Dirt, Excavation and Road Contractors for Cities and Schools: $21M in

Evansville, IN

Seller Financing Available

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Asking Price:$19,250,000
Gross Revenue:$30,795,592
Established Year:1970
Cash Flow:$4,049,009
FF&E:$13,325,219
BUSINESS DESCRIPTION

Excavation, Utilities and Infrastructure with a focus on
roads and school districts and $21M in WIP. This firm has a
diverse list of clients, including Municipalities 36%, State
Government 22%, Schools 23%, and Commercial clients
19%. This Civil Contracting Firm performs site prep for
Highways, School Districts and Municipalities throughout
Virginia, West Virginia and Kentucky. The owner provides
general oversight (by preference), which is not a necessity,
as owner is 80+ years old. He started the firm more than 5
decades ago and is willing to stay for a transition period of
1-2 years post-close. The reason for selling is obviously
age. They have an impressive team in place of 120+,
including 3 SVP’s that manage all aspects of the company,
8 superintendents, 1 office manager, 1 administrator/billing,
and +/- 110 laborers. The purchase price includes over $14
million in assets which collateralizes the bank loan! A
buyer will receive construction & transportation equipment,
office equipment & software, and a working capital! A 3rd
party appraisal was completed to verify the value of the
assets. The CapEx budget is only $350,000 because there
is a surplus of assets with capacity for room to grow. They
do not have any MBE, WBE or Veteran status. Priced at
$19,250,000, this business is primed and ready for a new
owner to step in and enjoy a reputation that has been built
over the last 5 decades. 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. The
owner could sell the equipment and cash out the A/R for
more than the list 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.


ATTACHED DOCUMENTS
Confidentiality Agreement Download

DETAILED INFORMATION
Location
Evansville, IN
Inventory
Included in asking price
Employees
120
Furnitures, Fixture & Equipment(FF&E)
Included in Asking Price
Facilities
Construction & Transportation Equipment: $13,325,219 ** 3 rd party appraisal completed Office Equipment & Software: $281,572 Leasehold Improvement: $161,854 Working Capital: $617,000 ? Aged AR: $1,768,000 ? Aged AP: $1,151,000 Work In Progress: $21,000,000
Growth & Expansion
The services offered are deemed essential and with a looming recession, this company will be protected. The recently passed US Infrastructure Bill has over 1 trillion dollars allocated to highway and bridge set asides.
Financing
15% Seller Financing $2,887,500
Support & Training
1 year after closing.
Reason for Selling
Aging Owner is over 80
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Jared
Olson
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Jared Olson