Details

This industrial painting & site prep company has over $2.8M in assets, but still sees less than $100K in CAPEX each year! 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 experienced team of union foremen and painters work primarily for general contractors working on infrastructure and municipal projects, and they maximize their awarded contracts through competitive bidding and strong professional relationships. They complete approximately 40 projects per year – average projects run in the $500k-$1M range. The team of 92 people is comprised of 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.

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.

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. The sellers are willing to roll equity for 12.5% of the purchase price, then do a seller carry for another 12.5%.

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