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Details - Information last confirmed on April 6, 2021
The company is a diversified manufacturer of architectural millwork and commercial cabinets, and serves as a full-service subcontractor to a variety of markets. In addition, the company provides ship-only products such as hospitality furniture, store fixtures, and vanities to commercial customers throughout the US.
• Gross profit and adjusted EBITDA have grown at a compound annual growth rate of 14.6% and 20.8%, from 2017 to 2020, respectively
• 21% average gross profit margin over the last four years
• Outperformed industry growth over the past five years
• As of March 2021, estimated revenue for work in progress (backlog) under signed contracts is approximately $5 million
• 85% turnkey millwork packages and custom cabinetry and 15% ship-only products
• Over the last 10 years, the company has grown from $300k in revenue to over $8M in revenue in 2020
• Invested over $500k in the last two years in equipment and new production software to increase capacity and improve quality and yields
• Cutting-edge and high-precision equipment creates factory efficiencies and quality products
• Long-term relationships with designers, architects, key general contractors and property developers/owners in the Southeast
• Experienced, highly-skilled employees
• Quality certified for premium grade products
• Continue to diversify product and service offerings and expand operations geographically to increase customer reach
• Further drive revenue growth by at least 30% due to recent capital investments
• Capitalize on the global construction industry growth, which is expected to reach $10.5 trillion by 2023, growing at a CAGR of 4.2% from 2018 to 2023
• Leverage experience to gain additional commercial projects as rising infrastructure continues to grow due to the increasing urbanization and the growing population
• Potential for production expansion for box cabinet manufacturers
• Leverage OEM capabilities to acquire new customers seeking ship-only products
• Southeast US
• The company serves general contractors and property developers/owners, as well as customers seeking ship-only products including reception desks, vanities, breakfast bars, and more.
• Project types include new construction, renovations, and build-outs
• The company operates from a 50,000+ sq. ft. facility leased from an affiliated entity. There is room to grow in the current facility, as well as potential expansion opportunities due to available acreage.
• The company is owned by two shareholders, both of whom are active in the business. The owners believe it is time to pursue other philanthropic interests and plan for eventual retirement. They are proud of the company they have built and believe the company is in a position where new ownership can take advantage of the growth opportunities in the market.
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