EBIT ASSOCIATES ADVISED CROSSLAKE SHEET METAL HEATING AND AIR CONDITIONING ON ITS TRANSACTION TO BONFE, (‘BONFE’)
For IMMEDIATE RELEASE
CROSSLAKE, MN – 2022– EBIT Associates, a leading Illinois-registered, lower middle-market investment bank with several accredited association member firms, announced today that it advised Crosslake Sheet Metal HVAC, (“CROSSLAKE”) on its sale transaction to Pete Bonfe, (“BONFE”), for an undisclosed amount.
Headquartered in Crosslake, Minnesota, Crosslake Sheetmetal Heating and Air Conditioning (www.crosslakesheetmetal.com) specializes in the expert installation of furnaces and air conditioners. They work with leading builders and remodelers in the Crosslake/Brainerd MN area.
BONFE, a Minneapolis-St Paul corporation (www.bonfe.com) is a family-owned and operated business specializing in residential plumbing, heating, cooling, drain cleaning, electrical, and indoor air quality services.
“As business owners that had no idea how to plan our exit strategy, we were introduced to EBIT by our CPA. We had an interview with EBIT’s principal, and they agreed to take us on as clients and market our company. In a short period of time, we found that Paul, Managing Director, knew exactly what he was doing. They introduced us to numerous sales opportunities to explore in the sale of our business. Paul was very informative and educated us in areas we were not familiar with, which we really appreciated. They helped us make a sound decision to the company we sold to, by giving us support and advice where needed, but also allowing us space to communicate on our own with our buyer. It was a great experience made possible by EBIT. They found us the best possible partner with the same morals and business practices to take a 48-year-old family business to the next level, while still caring for our employees and customers. We could not be happier with the new owner and our partner. We would strongly recommend EBIT as your Investment Banker to market your business,” said Karl and Penny Skog, Owners of Crosslake Sheet Metal.
“I am grateful for the EBIT team for their work to bring us together with our new partners. I especially appreciated how they navigated where they needed to and let us work through so much directly with our partners. They matched us up well and were persistent in showing us the alignment of values in the early stages, so we knew we were working with the right people. Thanks to Paul, Managing Director from EBIT, his personal touches that helped bring this partnership together.” Stated Pete Bonfe, Buyer.
Paul Curtiss, Managing Director of EBIT Associates, added, “This was an enjoyable transaction and I appreciated getting to know both Penny and Karl Skog along with Pete Bonfe throughout this process. It is always enjoyable when philosophies and business focus collide.”
About EBIT Associates
EBIT Associates, a leading, lower middle-market investment bank headquartered in Scottsdale Arizona, with offices in Illinois, New York, Texas, Wisconsin and India. Founded in 1999, EBIT Associates provides financial advisory services to lower middle market companies throughout the world, supporting client needs principally in the areas of merger and acquisitions advisory, valuations, financial restructurings, and capital. EBIT Associates is also members of several associations, exclusive global organizations of leading merger and acquisition advisory firms. More information is available at www.ebitassociates.com
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