January 22, 2021 | Bill Esler
SOUTH BEND, IN – Custom Millwork & Display, an architectural millwork firm based in South Bend, IN, has been acquired by Kurt Madvig (below), a private investor.
Founded in 2005, Custom Millwork is a family-owned manufacturer of custom-made millwork, architectural millwork, and furniture for universities, schools, churches, and businesses. Known for its creativity, reliability, and flawless craftsmanship, Custom Millwork has been owned and operated by its founder, Jerrel Mead (below), and his son and partner, Dustin Mead.
The company carved out a niche within the millwork industry by focusing heavily on intricate and complex projects that require specialized manufacturing capabilities and skillsets.
Although Custom Millwork can service many end markets, the majority of its business over the last few years has been for universities and institutions, such as the University of Notre Dame, Purdue University, and Hillsdale College.
Madvig is an entrepreneur with a diverse background in economics, business operations, management, and product development, as well as experience in the automotive industry. For 19 years he was director of the auction operational strategy at ADESA, the second largest wholesale and salvage auto auction firm with 11,000 people at 75 auction sites, and with more than $1.1 billion in revenues and $225 million in operating profits.
This past year, Madvig removed himself from the corporate world to pursue entrepreneurship, and the acquisition of Custom Millwork is a step in achieving that goal.
Over their 15 years running Custom Millwork, Jerrel and Dustin (below) built a standout reputation that allowed them to earn a comfortable living while doing the work they love. With 2017-2019 being the company’s most successful years, Jerrel decided it was a good time to sell.
“We have aligned ourselves with a network of very good vendors, suppliers and other quality millwork shops,” Jerrel Mead told Woodworking Network for a 2019 Wood 100 survey of best practices. Sales grew over 35% that year, as the company leveraged outsourcing and subcontracting to grow its top line and bottom line.
Jerrel decided it was a good point to seek a buyer, enlisting Calder Capital for assistance in finding the right one.
“COVID-19 created some obstacles for Custom Millwork, and the transaction took longer than we anticipated,” says Garrett Monroe, Mergers and Acquisitions advisor at Calder Capital. “However, we found a great fit in Kurt, and I believe he’ll team up well with Dustin to help fuel Custom Millwork’s growth going forward.”
Calder Capital, LLC, Grand Rapids, MI, served as the exclusive mergers and acquisitions advisor to Custom Millwork & Display, Inc.
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