Utility and Road Infrastructure – Recession Proof

Evansville, IN
Vermillion County

Asking Price: Annual Revenue:
$19,250,000 $32,496,038

Services: Construction, Contractors

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RE: Utility and Road Infrastructure – Recession Proof Broker: Jared Olson
Owner Financing is Available!
15% Seller Financing $2,887,500 85% Buyer + Financing $16,362,500

Quick Facts

Asking Price: $19,250,000
Annual Revenue: $32,496,038
Net Profit: Not Disclosed
Cash Flow: $6,416,340
Total Debt: Not Disclosed
FF&E: $13,325,220
Real Estate: Not Disclosed
Year Established: 1973
Employees: 120
BBN Listing #: 81734398
Broker Reference #: CBI030-I

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Business Overview:

Performing Excavation and Site Prep for Highways, School Districts and Municipalities; all client types that will protect this company from a looming recession, as the newly passed infrastructure bill will organically grow this Civil Contracting Firm through the public sector funded by tax payer dollars. Primarily serving Virginia, Kentucky, and West Virginia with their leadership team in Evansville, Indiana outside of the Corporate Headquarters. This firm has a diverse list of clients, including Municipalities 36%, Government 22%, Schools 23%, and Commercial 19%. There is an impressive team in place of 120+, including 3 SVP’s, 8 superintendents, 1 office manager, 1 administrator/billing, and +/- 110 laborers. With a backlog of over $33M, there is no shortage of coming work. A buyer would be getting over $18M in assets with this purchase, including construction & transportation equipment, office equipment & software, and working capital of nearly $5M! A 3rd party appraisal was completed in June of 2022 to verify the assets.

The current owner offers general oversight (by preference), which is not necessity as owner is 80+ years old. He is willing to stay and transition for 1-2 years after closing. The reason for selling at this time is to retire. Something of note is that the owner could sell the equipment and cash out the A/R for more than the business price, but due to his loyalty and employees in place, he is choosing to sell the business as one cohesive unit so everyone keeps their jobs, and the business can continue to thrive as his legacy
As a show of good faith and vested interest in the ongoing success of the company, the owner is willing to carry 15% of the purchase price. At a purchase price of $19,250,000, and assets valued at over $18M, the bank loan would be over-collateralized by the assets on hand and the return on investment makes this deal the top in our portfolio!

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Property Features and Assets:

Construction & Transportation Equipment: $13,325,219 **3rd party appraisal completed June 2022** Working Capital: $4,980,287 ? Retainage: $1,616,663 ? Aged AR: $5,364,988 ? Aged AP: $2,001,364 AR/AP/Billings Adjust DAILY: an average benchmark will be negotiated CapEx: Budgeted at $350,000 Annually

Reason for Selling:

Aging Owner is over 80

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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