing of 2019!
Recent Mergers & Acquisitions 2019 December 2019 – The Calder Capital/SBDA Team is very pleased to announce the expansion of its closing record with the successful sourcing of an equity investment for Augusta, MI-based Turf Works Supply. Calder Advisor Ghazey Aleck served as the lead project manager. According to Calder Managing Partner, Max Friar, “2019 is nearing its end but our firms continue to produce results. I am very thankful for the continued effort that our team members provide daily. M&A can be a rollercoaster and it takes grit to thrive in this industry.” Year-to-date Calder Capital has closed 12 transactions and Small Business Deal Advisors has closed 9. Here is a listing of recent mergers and acquisitions 2019 from the Calder/SBDA Teams: Company Name City Broker Type Think Chromatic, LLC Grand Rapids, MI Calder Service Precision Engineering & Manufacturing, Inc. Nunica, MI Calder Manufacturing GP Manufacturing, Inc. Buchanan, MI Calder Manufacturing Fry Nation, LLC Grandville, MI SBDA Restaurant Fortune Chef Caledonia, MI SBDA Restaurant Bazzani Associates, Inc. Grand Rapids, MI SBDA Service CNC Products, Inc. Niles, MI Calder Manufacturing Fabtec Enterprises, Inc. Byron Center, MI Calder Manufacturing Power Supply Grand Rapids, MI Calder Distribution Laundry Tyme Douglas, MI SBDA Retail Jamestown Quik Stop […]
Individual Investor Provides Growth Equity for Turf Works!
December 2019 – Calder Capital is pleased to announce the successful sourcing of an equity investor for Augusta, Michigan-based Turf Works. Turf Works approached Calder Capital in 2019 seeking to grow and build upon the Company’s current customer base. After consulting with Calder Capital’s Managing Partner, Max Friar, it was decided that the best move going forward was not to pursue a sale but instead to look for an investor willing to provide growth capital. After considerable searching, Calder Capital introduced an individual investor who proved to be a perfect fit. Turf Works co-owners, Mr. Konkle and Mr. Boucher weighed in, “Thank you to the Calder Capital team for your patience and flexibility working with us. While we went back and forth debating whether to sell our Company, Max never pressured us in any direction. Calder Capital provided us with several quality investors and after careful consideration, we are very pleased with our new partner and believe we have succeeded in beginning to take our Company to the next level.” According to Calder Capital owner, Max Friar, “We are very pleased with the outcome of this transaction. When people think about mergers and acquisitions they generally do not think about […]
Performance Plus Acquires Colonial Car Wash and Oil Exchange, Inc.
November 2019 – Calder Capital is pleased to announce the successful acquisition of Farmington, Michigan-based Colonial Oil Exchange by Holland, MI-based Performance Plus Quick Lubes. Performance Plus is a Holland, MI-based chain of over 30 retail quick lube locations across the State of Michigan. The Company provides a full-service offering including oil changes, coolant flushes, and other preventative maintenance services. The Company prides itself on professional, fast, convenient, and friendly service. Performance Plus Quick Lubes offers both consumer and commercial fleet oil change and preventative maintenance. A second-generation family-owned business, Performance Plus approached Calder Capital in 2019 seeking to grow and build upon the Company’s outstanding lubes and oil change business with a multi-pronged acquisition strategy. The Company’s strategy included acquisition targets within its oil change business, both single location, and multi-location oil change chains as well as lubes distribution businesses to expand the Company’s geographic reach. After evaluating several opportunities presented by Calder, Performance Plus took a special interest in Colonial Oil Exchange out of Farmington, Michigan. Colonial contained two key businesses of interest, a Car Wash division recognized by the Michigan Car Wash Association as the “Best Car Wash” in 2000 and the Oil Exchange operation offering a […]