IAG is happy to announce the sale of West Texas Commercial Cleaning in Odessa, Texas.
West Texas Commercial Cleaning was started in late 2017 on the heels of a single commercial contract with a building owner. They ultimately grew the business to a few million in revenue by delivering high quality, high touch customer service and they have managed to keep every single client they ever signed up!
IAG’s engagement with WTCC began in March of 2021. A third-party valuation performed but the owner was unsure whether they would sell, depending on the outcome of the valuation effort. The valuation came back with a range of possible values and she felt it was too low. Utilizing some value building tools and methods, IAG believed strongly that we could sell the business for more than the valuation and the owner ultimately decided to sell the company at a higher asking price than the valuation suggested.
After going through three different LOI phases over a twelve month period, we successfully obtained an offer for just under full asking price from Neatland Holdings (commercial cleaning venture in Houston) and our client rapidly agreed. The lender chosen by the Buyer was a real challenge and diligence ultimately took seven months, but we persevered and both Seller and Buyer are delighted we closed before year end.
“What a way to end the year, the best Christmas present ever!”
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