Hope everyone is having a fantastic week.

Avaltos Glazing Systems

Executive Summary

Carlos Grimaldos is under LOI to acquire a professional glass and glazing business. The company provides glass installation and services, was founded in 1977, operates in Central Florida to Southern Georgia, and does $5.6mm in TTM EBITDA. The purchase price for the company is $19.9M, implying a 3.99x multiple over TTM EBITDA. Minimum check size for a direct investment is $25,000, and soft commitments are requested by mid-August. Please feel free to let us know if you’d like an introduction and find below a bit more detail on the sponsor, the terms, and the opportunity more broadly.

The Sponsor:

• Carlos Grimaldos
• Self-funded Searcher
• Will join target acquisition as full-time CEO
• Personally guaranteeing the SBIC term loan
• Deep experience in manufacturing, distribution, and service businesses
• Degree in Business Administration from FIU

The Company:

• Founded in 1977
• Operates two locations in Tampa, FL, and Ocala, FL
• Plans for adding another full crew and opening a third location in the greater Miami area
• 2023 EBITDA: $5.096M

The Investment Terms:

• $4.875M in participating preferred equity
• 12% preferred return
• 2.0x step-up
• Voting rights over key issues
• Minimum Investment Size: $25,000
• Equity Class: Class A units in Avaltos Glazing Systems LLC

The Acquisition Terms:

• Purchase Price: $19.9M
• EBITDA Multiple: 3.99x
• Senior Debt: $11.5M (52.8%) with 11% cash interest, 1.25% PIK interest, 60-month term
• Equity Roll: $5.3M (24.3%) by existing owners as subordinated Class B equity
• Preferred Equity: $4.875M (22.9%) with Carlos contributing $100K

Please feel free to reply to this email or reach out to sean@searchfundventures.co for an introduction to the deal sponsor.

​