Griffin Serves as Exclusive Financial Advisor to CWMF Corporation

Company Overview

CWMF Corporation, a family-owned business based in Waite Park, Minnesota, was founded in 1968 by Loren Mick. Initially a general fabrication business, the company shifted its focus to the asphalt industry in 1988. Since then, it has grown into a leading manufacturer of portable and stationary asphalt plant equipment, parts and services, delivering solutions to customers in 35 states across the U.S.

Situation

In 2017, second-generation family members Camie Mick and Travis Mick became the sole owners of the company. In the years that followed, the shareholders executed a strategic expansion plan, more than doubling manufacturing capacity and growing revenue at a compound annual growth rate (CAGR) of 22.4%. In 2025, with no succession plan in place for the third generation, the shareholders decided it was an opportune time to explore the sale of the business.

Solution

CWMF Corporation engaged Griffin Financial Group as its exclusive financial advisor to assist in the sale of the company. Griffin launched a competitive process involving private equity and strategic partners, ultimately resulting in the company being acquired by Astec Industries, Inc., a leading global manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production.

For more information on this transaction, please contact Mitch Smith, Vice President, at 610.478.2043, or Jeff Harenza, Senior Managing Director, at 610.478.2158.