Electrical Contractor in the Buffalo, NY area

(Hildreth Electric) The company is one of the largest electrical contractors in Western New York, with over 70 employees. They have 7 figure projects with prominent builders as well as smaller contracts with residential customers. They have 23 city and town licenses throughout Western NY. The owner is in his 50s and was ready to transition into retirement after building up a great business. We introduced several buyers, and the best offer came from a wealthy individual investor that was partnering with someone that owned another electrical contracting company in New Jersey. During the sales process, they had to furlough 2/3 of their employees due to the COVID-19 lockdown. When upstate NY reopened, their business went back to previous levels, and the buyer was confident in closing the deal. They were able to get bank financing. The seller will stay on for a couple of years to help with a transition. He will be paid a salary with benefits and will also have profit sharing during that time.