With the successful sale of Integrated Manufacturing Concepts earlier this month, the Calder Capital/SBDA team crested the magic marker of 25 closings in 2020.
“If you had told me back in mid-March that we’d have crushed our 2019 record by September, I would’ve said you were nuts!” stated Max Friar, Managing Partner of Calder Capital. “Having closed 10 deals in January alone, we were feeling very bullish. However, when the pandemic hit, almost every deal we had under LOI ground to a halt.”
Friar continued, “Fortunately, even in March we were able to churn out a closing and the pace has continued to tick up from there.”
Manufacturing has re-surged as a percentage of overall closings, with 10 of the 25 transactions being manufacturing companies. Interestingly, strategic buyers are also becoming a greater percentage of closings, with approximately half of done deals going to strategic or investment group buyers.
Here is a complete list of Calder/SBDA closings through September 17, 2020.
| Client | City of Client | Advisor | Buyer Type | Industry | |||
| Laser Access, Inc. | Grand Rapids, MI | Calder | Individual | Manufacturing | |||
| Topps Safety Apparel, Inc. | Rochester, IN | Calder | Strategic | Manufacturing | |||
| Premier Paper & Supplies, Inc. | Grand Rapids, MI | SBDA | Strategic | Distribution | |||
| Family Wellness Center | Midland, MI | SBDA | Individual | Service | |||
| Family Fitness | Holland, MI | SBDA | Individual | Service | |||
| D.C. Martin & Sons Scales, Inc. | Grand Rapids, MI | Calder | Strategic | Distribution | |||
| Boelcke Heating & Air Conditioning | Stevensville, MI | Calder | Individual | Service | |||
| Foxbright | Grand Rapids, MI | Calder | Individual | Service | |||
| Campbell Murch Memorials | Mattawan, MI | SBDA | Strategic | Manufacturing | |||
| College H.U.N.K.S. | Des Moines, IA | SBDA | Individual | Service | |||
| 2B Studios | Ada, MI | SBDA | Individual | Service | |||
| eVideon/Spectrum Health Ventures | Wyoming, MI | Calder | Strategic | Healthcare Manufacturing | |||
| Graphics Embossed Imaging | Grand Rapids, MI | Calder | Individual | Manufacturing | |||
| Dickey’s BBQ Pit | Novi, MI | SBDA | Individual | Restaurant | |||
| Stonewall Road Automotive Group, LLC | SE Michigan | Calder | Private Equity | Service | |||
| Electric Motor Service | Grand Rapids, MI | SBDA | Individual | Service | |||
| A&W Restaurant | St. Charles, MN | SBDA | Individual | Restaurant | |||
| Corridor Coffee | Grand Rapids, MI | SBDA | Individuals | Restaurant | |||
| CG Witvoet & Sons, Inc | Grand Rapids, MI | Calder | Investment Group | Manufacturing | |||
| Elite Tooling | Kalamazoo, MI | Calder | Strategic | Manufacturing | |||
| Re-Source Industries | Muskegon, MI | Calder | Strategic | Manufacturing | |||
| Environmental Products Manufacturer | Candler, GA | Calder | Strategic | Manufacturing | |||
| Castle Brewing Co | Greenville, MI | SBDA | Strategic | Restaurant | |||
| Bridal Gallery | Grand Rapids, MI | SBDA | Strategic | Retail | |||
| Integrated Manufacturing Concepts | Ceresco, MI | Calder | Individual | Manufacturing |
Overall, from an industry standpoint, the breakdown of deals has been as follows:
- Service – 31%
- Manufacturing – 38%
- Restaurant – 19%
- Distribution – 8%
- Retail – 4%
16 transactions have been in Western Michigan, 4 in out-state Michigan, and 5 in other states including Indiana, New York, Iowa, Georgia, and Minnesota. Among the buyers, 13 have been individuals, 10 have been strategic buyers, and 2 have been private equity/investment groups.
Friar concluded, “Things are feeling a lot better for us heading towards the end of the 3rd quarter. I feel that buyers and sellers at least are getting used to the environment that we’re in. Granted, there is concern over the economy, the election, and the pandemic, however, there is also somewhat of a feeling of relief that we are starting to understand what we are living with, and hopefully, businesses are able to remain open.”
About Calder Capital, LLC
Founded in 2013 by Max Friar, Calder Capital, LLC is a lower middle-market M&A Advisory Firm focused on representing buyers and sellers with enterprise value from $2-100MM primarily in the segments of manufacturing, business services, and distribution. Calder represents sellers primarily in the Midwest and buyers nationwide.
About Small Business Deal Advisors, LLC
Founded in 2017 by Max Friar and Matthew Baas, Small Business Deal Advisors, LLC is a business intermediary firm focused on serving small, traditionally underserved sellers of businesses with enterprise value generally less than $1MM. SBDA’s clients are customarily franchised re-sales, light industrial, restaurants, and business and personal services. SBDA represents sellers nationwide and in Canada.
If you are interested in selling your company, please contact us confidentially.