Calder Capital, LLC is very pleased to announce the successful sale of National Coatings, Inc, a Traverse City, MI-based company. National Coatings was acquired by Zeb Hadley, Owner and Founder of Color Masters Painting of Raleigh, North Carolina.
Hadley closed on the sale of National Coatings, Inc. in mid-May. Established in 1996, National Coatings became respected nationwide for its extensive capabilities and dedication to customer service. Unlike many commercial painting companies, National Coatings completed large-scale projects, for example the Coors Field, Colorado’s State Capitol Dome, The Department of Homeland Security Facilities, the Denver Bronco’s stadium and many other recognized landmarks.
The sale process of National Coatings was marked by the unfortunate and untimely death of its Founder, Patrick W. Burden, who passed away unexpectedly on December 2, 2015. Said Mr. Hadley, “Pat was a true gentleman. He cared deeply about his employees, customers and the continuity of his company. Before he died, he expressed his trust in me that I would take his company under my wing and guide it prosperously into the future. I am very pleased that the sale process is complete and that I can now fully ensure that his wishes are carried out.”
Mr. Hadley has racked up quite a suite of awards and honors in his home state of North Carolina. In 2015, he won the Triangle Business Journal’s CFO of the Year Award, received a 40 Under 40 Leadership Award, and his company, Color Masters Painting, was a runner-up in Business North Carolina’s annual Small Business of the Year program.
“We are adding 160 employees to our existing 120 employees, and plan to achieve sales of $30MM in 2017,” commented Hadley. “That will make us the largest painting company in the region by a long shot.”
Max Friar, managing partner of Calder Capital noted that there has been an increased level of interest in business acquisitions during 2016. “We are witnessing quite a few transactions that are similar in nature to the National Coatings / Color Masters Painting transaction. Progressive, younger, growth-oriented buyers are teaming up with resources like the SBA to acquire businesses from retiring boomers.” Friar noted, “Based on current deal momentum, we expect to see a lot more of this type of activity in manufacturing, construction, service and distribution in Michigan throughout 2016 and into next year.”
Calder Capital, LLC served as the exclusive M&A representative of National Coatings, Inc.
A special thank you to MiBiz.com for covering the story.