The management group at Milwaukee-based Paul Davis Restoration of S.E. Wisconsin Inc. is purchasing a majority ownership stake in the business.
A Milwaukee Economic Development Corp. loan request summary dated Thursday, Jan. 18, stated that Dan Druml sold a majority interest in Paul Davis Restoration to the company’s current management group.
The company was seeking a $750,000 loan from MEDC, which was approved on Jan. 18.
On Saturday, MEDC sent a “corrected version” of the Paul Davis loan request summary to the news media. In the summary of the loan request it states, “MEDC will assist PNC Bank in recasting longer term debt for the company, currently on its operating line of credit. This will better match term and amortization and provide full line of credit availability for the company as business continues to grow.”
The “corrected version” of the Paul Davis MEDC loan request summary makes no mention of Druml’s sale of his interest in the company. It states that company president Brady Chuckel, chief financial officer Jeff Hertel and vice president of operations Tim Guilette own 78 percent of the business and the remaining 22 percent is owned by various unnamed shareholders. As of Saturday, Druml’s LinkedIn page still describes him as the “owner” of Paul Davis Restoration.
Paul Davis Restoration provides fire, water, storm and mold remediation, as well as remodeling services. It has a second location in Neenah.
