“The Calder team truly understood what mattered most to me: ensuring Thornapple’s people and customers would be well cared for. Their dedication to that end exceeded my expectations. After vetting multiple offers, we determined that the best succession plan, one that would honor our past and place us on the best path forward, was the one that involved someone I have known and worked with for several years. I am grateful to have gone to market through Calder, to have met with strategic and financial buyers, and to have obtained the assurance that Scott is the best successor.”
– Josh Rich, Former Owner, Thornapple Excavating, Grand Rapids, MI (Seller)
“The dynamic of purchasing a company from someone who happens to be your employer is quite unique. However, between my existing friendship with Josh and the courtesy that Marc extended, the process couldn’t have been any better. Marc did a tremendous job representing Josh and walking me through the process.”
– Scott Dore, Owner, Thornapple Excavating, Grand Rapids, MI (Buyer)
Calder Capital is pleased to announce the successful sale of Thornapple Excavating, Inc., a leading excavating and site preparation contractor based in Grand Rapids, Michigan, to individual entrepreneur Scott Dore, also of Grand Rapids, Michigan.
Originally named Hulst Dozing, Thornapple Excavating was incorporated in 1985. Thornapple Excavating is a premier commercial excavating company providing clearing, demolition, earthwork, utility installation, and site preparation services throughout West Michigan. The Company has become synonymous with quality, precision, and reliability, leveraging advanced CAT machinery and GPS technology to deliver superior results. Under the leadership and ownership of Josh Rich since 2016, the Company has continued to grow substantially. Rich engaged Calder Capital’s Sell-Side team to find a successor aligned with Thornapple’s values and long-term legacy.
Rich found himself spending more time on office and administrative duties, tasks that didn’t align with his passion. Through the sale, he aimed to return to what he enjoys most: operating heavy equipment, moving dirt, and meeting with customers one-on-one. Rich is looking forward to pursuing these passions in his new venture, Airport Aggregate.
Scott Dore, longtime Estimator and VP of Operations for Thornapple Excavating, acquired the company from Josh Rich. Dore’s intimate understanding of the Company’s culture and client relationships ensures that the company will continue on its growth trajectory. His acquisition ensures continuity in leadership, quality, and customer commitment that have been hallmarks of Thornapple’s reputation for over 50 years.
Rich shared, “I’m confident that Scott will continue to build upon the foundation that Thornapple was built on: integrity, excellence, and a commitment to doing things the right way for our customers and our people. Having worked with Scott, I have complete faith in his ability to lead Thornapple Excavating into the future.”
Dore expressed enthusiasm for the opportunity ahead, stating, “I would like to thank Josh for this Great opportunity he has offered to me in buying the business. My future goal for the growth of the company is to surround myself with great people that will help me take the company to the next level using all our past and future experiences.”
Photo courtesy of Thornapple Excavating.
Marc Blom of Calder Capital served as the Lead Mergers & Acquisitions Advisor to Thornapple Excavating. Serving as Lead Associate was Greg Weess of Calder Capital.
Upon taking Thornapple Excavating to market, Calder distributed 83 Confidential Information Memorandums (CIMs) to qualified buyers and received 8 offers.
Rich noted, “The Calder team truly understood what mattered most to me: ensuring Thornapple’s people and customers would be well cared for. Their dedication to that end exceeded my expectations. After vetting multiple offers, we determined that the best succession plan, one that would honor our past and place us on the best path forward, was the one that involved someone I have known and worked with for several years. I am grateful to have gone to market through Calder, to have met with strategic and financial buyers, and to have obtained the assurance that Scott is the best successor.”
Dore complimented the Calder team, adding, “The dynamic of purchasing a company from someone who happens to be your employer is quite unique. However, between my existing friendship with Josh and the courtesy that Marc extended, the process couldn’t have been any better. Marc did a tremendous job representing Josh and walking me through the process.”
Blom commented, “It was a privilege to help a long-standing employee like Scott purchase Thornapple Excavating and to advise Josh from pre-market to close. It is fulfilling to know that the company is in great hands.”
Max Friar, Founder and Managing Partner of Calder Capital, shared, “We are thrilled to have advised this transition. Josh and Scott are two outstanding professionals who are among the best of West Michigan’s construction community. Our team takes great pride in helping business owners like Josh achieve premium sales results while ensuring the ongoing vitality of their respective businesses.”
Calder Capital served as the exclusive sell-side advisor to Josh Rich, Owner of Thornapple Excavating. The seller was also represented by Gregory Wright of Varnum LLP as legal counsel, Doeren Mayhew as CPA, and Michael Martin of Fiduciary Financial Advisors as wealth advisor.
Photo courtesy of Thornapple Excavating.
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.
