Testimonials

From the monthly archives: December 2015

We are pleased to present below all posts archived in 'December 2015'. If you still can't find what you are looking for, try using the search box.

SOLD: Direct Import Wholesale

 

This Houston wholesale company sells a variety of products to its retail business customers, currently 250 clients. The company has a warehouse with an office that's fully stocked with over 1500 products, and has a website for online sales. The Seller, Siraj Madraswala, who is moving out of state, will train the new owners and introduce them to the company's international suppliers.

The buyers, Mai Tuyet Do and T. Manh Tran, current owners of Exotic Ponds and Patios, a small importer and manufacturer of exotic garden and patio items, were looking for an acquisition that would complement their existing company. Direct Import fit the bill. This was the first and only business this buyer looked at with our firm. Some seller financing was included in the deal.

Tom Pence listed the business and sold it.

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SOLD: Luigi's Italian Restaurant

Pictured left to right: Mehdi & Leena Mir (Buyers), Carlito & Monica Figueiredo (Sellers)

The Sellers are Canadian citizens and own businesses here in the U.S., Canada, and in Asia. They, along with their extended family (who were all business owners and clients of ours here at CBB for whom we sold Fish City Grille, Malibu Steakhouse, and Tuscany Italian Grill) all decided that they'd be moving back to Canada and needed to sell this business.

The buyers had been looking for quite some time with another brokerage firm to find a restaurant that fit their criteria, but grew wary of the firm's sales tactics. Once they came to us we were able to find them a restaurant relatively close to their home that was being run as semi-absentee and fit their investment objectives. The buyer made an exit from his oilfield-related position and wanted to run his own business on a part time basis. Luigi's, a cozy Italian restaurant, was an excellent fit.

This business was sold within five months of going to market.

Ryan DeGennaro listed the business and sold it.

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SOLD: CV Systems Corporation

This software company, established in 1977, provides and maintains middleware to client banks to run their ATM operations. Specifically, the software acts as a bridge or interface between the clients' internal systems and external ATM networks. The company customizes its core programming code to work with their clients' systems. In addition to executing client projects to expand the functionality of their software, the company provides routine maintenance under annual contracts. About 70% of their total sales are recurring. The company has very few competitors due to high switching costs. The company maintains very clean and current books and records. Having done no business development since 2005, the company has excellent opportunities for growth. The owners were ready to retire.

The buyers, Fortitude Partners, a New York City based investment firm specializes in lower middle market companies in the software, technology, healthcare, media and telecom sectors.

This business was sold within 4 months of going to market

Peggy Tate listed and sold the business.

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SOLD: Stadia Sports Grill - Sugar Land

From left-to-right: Marcia Bowron (CBB Broker), Lorrie Snodgrass, Greg Frankfort, Barry Snodgrass (Buyers)

Very motivated absentee owner/sellers (not pictured), ready to retire, needed to find a buyer that had strong experience in the restaurant / bar industry because the Landlord would not grant a lease to anyone without solid expertise in the industry. Located in one of the fastest growing counties in the country where the total population is over 200,000 in a five square-mile area and with around 150,000 traffic count per day, is an incredible southwest Houston location. The restaurant seats over 180 inside with flat screen TVs, 16 table top TVs and 5 huge projection screens. There's also seating for 37 outside on multiple patios.

Greg Frankfort, one of the new buyers, with over 24 years in the bar / restaurant industry and having sold his most recent enterprise three years ago, had exactly what was needed to take over this fine establishment.

This business was sold within 5-1/2 months of going to market

Marcia Bowron listed and sold the business.

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SOLD: Healing Touch Spa

This upscale spa and massage venue, a great investment near the heart of Aggie Land, is located very close to campus and attracts so many students, locals and visitors that the business had to turn away business. The Sellers, having developed a management structure that requires very little supervision, were operating as semi-absentee owners. Membership packages offered to customers, provide healthy recurring monthly revenues. The sellers purchased this business in 2006 and nearly doubled the revenue before its sale in December. Due to a family health situation they wanted to be closer to family so they placed the business on the market.

The buyer came from an unrelated background and wanted to find a profitable business somewhere in NW Houston. But, when this opportunity was presented to him, he was motivated by the proximity to his home in Tomball, and felt like the drive in rush hour would still be shorter than driving to a business in Sugarland considering traffic. He plans to continue running it semi-absentee, but is also looking to acquire other similar businesses in the area.

This business was sold within 64 days of going to market.

Ryan DeGennaro listed and sold the business.

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