Calder Capital is pleased to announce that Detroit-area entrepreneurs Joel and Tanya Duncan have successfully acquired Spray Patch in Madison Heights, Michigan.
The Duncan family has been actively searching for a business acquisition opportunity for the past handful of years. Joel worked in General Motors’ Financial Planning & Analysis department, while Tanya serves as a technology consultant. The Duncan’s engaged Calder Capital’s Buy-Side team because of Calder’s experience in deal structuring and Calder’s proprietary deal-flow process.
Founded in 2009 by Mark and Jeanne Meek, Spray Patch specializes in asphalt and concrete road surface repair. Spray Patch services municipalities, counties, and commercial parking lots throughout Southeast Michigan. Utilizing specialized spray injection equipment, Spray Patch has built a strong reputation for offering a more durable road repair solution compared to traditional patching methods. The company has cultivated lasting relationships with several local governments and commercial entities, providing cost-effective and long-lasting pavement repair solutions.
After over 15 years of dedicated service, Mark and Jeanne Meek sought to transition the business to new ownership while preserving its strong community presence and reputation. Calder Capital successfully brokered the purchase, securing the Duncan Family as the ideal buyers. Their drive to own and operate a business together as a family made them a perfect fit for Spray Patch.
“We are thrilled to take the helm at Spray Patch and continue its tradition of excellence,” commented Joel Duncan. “Mark and Jeanne have built an incredible business with a strong customer base, and we are excited to build upon that foundation while expanding its capabilities.”
Mark and Jeanne Meek echoed their enthusiasm, stating, “It has been an incredible journey growing Spray Patch into what it is today. We are confident that Tanya and Joel will continue to serve our customers with the same commitment to quality and service that we have always valued.”
Garrett Monroe of Calder Capital served as the lead Mergers and Acquisitions Advisor for the transaction. Calder’s Buy-Side team made forty introductions and set up twenty-four serious meetings for the Duncan Family before going under a signed Letter of Intent with Spray Patch.
“We’ve been searching for the right business to own and operate as a family, and Spray Patch was the perfect fit,” said Joel Duncan. “The company’s reputation, customer relationships, and innovative approach to road surface repair made this an exciting opportunity for us. We’re eager to build on the strong foundation that Mark and Jeanne have established while exploring new ways to enhance our services and grow the business.”
“Transitioning Spray Patch to new owners was a big decision for us, but we couldn’t be happier with Joel and Tanya taking the reins,” said Mark and Jeanne Meek. “From our very first conversations, it was clear that they shared our dedication to quality and service. We are proud of what we have built over the years and are excited to see how Spray Patch evolves under their leadership.”
“We were honored to have served as the buy-side advisor to the Duncan Family in the successful acquisition of Spray Patch,” said Max Friar, Managing Partner of Calder Capital. “This transaction is a testament to the strength of the business that Mark and Jeanne built and the vision that Joel and Tanya have for the future. At Calder Capital, we take great pride in helping entrepreneurs and business owners navigate these transitions smoothly, ensuring that both buyers and sellers achieve their goals. We look forward to seeing Spray Patch continue to grow under its new leadership.”
Calder Capital, LLC, served as Joel and Tanya Duncan’s exclusive buy-side mergers and acquisitions advisor. Jon Siebers at Rhoades McKee provided legal counsel for the Duncans, and Old National Bank acted as the lender. Bodmer Price served as Mark and Jeanne Meek’s sell-side M&A Advisor. Absolute Succession, LLC served as legal counsel for the Meeks.
About Spray Patch:
Spray Patch was founded in 2009 and is headquartered in Madison Heights, MI. The company specializes in asphalt and concrete road surface repair, servicing municipal cities, counties, and commercial parking lots in Southeast Michigan. Utilizing specialized spray injection equipment, Spray Patch provides durable, cost-effective solutions that extend the life of pavement surfaces. To learn more, please visit https://www.spray-patch.com.
About Calder Capital:
Founded in 2013, Calder Capital, LLC is a lower middle market investment bank providing mergers and acquisitions advisory services to business owners, entrepreneurs, family offices, and investors across the United States. Our dedicated team of professionals combines extensive industry experience, technological innovation, negotiation savvy, and key relationships to exhibit exceptional execution. Calder’s services include mergers and acquisitions advisory, private funds and capital markets advisory, and business valuations. To learn more, please visit https://www.caldergr.com
