Brown & Watson Company, Inc. (“B&W”, “Client”, or the “Company”) was a third-generation, family-owned natural silica sand provider based in Butler, Georgia. Founded in 1954 and incorporated in 1977, the Company mined and processed a variety of high-quality silica sand products for customers across Georgia, with particular emphasis on the greater Atlanta metropolitan area. B&W developed a reputation for exceptional service and consistent, high-quality sand products known for their cleanliness and consistency of color.
The Company operated one of the few remaining independent silica mining operations in the state of Georgia and supplied a substantial share of sand used across the Atlanta metro market. B&W’s strategic reserves, regional footprint, and customer relationships made it a compelling platform for strategic buyers.
B&W was jointly owned by two multigenerational families and had become a leading, independent, silica mining operation in the state of Georgia. Keys to the Company’s success stemmed from a long-range multigenerational leadership of growth, including exploration of and investment in expansive reserves as well as periodic reinvestment in plant and equipment. A history of wise investment coupled with rapid and continuing growth in the Metro Atlanta market led to the Company’s position as one of a handful of dominating suppliers for the region. With the current generation of ownership evaluating long-term growth options and no clear family succession plan in place, coupled with prior unsolicited approaches from strategic acquirers that ultimately culminated in uncompelling offers, the shareholders chose to explore strategic alternatives of ownership with a professional advisor, for the future of the business.
Bravaldo Capital Advisors (“BCA”) was introduced to B&W through a trusted family advisor introduction and was selected from among multiple firms to advise on the transaction. Early in the engagement, BCA worked with the Company to identify gaps between running a family business with only operational and tax reporting concerns versus having a level of reporting and documentation necessary for a successful sale of the business to leading large public or private company acquirers operating in the aggregate mining industry.
BCA served as the Company’s exclusive financial advisor and led a comprehensive, multi-year planning and confidential sale process engagement, designed to showcase the Company as a premiere asset in the region. With the help of management and BCA’s deal team and its operational board of advisors, BCA carefully evaluated, selected, and coordinated independent external professional partners including top accounting, legal and engineering firms to assist the Company in preparing for a sale. From enhanced operational and financial reporting, to preparation and organization of legal and compliance data, to completion of a formal independent geologic survey documenting its extensive reserves, as recommended by BCA and with considerable time and financial investment by the Company, B&W was expertly prepared for buyer documentation requests and diligence. Simultaneously, the BCA deal team researched, planned, and prepared for a sale process tailored to large strategic corporate acquirers.
The sale process spanned two marketing phases due to changing market conditions, an aggressive Federal Reserve that rapidly increased short-term interest rates, and ensuing buyer priorities. BCA maintained its sale process by engaging key strategic acquirors and repositioned the business with updated technical materials and valuation support, while the Company continued to grow and strengthen its financial performance despite a much higher interest rate and inflationary environment. Throughout the extended engagement, BCA remained steadfast in its mission. By counseling its client and closely coordinating with the shareholders and their advisors to adapt strategy as needed to sustain the sale process momentum and buyer confidence, BCA achieved a highly successful outcome for the Company and its stakeholders.
The Company was acquired by Rogers Group, Inc., a leading provider of crushed stone, asphalt, and construction services in the Southeastern and Southwestern United States and the largest privately owned construction aggregate company in the country. The transaction provided a successful exit for the family shareholders and positioned the business for continued growth and investment under new ownership.
The transaction also marked a major liquidity event for the multigenerational family shareholders and stakeholders, representing the successful culmination of decades of conservative family business growth and asset stewardship.
Bravaldo Capital Advisors is a boutique Atlanta based mergers & acquisitions and corporate finance advisory firm, providing independent economic and financial advice and execution services for lower middle market companies in a variety of industries with revenues typically between $10 million and $300 million. BCA offers a full range of transaction and advisory services, guiding clients through sell-side transactions and exit strategy planning, growth through acquisition, debt restructuring and corporate recapitalization. The BCA team is a senior deal team with extensive knowledge and insight into the full life cycle of M&A and corporate finance engagements.
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