Posted at 9:01 AM
"The Minneapolis MBDA Business Center was instrumental in helping us achieve the goals of the previous owner and myself,” said Steven R. Carleton, owner of Progressive Consulting Engineers. “They understood the intent of a 'win-win' scenario and helped us come together and find a way to make the transaction a success." Carleton’s statement reflects the type of results achieved by the nationwide network of MBDA Business Centers for minority-owned businesses all over the country—mergers and acquisitions, strategic planning, and more.
On September 1, 2017, Steven R. Carleton, a decorated Iraqi War veteran, acquired Progressive Consulting Engineers Inc. (PCE). This marked the continuation of a 30-year-old minority-owned civil engineering firm. With ten employees and over 100 years of combined experience, PCE is a well-known water supply systems expert. With his extensive experience and educational background, Mr. Carleton is in an excellent position to broaden and expand the services and markets for Progressive Consulting Engineers. As a first time entrepreneur, Steven joins the going number of Hispanic Americans embracing entrepreneurship, and MBDA continues to serve as a vital resource within the minority business community.
The Minneapolis MBDA Business Center worked with the buyer and seller to structure a transaction acceptable for both parties. Services included advice on the method of purchase, assistance with negotiations on terms and conditions and access to capital. With funding from the MEDA Loan Program, Mr. Carleton was able to secure bank and SBA funding to finalize the deal. The seller also helped with capital including the assignment of several new and existing contracts.