Chancey Metal Products Has Been Acquired by Indigo South Capital
Heritage Capital Group, Inc. ("HCG") is pleased to announce that its client, Chancey Metal Products, Inc. ("Chancey") has been acquired by Indigo South Capital, Inc. ("Indigo South Capital"). Both companies are located in Jacksonville, FL.
Chancey is a leader in the multi-family construction industry for the fabrication and installation of metal stair and railing systems. The Company offers fabrication, installation, customized design, and project management for commercial and residential projects. It has completed over 2000 projects in the southeastern U.S. and partnered with over 50 construction and development companies for over three decades.
Indigo South Capital is a private family office that invests in public and private equities, venture capital opportunities, and real estate. It specializes in acquiring majority interests or outright purchase of privately held enterprises in the lower middle market.
Lee Chancey, who will continue to be involved in the business post-closing, commented, "Our team has worked hard for many years to earn our customers' trust. Indigo South Capital couldn't have a better group of people to continue our company's growth."
"We are honored to build on the foundation that Lee and everyone at Chancey Metal have built," noted Steve Jenkins, Chancey Metal's incoming president. "With a strong management team and a new group of Jacksonville-based owners, we are in an excellent position to continue the company's legacy."
HCG served as the exclusive financial advisor to Chancey on the sell-side and exclusive financial advisor to Indigo South Capital on the buy-side. The sell-side team included Doug Kravet and K.C. Caldabaughand the buy-side team included Howard Serkin and Patrick Emmet.
Mr. Chancey, the seller, went on to say, "Doug and K.C. really 'went the extra mile' for us. They were calm under pressure and helped us handle all of the details, even in the middle of the pandemic."
"I was impressed with Heritage's expertise and robust knowledge of the industry," Tim Geddes, President of Indigo South Capital and the buyer, remarked. "I thoroughly trusted their guidance and level of detail throughout the transaction process."
Terms of the transaction were not disclosed.