Millman National Land Services

Based in Canton, OH, Millman Surveying, Inc. (“Millman”) is a leading provider of comprehensive national land services, including ALTA and NSPS surveys, telecommunications/cell tower surveys, zoning reports and real estate compliance solutions. Carleton McKenna was engaged by Millman to run a full-scale sell-side transaction process, with the goal of maximizing valuation and preserving the Company’s hard-earned legacy. After a comprehensive, custom-built marketing process, Carleton McKenna created a competitive bidding environment through thoughtful Company positioning and a fulsome buyer pool.

Carleton McKenna’s marketing process resulted in nine Indications of Interest from which the Millman owner selected five parties with strong valuations and theses to move to the next phase of diligence. Ultimately, the business was sold to commercial real estate powerhouse, CBRE, with all Millman employees (except for the owner, by choice) continuing under the new ownership. Given Millman’s strong, synergistic, last-piece-of-the-puzzle fit with CBRE, Millman was valued on its high watermark TTM Adj. EBITDA, earning a premium market multiple despite softening commercial real estate transaction activity. Millman continues to operate under its own name within CBRE, enhancing CBRE’s team of national engineers, architects and environmental scientists to provide expert assessment to clients.