Concrete Contractor

We are currently representing a business that is a subcontractor for the construction of reinforced concrete shells from 4 to 40 stories. They just compled 2023 Gross Revenues of $129M with $14M in EBITDA. They are projecting $140M in Gross Revenues and $18M to $20M in EBITDA for 2024. Thier business is centered around south and central Florida and north and central Texas. The company has offices in St. Petersburg, Miami and Austin. Our task is to sell the Founders 58% ownership as he has five partners that own the remaining 42% and continue to operate the business. We are seeking a passive partner that still wants control. Based on 2023 EBITDA we a are calculating an enterprise value of $60M (4X 2023 EBITDA). Based on 58% ownership we have valued the Founder's shares at $35M. The Founder will also consider selling a portion of his ownership and staying on the BOD as a minority shareholder.