Details - Information last confirmed on November 5, 2020
With over $30M in sales and nearly $2.8M in assets, this business has an 80% recurring client base! Located in Ohio and New York, this company specializes in painting large infrastructure projects as well as any site preparation associated with a job. Assets include $2.1M worth of painting supplies, safety equipment, rigging, and tools, and $680k in trucks and trailers; all equipment is in place for continued success. The team of union foremen and painters work primarily for general contractors and maximize their awarded contracts through competitive bidding and strong professional relationships.
Service area is 90% in the state of New York and 10% in Pennsylvania, New Jersey, Delaware, and Ohio. Operations are managed from the Ohio office and supplies are stored in a New York area warehouse. There are additional field offices for each large project where location-based staff report daily.
Clients are 80% recurring and consist of general contractors working on infrastructure & municipal projects. They have a highly skilled team of 92 people: 6 administrative staff, 3 project managers, 8 foremen, and 75 painters. Providing industrial painting and site preparation for bridges, tunnels, and transit stations, this company also does lead abatement and shield installation in the winter months when painting is not an option. The team completes approximately 40 projects per year – average projects run in the $500k-$1M range.
Increasing capital to increase bonding capacity would certainly lead to growth in revenue, as well as expanding services to include outdoor painting of private buildings.
Both owners currently work within the business. The majority owner focuses on financial oversight and business management and is willing to remain on staff through transition and beyond. The other owner is the lead estimator and oversees field operations, and he is willing to stay on with the company for several years after closing, as desired
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