Last updated on July 2nd, 2019 at 10:57 am
Milwaukee-based manufacturer Creative Maintenance Solutions Inc. and its affiliated real estate holding company CMS Investments LLC have executed a shareholder redemption.
The companies were owned by Don Huber and Tim Gibb, and Huber bought out Gibb’s 50 percent ownership stake. The transaction closed March 13 for an undisclosed price.
Steve Mayer of Milwaukee-based investment bank Franklin Place Capital advised the owners on the transaction. They originally planned on an outright sale.
“We went to the marketplace as if it were a sell-side (transaction). We got back a couple different offers for the business, so we basically validated the enterprise value of the business by doing that,” Mayer said. “One of the shareholders decided he wanted to liquidate his holdings in the company.”
Creative Maintenance Solutions resurfaces parking lots and structures, and pours polished concrete and epoxy floors. It has 50 to 60 employees during the high season, from April to October.
There’s plenty of business for the company in the Milwaukee area, Mayer said.
“Given our weather here and the salt and the cold, there’s a lot of deferred maintenance on parking structures that are just falling apart,” he said.