Finding the right person to sell a business to isn’t easy, but for Fred Huff, Calder Capital helped him find the perfect buyer.
Huff decided in March to sell Benton Harbor, Michigan-based Fortress Manufacturing Inc. to investor Andrew Petro. The two became fast friends during the due diligence process.
“Fred has set the company up for sustained success, and I am excited to see where we can take it moving forward,” Petro said in a press release.
Huff’s son, Peter Huff, also is looking forward to working with Petro along with the company’s other employees.
“This was an exciting transaction to be a part of,” said Scott Nicholson, the Calder Capital mergers and acquisitions advisor to Fortress Manufacturing. “Pete has always worked for his father and felt it important that we found a buyer that left his father’s legacy in the right hands.”
The acquisition closed Oct. 13, less than four months after it went to market.
Fortress Manufacturing, which began in 1996, offers metal fabrication services.
“I am most excited to build on the foundation that Fred has built over the last 27 years,” Petro said. “Fortress Manufacturing has a very strong reputation, an amazing team and excellent capabilities.”
Petro also said that he plans to add capacity for the company’s clients.
Petro, who is based in Saint Joseph, Michigan, has a decade of experience in manufacturing and business development.
“This type of transaction and transition is heartwarming,” Calder Managing Partner Max Friar said. “This is why we do what we do, to help one generation of entrepreneurs transition to the next successfully.”
Grand Rapids, Michigan-based Calder Capital, which was founded in 2013, offers advisory services in mergers and acquisitions, and private funds and capital markets. The company also specializes in business valuations.
Caption: Fred Huff (left) and Drew Petro developed a strong bond during the due diligence process. At the closing of sale of Fortress Manufacturing Inc., the two posed for a photo to mark the occasion Oct. 13. (Provided by Calder Capital)