Deal Type
Sell-side transaction

Deal Team
Andy Stockett, Andrew Allred, John Kirkland, Wes Young

Company Overview

Founded in 1989 by Mark Hardin, Metro Plumbing, Heating & Air is a family-owned residential services provider that is now helmed by CEO Drew Hardin. Over decades of organic growth, the company has built a reputation as the most trusted residential service provider for homeowners and families throughout the Chattanooga region, becoming the largest provider of HVAC, plumbing, septic, and drain services in the area. The company is well known for high-quality workmanship, dependable service, customer care and strong community values.

Situation
Thirty six years after founding Metro Plumbing, founder Mark Hardin and additional family members were looking for liquidity. At the same time, Mark’s son, CEO Drew Hardin, was hoping to land a good partner that could support his vision for growth and expansion. 

Despite being approached by several interested parties prior to engaging with FourBridges, the Hardin family knew they needed a professional advisor in order to achieve the family’s disparate goals for this once in a lifetime opportunity. The Hardins were impressed with Managing Director Andy Stockett’s presentation at a Chattanooga Business Owner Strategy Summit co-hosted with Pinnacle Bank, and engaged with FourBridges for help with the transaction.

Challenge
As is often the case in family businesses, several members of the Hardin family in different phases of their personal and professional lives had different objectives for the sale. The FourBridges team took the time to understand each stakeholder’s unique goals going into the sales process.

In addition, the FourBridges team faced challenges related to the transfer of licenses from the existing S-corporation to the new acquisition entity. The team was able to navigate several legal and regulatory hurdles in order to successfully secure licenses in a timely manner and proceed to closing expeditiously.

Process
FourBridges took each stakeholder’s goals into account when putting together marketing materials and a diverse buyer list before going out to potential buyers. While some initial offers were very strong on valuation, a limited upside did not meet the criteria to satisfy all parties.  

Results
FourBridges found the ideal buyer in USA Hometown Experts, which provided both a valuation and upside that exceeded expectations for all stakeholders in the Hardin family. Drew Hardin found a partner that shared his goals for expansion and provided the resources, infrastructure and bench strength to accelerate his plans for growth. 

USA Hometown Experts found an ideal partner in Metro Plumbing, which will help the company expand its presence in the Southeast from its new beachhead in Chattanooga, Tennessee.