Utility Installation with $16M in Assets

Not Disclosed, IN

Asking Price: Annual Revenue:
$21,000,000 $32,250,270

Services: Construction, Contractors

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RE: Utility Installation with $16M in Assets Broker: Jared Olson
Owner Financing is Available!
15% Seller Financing $3,150,000 85% Buyer + Financing $17,850,000

Quick Facts

Asking Price: $21,000,000
Annual Revenue: $32,250,270
Net Profit: Not Disclosed
Cash Flow: $7,679,774
Total Debt: Not Disclosed
FF&E: $13,442,000
Real Estate: Not Disclosed
Year Established: 50+ years
Employees: 120
BBN Listing #: 195634398
Broker Reference #: CBI030-G

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Business Overview:

With just under $20M worth of assets included in the purchase of the business, the current owner could actually collect more income by selling his equipment than he will be with the purchase of this business. He is choosing to sell his business because continuing to employ his staff and allowing someone to build on the business’s current legacy is more valuable to him than the A/R that his equipment could gather. Thanks to these assets, the purchase of this business is nearly over-collateralized. This business is at the top of their field. They are specialists in excavation and utility installation for road projects and large site retail and industrial jobs in their service area of primarily Virginia along with Kentucky and West Virginia. They boast 50% repeat customers. Their client base is made up of 36% municipalities, 22% government, 23% schools, and 19% commercial property owners. Their staff is able to handle a wide variety of clients both in geographic location and in contract types thanks to their size and skill. The team has over 120 members including 3 SVP’s, 8 superintendents, 1 office manager, 1 administrator/billing, and +/- 110 laborers dependent on projects and locations. It is pertinent to note that all staff have signed an agreement to stay on through completion of their current projects, so long as they remain at the same salary and bonus structure.

The current owner performs general oversight as a preference, as he is in his mid-80’s. His passion for the job is clearly contagious, as he has multiple personnel that have been employed for 10+ years, but he’s decided it’s time to retire. Established over 50 years ago, the longevity of this business has resulted in an excellent reputation for high-quality work, completed on time, every time. This long-standing esteem coupled with $33M of work in progress and new bids in the pipeline is manifesting in a projected revenue of $28M for 2022.

Priced to sell at $21,000,000, this excavation company has it all with repeat clientele, profitable contracts, and excellent name recognition. Not to mention the nearly over-collateralization of purchase with just under $20M in included assets. The services this business offers are deemed essential and the industry as a whole is pandemic proof. In addition to this stability, new ownership is also poised to benefit from the increase in business and revenue brought on by the 2021 infrastructure bill which is providing natural growth in the construction industry. As an added layer of faith in the business, not only is the current owner prepared to collect less income from the sale of the business rather than the sale of equipment to keep the business running and the employees working, he is also offering to finance or equity roll 15% of the purchase! We believe that this shows extremely good faith in the future success of the business and mitigates risk to the next owner. There has never been a better time to get into the construction business and, given all of the positive points listed above, this excavation company is ready to capitalize on these incredible opportunities!

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Property Features and Assets:

Construction & Transportation Equipment: $13,442,578 Office Equipment & Software: $281,572 Work In Progress: $33M with new bids in the pipeline **3rd party appraisal completed June 2022** Working Capital: $3,170,000 Retainage: $1,600,000 Aged AR: $2,500,000 Aged AP: ($930,000) Unbilled (Excess of billing): $2,800,000 *As of May 31, 2022 (rounded to nearest 10k)

Market Competition and Expansion:

The services this business offers are deemed essential and the industry as a whole is pandemic proof. The recently passed US Infrastructure Bill is allowing for natural growth in all things construction related.

Reason for Selling:


Additional Details:

  • The property is leased.
  • The owner is willing to train/assist the new owner.
  • This is not a homebased business opportunity.
  • This is not a franchise resale opportunity.


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