SJW crews work on a tower. Photo courtesy of SJW.
With the addition of two new owners, a local concrete and cell tower construction company is laying a foundation for future growth.
Midlothian-based SJW Commercial Concrete and Technical Towers has sold a portion of its business to Technical Partners LLC, a local entity that will continue to operate the concrete contractor and its wireless communications tower division under their current names.
The deal, which closed Dec. 29, keeps SJW owner Shawn Waters on as CEO and as a three-way owner with Technical Partners’ two principals: Chris Scearce and Rique Flato.
Scearce, whose background includes sales and business development, will serve as president and provide marketing, operational and development support. Flato, a director with local management consulting firm Warren Whitney, will serve as CFO.
Terms of the deal were not disclosed. The deal was brokered by local investment banking firm Transact Capital Partners, which served as financial adviser to SJW.
Founded by Waters in 2007, SJW started out as a commercial concrete contractor, focusing on projects such as sidewalks, wheelchair ramps and laying foundations for wireless towers. Over the years, its services have expanded to include tower construction and maintenance, as well as technology installation, upgrades and repairs.
Waters said double-digit growth each of the past four years prompted him to look for potential deals. He reached out to Transact Capital about purchasing another company, didn’t find the right match and later was approached by the brokerage about selling his company.
“At the time, I was just looking for help,” Waters said. “We had really good growth and grew a bit too large for me to handle by myself, so I thought it better to go to the next level with some experience and help on the high-level end.”
Scearce said he and Flato were attracted to the company for its potential for further growth, Waters’ desire to remain involved in day-to-day operations, and what he described as a unique business model that blends concrete construction and tower technology services.
“We felt that relationship was important, because it makes the company full-service, rather than a subcontractor,” Scearce said.
Waters declined to identify the company’s customers, which Scearce described as ranging from industrial clients to smaller construction projects. Headquartered at 3002 E. Boundary Terrace, the company is housed in a 30,000-square-foot building at Genito and Old Hundred roads.
In addition to office and warehouse space, the site also includes a 30,000-square-feet lay down yard.
The company employs 45 workers and serves a wide area of Virginia, ranging from Richmond to Charlottesville, Alexandria and Virginia Beach. The company has also done work in West Virginia, Tennessee, North Carolina and other states.
Waters said the investment from his new partners will help the company better serve its existing customers while also increasing its market share and expanding its service scope.
“They’re really great, local guys, and they’re partners,” Waters said. “They bought in as partners, we’re all equal partners, and we’re just trying to work to grow it to another level.”
The deal is the latest in recent months for Transact Capital, which also brokered the acquisition of a local staffing firm and the merger of two other staffing firms in December.
SJW crews work on a tower. Photo courtesy of SJW.
With the addition of two new owners, a local concrete and cell tower construction company is laying a foundation for future growth.
Midlothian-based SJW Commercial Concrete and Technical Towers has sold a portion of its business to Technical Partners LLC, a local entity that will continue to operate the concrete contractor and its wireless communications tower division under their current names.
The deal, which closed Dec. 29, keeps SJW owner Shawn Waters on as CEO and as a three-way owner with Technical Partners’ two principals: Chris Scearce and Rique Flato.
Scearce, whose background includes sales and business development, will serve as president and provide marketing, operational and development support. Flato, a director with local management consulting firm Warren Whitney, will serve as CFO.
Terms of the deal were not disclosed. The deal was brokered by local investment banking firm Transact Capital Partners, which served as financial adviser to SJW.
Founded by Waters in 2007, SJW started out as a commercial concrete contractor, focusing on projects such as sidewalks, wheelchair ramps and laying foundations for wireless towers. Over the years, its services have expanded to include tower construction and maintenance, as well as technology installation, upgrades and repairs.
Waters said double-digit growth each of the past four years prompted him to look for potential deals. He reached out to Transact Capital about purchasing another company, didn’t find the right match and later was approached by the brokerage about selling his company.
“At the time, I was just looking for help,” Waters said. “We had really good growth and grew a bit too large for me to handle by myself, so I thought it better to go to the next level with some experience and help on the high-level end.”
Scearce said he and Flato were attracted to the company for its potential for further growth, Waters’ desire to remain involved in day-to-day operations, and what he described as a unique business model that blends concrete construction and tower technology services.
“We felt that relationship was important, because it makes the company full-service, rather than a subcontractor,” Scearce said.
Waters declined to identify the company’s customers, which Scearce described as ranging from industrial clients to smaller construction projects. Headquartered at 3002 E. Boundary Terrace, the company is housed in a 30,000-square-foot building at Genito and Old Hundred roads.
In addition to office and warehouse space, the site also includes a 30,000-square-feet lay down yard.
The company employs 45 workers and serves a wide area of Virginia, ranging from Richmond to Charlottesville, Alexandria and Virginia Beach. The company has also done work in West Virginia, Tennessee, North Carolina and other states.
Waters said the investment from his new partners will help the company better serve its existing customers while also increasing its market share and expanding its service scope.
“They’re really great, local guys, and they’re partners,” Waters said. “They bought in as partners, we’re all equal partners, and we’re just trying to work to grow it to another level.”
The deal is the latest in recent months for Transact Capital, which also brokered the acquisition of a local staffing firm and the merger of two other staffing firms in December.
Two good guys; they will make significant contributions to the company.