IAG is happy to announce the sale of our client Horizon Chemical, Inc in Saint Paul, Minnesota.
Horizon Chemical, Inc, a pool maintenance company, was purchased by the seller’s parents in the 80’s. They were employees of the pool servicing company, and when the owner decided to retire, they bought it from him.
When the company was achieving a million dollars a year in revenue, they decided it was time to retire. At that time, their son had recently graduated from college, so he and his sister were given the company.
Over the ensuing 15 years, they continued to build the company. By 2021, they were achieving in excess of $13 million/year in revenue.
After speaking with a number of prospective buyers, the sellers decided they wanted $25 million for the company. Given that both the brother and sister are in their early 40’s, there was no urgency to sell the company. In fact, they hadn’t even considered it until they were approached by IAG.
They decided they had nothing to lose by testing the waters, so they agreed to put the company on the market.
Many PE firms inquired about the company and one of our qualified IAG PE firms was interested in acquiring Horizon Chemical as a portfolio company and agreed to the purchase price.
One of the sellers is staying on with the company to head up acquisitions and his sister will stay on for the transition and then decide if she wants to continue to be employed by the company.
“This was the most amazing experience and we still can’t believe it!”
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