St Joseph, Missouri – March 1st 2024
Obsidian Acquisition II LLC - an affiliate investment vehicle of Obsidian Point Partners (Obsidian) and Konza Valley Capital Inc (KVCI) has acquired Sprague Excavating Co Inc (SPRAGUE).
Debt Financing was provided by Academy Bank based in Kansas City, Missouri.
Equity Financing was provided by KVCI alongside a group of minority investors.
Sprague Excavating Co Inc is a 60-year-old family operated excavation, sewage and water works repair business located in St Joseph’s Missouri, just north of Kansas City.
Post the transaction – Scott Sprague, the owner will be staying on as President Emeritus of SPRAGUE as the business enters a new phase of ownership.
Obsidian was fortunate to have been able to recruit incoming CEO Drew Meyerowich to the leadership of the newly acquired Sprague Excavating Co.
Mr. Meyerowich is a graduate of the United States Military Academy at West Point and following a distinguished career in the US Army, transitioned into the private sector.
KVCI President Brian Lueger, who was instrumental to the transaction had this to say about the closed acquisition.
“Scott Sprague and his team built a very successful business, and KVCI looks forward to working with Scott, Drew Meyerowich, and the team at Obsidian (Baba and Casey) to continue that success into the future.”
Mr. Lueger will also be joining the Board of Directors alongside other KVCI representatives.
Obsidian Partners Babawole “Baba” Akin-Aina and Casey George will be joining the Board of Directors alongside Mr. Meyerowich with a view to providing him with long term financial and growth strategy support.
The Sellers were advised by Chuck Campbell at Apex Advisors and were represented by Hallie Gibbs at Gibbs, Pool & Turner PC.
Obsidian Acquisition II LLC were represented by Julie Morse and Tony Sayess at Orr & Reno and were advised by Scott McKenzie and his team at Baker Newman & Noyes.
KVCI were represented by Polsinelli PC.
About Obsidian Point Partners LLC and its affiliates.
Obsidian Point Partners LLC. is a New York Based Financial Sponsor focused on the Lower Middle Market with a bias for North American Based, Cash flow generative businesses.
About Konza Valley Capital Inc (KVCI) and its affiliates.
Konza Valley Capital Provides Long-Term Capital Solutions for Growth, Wealth Transfer and Management Transitioning of Small to Mid-Sized Companies.
Contact:
Babawole “Baba” Akin-Ainababawole@obsidianpointpartners.com
Obsidian Point Partners LLC
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