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Overview

Building and Construction

Laminated Indoor & Outdoor Wood Structures Design / Build Firm

Listing ID: STRUCTURE1

Year Established: 1972

Annual Sales: $2,726,836

Approximate Backlog:$1,949,534

EBITDA: $730,317

FF&E: $50,000

Target Working Capital: $35,000

Days & Hours of Operation: M-F 7:30-4:30

Full-time Employees: 5

Part-Time Employees: 2

Reason For Sale: True Retirement

Limited Seller Financing: Dependent upon total purchase price and buyer qualifications.

Listing Status: Under Contract


Summary

Description:

2003 FINANCIAL INFORMATION IS ADJUSTED FOR MANUFACTURER RETOOLING AND EXPANSION. Backlog is as of 3/10/2024, Contact broker for details.

This business has over 50 years of experience in the design and outsourced construction of prefabricated and custom laminated outdoor wood structures, including bridges/pathways, structural beams, shelters and pavilions.

Clients include homeowners, municipalities, churches, horse farms, entertainment venues, golf courses, airports and architects who integrate the company’s custom products into their designs.

The company has received multiple awards for its highly regarded custom designs and quality precision manufacturing. The company also offers a limited number of customizable ‘off the shelf’ products.

Since entering a big box retailer, the pipeline of quotes has grown significantly, filling the sales pipeline with projects from this retail partner as well as direct quotes with the largest backlog in the company’s history of approximately $12,000,000 of viable projects, which is ~5x average of prior periods.

One quote to a local municipality is ~$3,000,000, which by itself would double the company's EBITDA from 2023 to 2024. Another local potential contract is outstanding for $5,000,000+.

It is worth noting that the company’s fixed costs are covered at approximately $2,000,000 of annual gross sales, making incremental projects' net margin significantly higher.

Seller is seeking a component of earnout on the incremental quotes outstanding if awarded for sales and engineering costs incurred for those projects.

Historical Summary:

Believed to be formed originally in the 1950's the current owner purchased in 2011 at which time there were 300 employees and 300,000 square feet of manufacturing across two locations.

Manufacturing is now outsourced and has been optimized to maximize profits.

Competition:

This company competes on a national basis with two primary competitors.

Growth & Expansion Opportunities:

New owners could expand beyond eastern seaboard. New owners have an invitation to enter over 2000 big box retailers. This carries an unexpected benefit of being featured on the retailers website in all markets beyond the current 200 locations. Company currently has eight long standing dealers which could be expanded.

Competitive Advantages:

This company benefits from its geographic location, extremely low overhead, margin enhancement due to manufacturing methodology and proprietary designs. The company has a self limited 200 location big box hardware retailers to prevent excess demand.

Owner Qualifications:

Buyer should have general business operating experience including HR, marketing, sales, accounting and contract negotiations or sub-contract/outsource as needed.

Support & Training:

Owner currently works ~2-3 hours per week which can be remote. Additional employment or consulting may be arranged.

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Jeff Snell, CM&AP, M&AMI, LMCBI, ABI

Principal Broker & Founder – Raleigh, NC

Office: (919) 341-1100

Cell: (919) 624-1124




Contact Listing Broker

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Real Estate Transaction Handled by

2009 Caminos Drive, Raleigh, NC 27607

Real estate agent's disclosure Form

Location: Virtual

Real-Estate: None

Monthly Rent: $2,000

Facilities Description:

Operations are now semi-virtual since COVID. All employees are currently remote and no hard wall office is required. However, there is a legacy lease for a location where once weekly meetings are still being conducted.
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