Business For Sale Update: Baker Glass
After we profiled Baker Glass in our November 2007 issue, the Nashville company, which installs glass in commercial buildings, received more than 150 inquiries. Baker soon reached a deal to sell to Larsen MacColl, a Philadelphia private equity firm. The investment group intends to merge Baker and some other midsize companies into a single regional player that can better handle big office and industrial construction projects. The firm also acquired Wall Brothers Glass last year and is in talks with at least eight other glass companies. Baker Glass's founder, Jim Baker, and a partner will stay on at least through 2011. Last year, revenue at Baker grew some 30 percent. Then the recession hit full force; the outlook for 2009 is for a decline in sales. Says Larsen MacColl founder Jeff Larsen: "We were aware that there were clouds on the horizon." Over the long term, Larsen is confident construction will bounce back.
Time On The Market: 3.5 months
Asking Price: $8.2 million
Sale Price: $7 million
2008 Revenue: $14 million