ShoreView Announces Sale of Burton
The Partners of ShoreView are pleased to announce the sale of Burton Plumbing Services, LLC (“Burton”).
ShoreView partnered with Burton in March of 2020. At that time Burton’s owner was seeking to both diversify his personal net worth and find a partner to help achieve the next phase of the Company’s growth. ShoreView structured a transaction that:
- Provided liquidity to the owner while enabling him to maintain a meaningful ownership position
- Facilitated an aggressive add-on acquisition campaign to grow scale and expand the geographic coverage of the single-market business
- Created an equity incentive plan for key managers
ShoreView then worked with Burton’s management team to:
- Pursue a strategic plan to create a central U.S. residential services provider through a focus on growing into mid-size midwestern cities
- Complete six add-on acquisitions within the target geography, which expanded the Company’s market coverage from the Rocky Mountain region to the Great Lakes area. The acquisitions added key management, service line expansion, and access to new customers
- Significantly grow financial performance through acquisition and investment to support an aggressive organic growth plan
ShoreView exited its investment in Burton to another private equity firm that will continue to support management’s growth strategy.
Headquartered in Omaha, Nebraska, Burton is a provider of HVAC and plumbing services to residential and commercial customers. Burton’s service area includes Colorado, Nebraska, Iowa, Kansas, and Wisconsin. For more information on Burton visit its website at www.justcallburton.com.
Founded in 2002, ShoreView is a Minneapolis-based private equity firm that has raised over $1.3 billion of committed capital across four funds. ShoreView partners with family or entrepreneur-owned companies across many sectors, including engineered products, distribution, industrial services, business services, healthcare, and niche consumer products. ShoreView structures a variety of acquisition, recapitalization and build-up transactions, typically in businesses with revenues ranging between $20 million and $300 million.