pile of limestone quarry on background of blue sky

Nolan & Associates is pleased to announce that it exclusively advised Central Illinois Stone in its sale to Material Services Corporation, a subsidiary of General Dynamics

“Nolan exceeded all of our expectations, particularly on achieving a price that we didn’t think was possible.  Our shareholders were able to convert the significant value they had created over time to cash for retirement purposes.  We will always be grateful to Nolan for assisting us with this most important matter – professionally, confidentially and successfully.”

– Gebo Guyot Jr., President and Director of Central Illinois Stone

Decatur, IL (November 16, 1990) – Nolan & Associates is pleased to announce that it exclusively advised Central Illinois Stone (CIS) in its sale to Material Services Corporation (MSC), a subsidiary of General Dynamics (NYSE: GD).

Our Client: Central Illinois Stone

  • Central Illinois Stone is a company located within a community of 2,500 people that specializes in quarry operations, specifically gravel, rock, limestone and sand.
  • The Company was owned and operated by several local gentlemen who were near retirement age.

Objectives of Central Illinois Stone

  • The owners of CIS wished to collectively sell their quarry and retire in their small, local community.
  • Nolan was engaged to run a sell side process for the Company.

Solution: Sale to Material Services Corporation, a subsidiary of General Dynamics

  • Nolan marketed the high profitability of CIS to generate strong interest from the largest and most acquisitive companies in the construction materials industry.
  • Among the numerous potential buyers, General Dynamics was at the top of the list as it was investing heavily in construction materials at the time, primarily through its subsidiary Material Services Corporation (MSC).

Sell Side Process Results

  • MSC, along with parent company GD, put together an offer that exceeded all other competitors and seemed unattainable to the owners of CIS.
  • The transaction unlocked significant value for the selling shareholders and brought a Fortune 100 business to the Company’s hometown of 2,500 residents.
  • The Nolan sell side process created a sense of scarcity, competition and momentum which convinced buyers to put their best foot forward, delivering an outlier valuation.

About Nolan & Associates

Nolan & Associates is a boutique investment banking firm providing Mergers & Acquisitions and Capital Raise advisory services to middle market business owners and buyers.  Founded in 1976, Nolan is broadly recognized as a leading investment banking firm with Midwestern roots and global reach.  The Nolan team has completed hundreds of transactions in the middle market while working collaboratively from its offices in St. Louis, MO and Decatur, IL.

Securities offered through Middle Market Transactions, Inc.  Member: FINRA/SIPC.

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