Willamette Graystone, out of Eugene, OR, a third-generation Northwest business, manufactures and distributes pavers and other concrete building products throughout the Pacific Northwest.
The company enjoyed strong profitability and a well-respected legacy brand. The firm was wholly-owned by several second-generation family members and employed numerous third-generation relatives. In 2014, the disparate personal goals of involved family members, combined with an unsolicited bid to purchase the company, led the family to contemplate selling the business. Rather than accept the first bid, however, the family prudently decided to search for a sell-side advisor to assist in taking the company to market..
Willamette Graystone’s owners evaluated six M&A advisors before selecting Exvere to represent their interests. The family brought a robust list of transition objectives to the Exvere team including: desire for an all-cash stock transaction, sale of core and non-business real estate, continued employment of family members, and retention of the legacy brand. Exvere worked closely with the family to develop in-depth marketing material and then sourced a targeted list of qualified suitors, including both strategic and financial buyers.
The marketing process resulted in numerous bids. The family eventually selected QUIKRETE, a large family enterprise located in Atlanta, GA, as the buyer. Through diligent negotiations and strong positioning of Willamette Graystone’s value, the family received both a premium for the business (20% above Exvere’s valuation and 50% above the initial unsolicited offer) and agreement to the full list of the family’s transition objectives.