Contact: Glen Toadvine
Email: [email protected]
Your Reference ID: GTSK1070120
It has been a great run for the family which founded this successful contract glazing business 75 years ago. The remaining family members look forward to transitioning their profitable business to a new generation of owner-operators.
Operating out of an attractive leased facility in a desirable Detroit suburb, conveniently located at the juncture of two interstate highways. The business has nearly 20,000 square feet of space at a very favorable annual rent of $84,000 (less than 6% of revenues).
With a staff of 12 in the office and some 50 highly experienced and skilled union glazers working on-site, this business has successfully completed exterior and interior projects in all glazing services including storefronts, curtain walls, glass guardrails, interior partitions, skylights, to name a few. The union affiliation means that the business qualifies for automotive, City, State, Federal, university, retail, housing, general manufacturing and all sorts of other commercial and institutional projects where union work is required.
The company’s customers (with no concentration) are general contractors who service a multitude of industries including those named above. Projects are (a) generally within a 75 miles radius of the home basis, (b) can be as impressive as a 10 story structures, and (c) can surpass $5,000,000 in size.
Over the past three years, revenues have averaged $14,000,000 with an average annual SDE (the normalized cash flow available to pay an owner-operator and service debt) of nearly $1,000,000. Even during the Covid-19 impacted January-April, 2020 four-month period, annualized revenues and SDE were $14,200,000 and $930,000 respectively.
The business is being offered for $3,000,000, an attractive 3.0x SDE. The listing price includes nearly $1,000,000 (cost basis) of fixed assets. The sellers will also carry a meaningful six figure seller note for qualified buyers who should ideally have industry knowledge and experience.
Asking Price: $3,100,000
Cash Flow: 950000