Heavy Civil Construction

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by a searcher from University of Virginia-Darden - Darden School of Business
in Fairfax County, VA, USA

2yrs ago

Heavy Civil Construction

I am looking at a heavy civil construction company (primarily site prep). The seller is VERY motivated and wants to work with me. He has been trying to sell for several years and has been close to closing a couple of times. He and the broker have been doing all kinds of contortions trying to structure a deal that will work for an SBA borrower. The problemredactedwas a banner year and 2023 saw a 30+% reduction in revenue. The reduction was a "once in a career blip" (according to the seller) due to a developer that ran out of $ and couldn't continue with a planned project. The banks I am dealing with are very skittish about the revenue drop even though they have a strong backlog of work in place.

Looking for suggestions on lenders who are friendly to construction related companies. Bonus if they are in the Pacific NW. Double bonus for loan officers who are able to suggest creative ways to get deals funded.

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reply by an intermediary 2yrs ago
from University of Alberta in Edmonton, AB, Canada

I expect you have already considered this, but with a very motivated seller and a drop in revenue a vendor note or earnout would be appropriate.

reply by a searcher 1yr ago
in Overland Park, KS, USA

Did you end up buying this business?