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Unsolicited Offer Leads to Valuation and High-value Sale

Alpha Total Services, a commercial refrigeration and HVAC company was recently sold by MidStreet Mergers & Acquisitions to East Coast Refrigeration, Inc. Founded in 2009 by John & Linda Lee, Alpha offers a variety of services to commercial clients in the greater Wilmington, North Carolina area including installation, repair and preventative maintenance.  

About the Company

Alpha Total Services quickly built a strong foundation of business due to their focus on high-quality work and customer service. This earned them numerous long-term recurring contracts and referral customers and built Alpha into one of the largest commercial refrigeration contractors in eastern North Carolina.

The business was growing tremendously, but the Lee's began to explore their options after John suffered a massive heart attack. Around that same time, he and Linda received an unsolicited offer from a nearby competitor. John recovered, but his urge to continue running the business waned.

They were considering the unsolicited offer when they contacted MidStreet to discuss their options.

After sitting down with the Lees and conducting a free valuation, MidStreet determined their business was worth substantially more than the unsolicited offer. After reviewing the business valuation prepared by Jeffery Baxter, John and Linda decided to list their business with MidStreet.

Marketing the Business

After creating and distributing the marketing materials, Alpha Total Services began to attract numerous purchasers. Eventually, the owners selected a highly qualified and experienced buyer and sold the business for a substantially higher price than their original offer.

"I would highly recommend MidStreet. From the very beginning of the first interview to the handshake at the end, it was great," said John Lee.

The Buyer, Gregg Strangways with East Coast Refrigeration, had this say about purchasing the business:

"I actually spent 3 years looking for the right size business, in the right area of the country. What I was surprised at, is that some of these companies had such bad books there was no way to value them. It was a lot of 'trust me', and 'don't worry' [from the brokers]. This one I purchased [Alpha Total Services] was very clean."

"MidStreet was by far, the most thorough and prepared brokerage company I've dealt with, and that was absolutely critical to moving with the business," said Strangways.

Following the successful sale of their business, John and Linda Lee have focused their efforts on other business ventures.

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