Nolan Advised Central Illinois Stone in its Sale to Material Services Corporation, a Subsidiary of General Dynamics

DATE: November 16, 1990

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Who is Our Client?

  • 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.
  • Central Illinois Stone was owned and operated by several local gentlemen who were near retirement age.

Why Did Central Illinois Stone Hire Nolan?

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

What Value Did Nolan Deliver?

  • Nolan marketed the high profitability of Central Illinois Stone 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.
  • Material Services Corporation, along with parent company General Dynamics, put together an offer that exceeded all other competitors and seemed unattainable to the owners of Central Illinois Stone.
  • The transaction unlocked significant value for the selling shareholders and brought a Fortune 100 business to the Central Illinois Stone’s hometown of 2,500 residents.

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