- people on the move
Owners sell steel fabrication business
The founders of a local structural steel fabrication company have sold their business to an investor.
Byron Center-based Fabtec Enterprises founder-owners Tim Stevens and Mitch Dalman sold the company based at 8538 Centre Industrial Dr. SW to an undisclosed investor this month, according to Calder Capital this week.
Terms of the deal were not disclosed.
Founded in 1995, Fabtec serves commercial general contractor and construction management clients.
The company has 19 employees.
“We have been blessed with great clients and great employees,” the owners said in a statement. “Our long-term success has been a result of ensuring that we provide a very high level of service to our clients. Our committed team members have been a very important part of making Fabtec what it is today.
“As we started to think about retiring, we wanted to ensure that new ownership would have strong West Michigan values and take care of our clients and employees as we have. After engaging with Calder Capital, we received numerous inquiries and multiple competitive offers. At the end of the day, we decided to choose the buyer that was the right fit for the business and its future. We are confident that he will help take Fabtec to the next level.”
The unnamed buyer said he found the “perfect fit” in Fabtec.
“I am excited to be a part of this wonderful team and look forward to building on the legacy created by Tim and Mitch,” he said.
Stevens and Dalman will continue working at the business for an indefinite period.
Firms on the deal
Pankaj Rajadhyaksha and Ghazey Aleck, of Calder Capital, served as M&A co-advisors to Fabtec.
Mike Moraw and John Burmeister II, of Huntington Bank, provided financing for the acquisition.
Andrew Longcore, of The Business Law Group, provided legal counsel for the sellers.
Nick Dekker, of Cunningham Dalman, provided legal counsel for the buyer.