LUTZ BUSINESS INSIGHTS
LUTZ M&A ADVISES MIDWEST SCAFFOLD SERVICE ON ITS SALE TO SUNBELT RENTALS
BILL KENEDY, LUTZ CONSULTING AND M&A SHAREHOLDER
bob loewens, LUTZ M&A manager
Lutz M&A announced that it served as exclusive financial advisor to Midwest Scaffold Service (“MWSS” or the “Company”), in connection with its acquisition by Sunbelt Rentals, a wholly owned subsidiary of Ashtead Group (LSE:AHT). Based in Omaha, Nebraska, MWSS rents, constructs and dismantles a fleet of scaffolding and related equipment including sectional, systems and swing stage scaffold, plastic enclosures and trash chutes. In addition to its Omaha headquarters MWSS has offices in Des Moines, Iowa, and Denver and Colorado Springs, Colorado. Ashtead Group is an international equipment rental company headquartered in London. Sunbelt Rentals, the second largest equipment rental company in the U.S., is the largest of Ashtead’s three operating subsidiaries. Sunbelt’s acquisition of MWSS closed in September 2019.
Midwest Scaffold Service was founded in 2002 by Company President Tim Weber, who had extensive industry experience prior to founding MWSS. Over the years Mr. Weber and MWSS’ reputation grew in the Omaha market eventually leading to it becoming the leading scaffold rental Company in the area. Further, opportunities arose in 2007, 2011, and 2012 to open branches in Denver, Colorado Springs and Des Moines, respectively. Mr. Weber will remain with Sunbelt in a consulting role for one year following the transaction. However, Mr. Weber’s son, Rusty Weber, will continue under Sunbelt’s ownership in his current role as head of the Omaha operations.
Mr. Weber stated, “MWSS’s new ownership under Sunbelt is an ideal scenario for the Company and our employees. Their financial capacity will allow us to expand our rental fleet to further serve our existing markets.” On working with Lutz M&A, Mr. Weber said, “Lutz represented MWSS very well and brought multiple options to the table, allowing us to evaluate the best new owner for our Company.”
Commenting for Lutz M&A, Bob Loewens added, “We appreciated the opportunity to work with Tim and MWSS on this transaction. Sunbelt made perfect sense as a buyer with their strategic interest in developing a scaffold presence across the Midwest. We are happy of the outcome for Tim and his Company.”
About Lutz M&A, LLC: Lutz M&A is a Nebraska-based mergers and acquisitions advisory firm, serving lower middle-market businesses in the Midwest across a range of industries. Lutz M&A is committed to providing its clients with a comprehensive, skilled and professional marketing process not typically available to smaller market companies. For more information, visit www.lutz.us.
About Ashtead Group: Ashtead is an international equipment rental company with national networks in the US and the UK and a small presence in Canada. It rents a full range of construction and industrial equipment across a wide variety of applications to a diverse customer base. For more information, visit www.ashtead-group.com.
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ABOUT THE AUTHOR
BILL KENEDY + LUTZ CONSULTING AND M&A SHAREHOLDER
Bill Kenedy is a Lutz Consulting and M&A Shareholder at Lutz. He specializes in business valuation, litigation support, and merger and acquisition advisory services.
AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
- American Institute of Certified Public Accountants, Member
- Nebraska Society of Certified Public Accountants, Member
- Certified Public Accountant
- Accredited in Business Valuation
- Certified in Financial Forensic
- Certified Exit Planning Advisor
- BSBA in Accounting, St. John’s University, Collegeville, MN
- Construction Financial Management Association, Past Treasurer, Board Member
- A Time to Heal (non-profit focused on cancer patients), Past Board Member
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BOB LOEWENS + LUTZ M&A MANAGER
Bob Loewens is a Lutz M&A Manager with over nine years of experience. He specializes in business valuations, financial consulting, and M&A advisory services.
AREAS OF FOCUS
- Mergers & Acquisitions
- Business Valuation
- Financial Consulting
AFFILIATIONS AND CREDENTIALS
- CFA Society Nebraska, Member
- Chartered Financial Analyst
- Certified Valuation Analyst
- BSBA, University of Nebraska, Omaha, NE
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