Advisor Finder Case Study: Peakstone Group Advises SunPro in Sale to HunterDouglas

“At the end of the day, after the process ended, we [felt] totally, 100% comfortable that our organization and our family got the best potential outcome.”

Bob Falahee, Former Owner, SunPro Motorized Awnings & Screens

Axial Members

Member Type	Investment Bank	Business Owner
Axial Member Since	2010	2023
Headquarters	Chicago, IL	Bradenton, FL
Axial Accolades	9x Industry Top 50 Firm, 17x League Table Recipient	---
Axial Closed Deals	3	1
Learn More	View Profile	Company Website

Acquired Business

Location: Bradenton, FL

Description: SunPro Motorized Awnings & Screens is a wholesale manufacturer and supplier specializing in sun protection products (retractable awnings, motorized roll screens, etc.). SunPro brings products with unique supply chain & value proposition advantages to select dealers, allowing them significant competitive advantages in the consumer marketplace. 

Sun Protection of Florida is the retail business associated with SunPro, operating independently but under the same ownership.

Reason for exit: SunPro founder Bob Falahee began thinking about an exit in 2022 when he was in his early 60s and wanted to begin planning for his and his family’s futures (his daughters run and work for Sun Protection of Florida). Bob knew that SunPro was approaching $10M in EBITDA – his north star at the time – and believed this milestone would put SunPro in prime position to get the best valuation at a high multiple. 

Website  |  LinkedIn

“As one of the most important decisions of our lives, we knew we needed the right partners to execute this for us.”

Ashlyn Falahee, VP of Sales & Marketing, Sun Protection of Florida

Peakstone Group is a Chicago-based, 40+ person investment bank that specializes in mergers and acquisitions advisory and capital raising. As an Axial member since 2010, Peakstone has worked across a variety of industries and has marketed more than 170 deals on the Axial platform. The firm is a trusted member of the Axial Partnership Program, which – among other things – allows top M&A advisors to receive introductions to transactional businesses via the Advisor Finder Program.

In July 2023, SunPro Motorized Awnings and Screen’s owner, Bob Falahee, was looking to expand his Rolodex of potential investment banking partners outside of the Florida area. He and his daughters – all of whom work at SunPro’s associated retail business, Sun Protection of Florida – turned to Axial to find relevant M&A advisors that could help them strategize their exit.

After receiving a call from an Axial exit consultant to learn more about SunPro’s goals, Bob and his team were introduced to six pre-vetted, industry-specific investment banks and interviewed each of them (along with a couple of other firms they’d met on their own). Ultimately, SunPro engaged Axial member Peakstone Group and began their transaction process. 

Through their marketing process, the Peakstone/SunPro team received 290 signed NDAs (non-disclosure agreements) and later 60 IOIs (indications of interest) that ranged from $40M – $110M. With Peakstone’s help, the SunPro team drilled the list down to 12 potential buyers, with which they held in-person management meetings with the top six and virtual meetings with the remaining six. 

When it came down to the evaluation of bids, private equity firms had the highest offers, but ultimately SunPro decided to partner with strategic buyer, HunterDouglas, who knew the ins and outs of the business and had done a significant amount of due diligence before submitting an LOI. 

HunterDouglas purchased 100% of SunPro and 70% of Sun Protection of Florida at around a 9x multiple. The remaining 30% ownership of SPF has been rolled over to the Falahee daughters, integrating the business into the next generation.

Deal Data