Is it time to grow your business? Expanding your company into new markets geographically can be a fascinating prospect. And it can be overwhelming, too. The good news is that it doesn’t have to be a scary and daunting undertaking. Before starting your new journey, you need to know what factors to consider and where to seek the right help.
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Benchmark International has successfully facilitated the transaction between Fredericksburg, VA-based Fredericksburg Machine & Steel, LLC dba Viking Steel Fabricators and Norfolk, VA-based SRF, LLC dba Chesapeake Bay Steel, Inc.
Founded in 1950, Viking Steel Fabricators has built a solid reputation for specializing in the fabrication and installation of structural and miscellaneous steel, ornamental iron, and custom stairs and handrails. Alongside these core services, the company also sells steel and miscellaneous metals, offering a wide range of products to meet diverse client needs. In addition to their fabrication and installation services, Viking Steel Fabricators is dedicated to historic preservation, providing expert restoration and repair services to maintain and enhance historical structures. Their comprehensive service offerings make them a trusted partner for both modern and historical steel projects.
“Viking Steel President Christopher “Luke” Breivik and his team have built a great business with strong customer relationships in the private, public, and government sectors,” commented Benchmark Transaction Director Sean Fechtmann. “The quality of their work speaks for itself, with approximately 80% of customers being repeat customers and more than 70 years in operation.”
Chesapeake Bay Steel specializes in steel fabrication and erection. They have serviced the Tidewater area since 1962, but their reputation has grown through their decades of experience in the steel industry alongside being a family-owned and operated business. They specialize in framing, joist, decking, stairs, railings, and metal fabrication projects. The addition of Viking Steel Fabricators to their portfolio further enhances their strategic growth plans by broadening their existing service offerings. Viking Steel’s leadership team will remain intact to assist in the company’s future growth.
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You have decided it is finally time to take the next step in your exit strategy. You are ready to sell your business or seek a growth partner. Whether you are seeking retirement or looking for a strategic partner to assist you with future growth, you will want to get the best offer from a prospective buyer with the best cultural fit. In Benchmark International’s experience, utilizing a bids-invited process can help you to achieve these goals.
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Benchmark International has facilitated the sale of Ranew’s Companies and its affiliates to ALJ Regional Holdings Inc. (OTC PINK: ALJJ) and United Global Development (UGDC). The Ranew’s Companies is a leading supplier of precision fabrication solutions, industrial coating services, and assembly and logistics services to multinational manufacturers of vehicles and associated equipment.
ALJJ is a publicly traded holding company and the parent of two industry-leading businesses, Realtime Digital Innovations and Faneuil. Benchmark International identified ALJJ as the potential acquirer through our marketing outreach to publicly traded companies in the commercial printing or coating industries. Benchmark International Director Michael MacInnes stated, “We were aware that ALJJ had just successfully exited Phoenix Color so we marked them early in our process as a likely buyer with a deep understanding of the coating side of the business and a strong position in terms of cash on hand.”
UGDC is an institutional investment platform focused on the investment, development, and management of single-tenant, net lease properties with a $1.2+ billion portfolio consisting of over 350 properties across the United States. Benchmark International presented the opportunity to UGDC at an M&A buyer conference during the initial meeting between the two firms.
In addition to achieving the clients’ aspirations concerning overall deal value, ALJJ issued one of the sellers, Mr. Ranew, 19.99% of the equity interests in the purchasing entity in consideration of the rollover of certain of Mr. Ranew’s equity interests. ALJJ and Mr. Ranew have entered into a stockholders’ agreement providing for certain customary rights, as well as a purchase/sale right commencing on the fifth anniversary of the closing date to cause ALJJ to either, at ALJJ’s election, (i) purchase all the common stock held by Mr. Ranew or (ii) sell to Mr. Ranew all the common stock of the acquisition entity held by ALJJ, in each case, at a value determined by Mr. Ranew.
“Bringing in UGDC to acquire certain assets of Ranew’s Companies that ALJJ either did not want or the value of which would have pushed the transaction size above ALJJ’s caps was an absolute key to selling this business,” emphasized Clinton Johnston, Benchmark International’s Managing Partner on the transaction. The sale to ALJJ, the sale to UGDC, and the execution of certain leases between the two acquirers closed simultaneously, a mandatory condition for the sellers.
While certain financial details of the transactions were published as part of ALJJ’s mandatory public disclosures, the term of the UGDC transaction remain confidential.
Forbes recently published an excellent article delving into The ROI of Hiring an Investment Banker, supporting what we at Benchmark International have been shouting from the rooftops for years. The article discusses how study after study has proven that hiring the right M&A firm results in a high financial payoff for those who are selling a business.
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Benchmark International is delighted to announce that it has ranked in Mergermarket’s league tables for the number of deals conducted in both Germany and the UK for Q1 2024.
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Benchmark International's triumph at the 2024 ACQFIVE™ Global Awards, underscores our unwavering commitment to excellence on the global stage, winning in the following categories:
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