For additional information about Transworld or for confidential M&A guidance on your unique situation, please contact:
Bill Kleinschrodt, CPA, CVA, CFC
Bill Whiston, CMAP
Certified M&A Professional
Transworld Business Advisors – Gulf Coast is pleased to have served as exclusive transaction intermediary in the sale of Clean Rite, Inc.
Acquiror: Smith Industrial Services, Inc., Mobile, AL
Seller: Clean Rite, Inc., Saraland, AL
Industry: Industrial Cleaning Services, Southeast U.S.
Smith Industrial Services (SIS), a leading provider of industrial and environmental services, is pleased to announce the acquisition of Clean Rite Corporation of Saraland, Alabama. “Clean Rite has been a respected competitor of ours for many years and we are thrilled to welcome their team and customers to the SIS family”, stated Chris Smith, President of SIS, who added “This is a natural fit, as our organizations have both developed and defined the industrial services marketplace in the Central Gulf Coast region for decades”.
With over 40 years of reliability, Clean Rite brings a highly regarded and experienced crew that will further strengthen SIS’s position in the marketplace. “This acquisition is perfectly aligned with our strategic goals”, added Smith, “and these additional resources will continue fueling our long-term growth plans”.
“This is the best-case scenario”, says Eddie Summers, Clean Rite’s retiring founder, adding, “SIS is not only known for their quality work and customer relationships, but also for integrity and taking care of their people – and that was important to us”.
Bill Kleinschrodt, President of Transworld Business Advisors - Gulf Coast, remarked, “This sale was a classic situation where an in-market competitor approached the business owner and there was an obvious need for an experienced intermediary to help facilitate the deal. There was too much risk and disruption to the Seller to try to continue to run the business and give a competitor a behind the curtain look at the company. I’m proud to say that because of Transworld’s involvement we were able to help navigate a tremendous amount of land mines to get the deal across the finish line. While selling to a direct in-market competitor is usually not something we recommend, in this case, we had a high-character ownership and management team of the acquiror that allowed for us to keep the pace of the deal and everyone moving in the right direction and managed an efficient and highly structured process to a successful outcome for both parties.”
Smith Industrial Services, Inc.- Founded in 1969, Smith Industrial Services (SIS) is a Mobile, Alabama based provider of specialized industrial and municipal cleaning, inspection and environmental services with 14 locations primarily serving the Central Gulf Coast region. They offer a comprehensive fleet of vacuum truck, hydroblasting, hydro excavating, sewer jetting, video pipe inspection, pumping, and roll-off equipment, experienced and qualified personnel, and a broad range of services. For additional information, visit their website at www.smithind.com or call (251) 471-4315 to speak to a representative.
Transworld’s M&A department primarily serves business owners in the $5-$50mm range throughout the Southeast and Gulf Coast corridor. According to IBIS Research, Transworld is the largest business brokerage firm in the world. Transworld offices are independently owned, yet function as an integrated network of highly experienced brokers and M&A advisors with more than 200 locations around the country and in nearly 20 countries. Transworld routinely provides confidential marketing and positioning, buyer-screening, and implements a structured process that maximizes seller’s value and probability of success when exiting a business. Transworld works closely with business owners to price their company competitively and position the company as a “must have” investment opportunity to qualified buyers. With a proprietary CRM and database with 40+ years of historical, relevant buyers and transactions, Transworld’s processes allow for owners to remain focused on their businesses, while Transworld’s team manages the selling process.