DENVER, March 31, 2022 (GLOBE NEWSWIRE) -- Arizona pavement preservation company Southwest Slurry Seal worked exclusively with Raincatcher to represent and advise them on the successful sale of their business.
The decision to sell came after CEO Richard Francis’ partners in the business decided that it was time to retire. At the same time, all four partners placed a high priority and value on finding a buyer who would ensure that the business would continue to grow and expand despite their impending departures.
Southwest Slurry Seal generates revenue by providing pavement preservation services to their clients, including slurry seal and microsurfacing. Considering the urban and suburban growth trajectory in the Phoenix area as well as across the state of Arizona over the company’s 40+ year history, it is a company that remains poised to continue its expansion and growth throughout the state.
Between 2020-2021, Southwest Slurry Seal’s total revenue and cash flow grew significantly, even during a pandemic that left most of the country under a lockdown for much of the year. With their strong financial performance, the company was well-positioned for a successful owner exit.
When Francis first contacted Raincatcher, his primary objective was to obtain an honest and accurate valuation. It was the accuracy of Raincatcher’s estimated value that solidified his decision to partner with Raincatcher to represent and advise the owners on the sale of the business. But, to further confirm his decision and before finalizing the engagement with Raincatcher, he obtained a second valuation opinion which was nearly identical to Raincatcher’s valuation. This served to confirm the accuracy and credibility of the Raincatcher opinion of value.
With the mandate to represent the owners in the sale of their company in place, Raincatcher’s marketing process resulted in expression of interest from 40 potential buyers. From that group, 16 firms submitted Indication of Interest letters and later seven firms delivered Letters of Intent. The process was successfully completed with Capital Alignment Partners out of Nashville who proved to be an extremely well-aligned and strategically compelling buyer that was an attractive fit with the owners’ priorities and objectives.
“Being honest went a long way with us. Raincatcher explained the entire process to us and had a well-organized system already in place and we just felt comfortable that it was the right fit,” adds Francis of his decision to work with Raincatcher.
“There would be more to consider than just the price of the company– there was also fit. Raincatcher’s advice for fit was priceless. Raincatcher also helped us prepare all the financial information necessary to market the business as well as developing a list of pre-approved buyers.”
The Southwest Slurry Seal purchase was made by American Pavement Preservation and Nashville, Tennessee-based Capital Alignment Partners with Lee Ballew as lead partner. Managing Director Cameron Bishop led the Raincatcher deal team.
Click here to learn more about the sale.
Are you interested in buying or selling a business? Raincatcher is here to help you create the next successful chapter in your entrepreneurial journey.
To learn more call 1-855-724-6228 or email support@raincatcher.com
About Raincatcher
Raincatcher is a national business brokerage that specializes in small and mid-market businesses. Our mission is to help entrepreneurs buy and sell remarkable companies.
In an effort to locally serve national business owners at every stage of their journey, Raincatcher has specialized directors to suit different business needs.
Director of Business Growth, Susan Frew
Managing Director - Midwest, Cameron Bishop
Managing Director - East Coast, Steve Fisher
Managing Director - West, Aaron Linnebach
Managing Director - Digital, Mark Woodbury
About Southwest Slurry Seal
A family business at its core, Southwest Slurry Seal (SWSS) was started in 1981. Two of its founding partners worked for the original Arizona slurry seal company, called Slurry Seal of Arizona, which started in the mid-1960s. Slurry seal was developed to extend the life of existing asphalt pavements. In time, public agencies began to use slurry seal on their streets and thanks to the leadership of SWSS, slurry seal became a key component of the pavement maintenance programs for government agencies throughout the State of Arizona. The company also provides crack sealing services and asphalt-patching services.
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