Evergreen Advisors Capital, a middle-market investment bank, is proud to announce that it advised Continental Contractors (“Continental”), a leading provider of luxury hospitality renovation services to premier hotel owner groups and project management firms nationwide, on its sale to Progress Equity Partners (“Progress Equity”), a private investment firm.
Founded in 2003, Continental is the largest, focused provider of interior renovation services to the hospitality industry specializing in luxury hotels and resorts across the contiguous United States, with three permanent offices in Maryland, Florida, and California.
The acquisition strengthens Progress Equity’s presence in the hospitality renovation market and strategically aligns Continental Contractors with Progress Equity’s existing portfolio company, Salisbury Moore, creating a partnership between two industry leaders serving complementary segments of the market.
“We are excited to bring together two of the industry’s top companies and to create a market leader with the scale and resilience to meet the demands in the marketplace, foster new innovations, and further strengthen customer relationships,” said Andrew Harvick, Chief Executive Officer of Salisbury Moore.
“I’m extremely proud of the Continental family, and all that we’ve accomplished in the last 23 years, and excited at the opportunities this partnership presents as we grow and develop our teams,” said Peter Welch, Founder of Continental Contractors. “We have always run the company like a family and that has been a huge part of our culture. Evergreen Advisors not only took the time to understand that but to embrace it and protect that culture along the way. The financial analytics, modeling and reporting were excellent and they represented us in ways that we could never do on our own. I cannot speak highly enough of the professionalism and work Justin Horsman and Michael Diangelo put into our transaction. Our success in this transaction is a direct result of their experience, guidance, and understanding of who we are.”
Evergreen Advisors Capital served as financial advisor to Continental Contractors. Venable LLP served as legal counsel to Continental Contractors. Aprio provided transaction advisory services to Continental Contractors. O’Melveny & Myers LLP served as legal counsel to Progress Equity. NewSpring Capital, Farragut Capital Partners, and Salem Investment Partners supported the acquisition through debt and equity investments.
About Evergreen Advisors Capital
Evergreen Advisors Capital, LLC is a leading investment banking and corporate advisory firm focused on assisting emerging growth and middle-market companies in the areas of corporate finance, growth and exit strategies, valuations, and advisory services.
About Continental Contractors
Continental Contractors is a national general contracting firm specializing in hotel renovations throughout the US, with a focus on upper-upscale, luxury, and resort properties. Established in 2003, Continental’s main offices are located in Annapolis, MD, Redondo Beach, CA, and Wellington, FL.
About Progress Equity
Progress Equity Partners is a private investment firm based in Denver, CO that focuses on partnering with successful companies and their management teams to scale for further growth. The Progress Equity principals have decades of experience working with entrepreneurs who are ready for the next evolution of their business. Working across a variety of industries, Progress Equity has built a strong reputation for collaborating with its partners in building sustainable value in lower middle market companies.
About Salisbury Moore
Salisbury Moore, based in Raleigh, NC, specializes in hotel renovations, additions, and conversions and has completed renovations of over 1,000 properties, spanning 45 states. Salisbury Moore has become the standard in quality service for the most widely recognized brands in the hotel industry.
Securities transactions conducted through Evergreen Advisors Capital/Member FINRA/SIPC
