“Thank you to Calder Capital for your dedication and hard work. This is a monumental milestone for me, representing half a lifetime of commitment and passion.”
– Brandon Hornung, CEO, Capital Stoneworks (Seller)
Calder Capital is pleased to announce the successful majority equity investment in Capital Stoneworks, headquartered in Bridgeport, Michigan, by Leelanau Private Capital of Birmingham, Michigan.
Capital Stoneworks is a national vertically integrated stone supplier and fabricator. The company serves contractors, architects, and building owners in North America and specializes in fabricating and supplying premium stone products, including Indiana limestone. With exclusive quarry ownership and a reputation built since 2004, Capital Stoneworks is a trusted leader in the stone industry.
Over the years, Capital Stoneworks has grown beyond the original vision of its founders (Brandon Hornung, Sean Buback, and Kevin Grimpo) while still maintaining attractive growth opportunities. The ownership team recognized that access to greater resources and capital was essential for the company’s next stage of development, so it partnered with Calder Capital’s Sell-Side team to find a majority equity strategic partner to help continue its upward trajectory and growth trend.
Leelanau Private Capital brings extensive experience and resources in construction, manufacturing, and distribution. Its portfolio includes companies such as Eastern Fence, Titanus Cement Wall Company, Builder’s Stone & Masonry, Smede-Son Steel & Supply, and Chippewa Concrete Services. The acquisition represents a synergistic opportunity to integrate with Leelanau’s existing companies, driving mutual growth and expansion in complementary markets, customer bases, and projects.
Garrett Monroe of Calder Capital served as the exclusive Mergers and Acquisitions Advisor to Capital Stoneworks. Calder’s on-market process garnered significant interest, resulting in 106 qualified buyers and nine serious offers.
“We are thrilled to have guided this strategic partnership between Capital Stoneworks and Leelanau Private Capital,” Garrett commented. “The collaboration and partnership ensures the continued growth of a well-established business while preserving the legacy of its founders. Congratulations to both parties on a successful transaction!”
“Thank you to Calder Capital for your dedication and hard work. This is a monumental milestone for me, representing half a lifetime of commitment and passion,” remarked Brandon Hornung, CEO of Capital Stoneworks.
“This transaction underscores Calder Capital’s expertise in handling complex transactions,” stated Max Friar, Managing Partner of Calder Capital. “We are proud to have played a role in securing a partnership with Leelanau Private Capital. This collaboration will undoubtedly propel Capital Stoneworks to new heights while maintaining the integrity and vision of its founders. Congratulations to both teams on a successful and promising partnership.”
Calder Capital served as the exclusive Mergers and Acquisitions Advisor to Capital Stoneworks. The sell-side legal, tax, and accounting advisors for the deal included Miller Johnson, represented by Mike Penny, Dustin Daniels, and Alex Kaminski, and Macavage Financial Services, led by Mike Macavage. Taft Law, with Lee Kellert, Ryan Mardini, and Aaron Miller, along with Doeren Mayhew, provided legal, tax, and accounting representation to Leelanau Private Capital. IT Diligence was completed by Aqualis Advisors, and Environmental Diligence was provided by Darcy Environmental.
About Capital Stoneworks
Capital Stoneworks is a vertically integrated stone supplier and fabricator including six (6) physical locations: Bridgeport, MI; Traverse City, MI; Waterford, MI; Cooks, MI; Bloomington, IN; and Wheeling, IL, and four (4) entities: Capital Stoneworks of Michigan, Capital Stoneworks of Illinois, Clear Creek Stone, and Bay Harbor Stone. Capital Stoneworks of Michigan and Illinois is a premier stone fabricator and supply company to contractors, architects, and building owners throughout North America. Clear Creek Stone processes and fabricates Indiana limestone and wholesales stock limestone products and raw material cutting stock for stone distributors, brick distributors, and landscape yards. Bay Harbor Stone focuses on the wholesale of landscape and stone veneer products, with exclusive ownership of a quarry that supplies the raw materials for its offerings. Together, Capital Stoneworks Michigan, Capital Stoneworks Illinois, Bay Harbor Stone, and Clear Creek Stone have operated under the collective name Capital Stoneworks, a trusted name in the industry since 2004. More information can be found at https://capitalstoneworks.com/, https://www.bayharborstone.com/, and http://www.clearcreekstonecompany.com/.
About Leelanau Private Capital
Based in Birmingham, Michigan, Leelanau Private Capital is an investment firm specializing in partnering with companies in the construction, manufacturing, and distribution industries. With a portfolio of complementary businesses, including Eastern Fence, Titanus Cement Wall Company, Builder’s Stone & Masonry, and more, Leelanau brings extensive industry expertise and resources to help businesses scale and thrive. Focused on fostering growth through strategic investments, Leelanau Private Capital aims to empower companies to achieve their next stage of success while preserving their unique legacies. More information can be found at https://www.leelanaupc.com/.
About Calder Capital
Founded in 2013, Calder Capital, LLC is a lower middle market investment bank providing mergers and acquisitions advisory services to business owners, entrepreneurs, family offices, and investors across the United States. Calder’s services include M&A advisory, private funds and capital markets advisory, and business valuations. For more information, visit www.caldergr.com.