Winston-Salem, North Carolina, December 11, 2025
Generational Group has facilitated the sale of Smith Excavating, LLC to Enceladus Partners. This acquisition aims to enhance the growth and operations of Smith Excavating, a family-owned business in Winston-Salem, North Carolina, specializing in vegetation management and infrastructure services. Generational Group played a crucial advisory role in ensuring a successful transition on December 10, 2025.
Winston-Salem, North Carolina
Generational Group has successfully facilitated the sale of Smith Excavating, LLC to Enceladus Partners, a private investment firm focused on acquiring and growing lower middle-market businesses.
Details of the Transaction
The acquisition was finalized on December 10, 2025. Generational Group, a leading mergers and acquisitions advisory firm for privately held businesses, played a pivotal role in this transaction. The advisory team was led by Executive Managing Director, M&A, Eastern Region, David Fergusson, and Managing Director, M&A, Jack Sluiter, with support from Senior Vice President, M&A, Tristan Keeffe. Senior Managing Director, Doug Morrow, and Senior M&A Advisor, Bryce Gray, established the initial relationship with Smith Excavating, LLC. Additionally, Senior Growth Strategist, Steve Carter, led the strategic growth plan for Smith Excavating, LLC.
About Smith Excavating, LLC
Headquartered in Winston-Salem, North Carolina, Smith Excavating, LLC is a second-generation, family-owned company specializing in annual right-of-way vegetation management, infrastructure asset repair and maintenance, and industrial site services. With over 20 years of experience, the company primarily serves government, utility, and infrastructure customers throughout the Mid-Atlantic region. Committed to quality and safety, Smith Excavating leverages proprietary technology and advanced equipment to provide a white-glove service, ensuring utility systems operate efficiently and sustainably.
About Enceladus Partners
Enceladus Partners is a private investment firm focused on acquiring and growing lower middle-market businesses. With a long-term, partnership-oriented approach, the firm collaborates with business owners and management teams to drive sustainable growth and operational excellence. Enceladus Partners brings strategic expertise, industry knowledge, and a commitment to preserving the legacy of the companies it invests in.
About Generational Group
Generational Group, headquartered in Dallas, Texas, is a leading, award-winning full-service M&A advisory firm. Generational has over 300 professionals across 16 offices in North America. The firm empowers business owners to unlock the full value of their companies through a comprehensive suite of services—including strategic growth consulting, exit planning education, business valuation, value enhancement strategies, M&A advisory, digital solutions, and wealth management. Celebrating its 20th year, Generational has successfully closed nearly 1,800 transactions and has ranked #1 or #2 in all LSEG league tables for deals valued between $25 million and $1 billion in 2022, 2023, and 2024. The firm was named 2024 USA Investment Banking Firm of the Year by the Global M&A Network and recognized as Investment Banking Firm of the Year by The M&A Advisor in 2022, 2024, and 2025.
Frequently Asked Questions (FAQ)
1. What is the significance of the sale of Smith Excavating, LLC to Enceladus Partners?
The sale represents a strategic partnership aimed at driving sustainable growth and operational excellence for Smith Excavating, LLC, leveraging Enceladus Partners’ expertise in the lower middle-market sector.
2. Who were the key advisors involved in this transaction?
The advisory team from Generational Group included Executive Managing Director, M&A, Eastern Region, David Fergusson; Managing Director, M&A, Jack Sluiter; Senior Vice President, M&A, Tristan Keeffe; Senior Managing Director, Doug Morrow; Senior M&A Advisor, Bryce Gray; and Senior Growth Strategist, Steve Carter.
3. What services does Smith Excavating, LLC provide?
Smith Excavating, LLC specializes in annual right-of-way vegetation management, infrastructure asset repair and maintenance, and industrial site services, primarily serving government, utility, and infrastructure customers throughout the Mid-Atlantic region.
4. What is the focus of Enceladus Partners?
Enceladus Partners is a private investment firm focused on acquiring and growing lower middle-market businesses, collaborating with business owners and management teams to drive sustainable growth and operational excellence.
5. What is Generational Group’s role in the M&A advisory sector?
Generational Group is a leading, award-winning full-service M&A advisory firm that empowers business owners to unlock the full value of their companies through a comprehensive suite of services, including strategic growth consulting, exit planning education, business valuation, value enhancement strategies, M&A advisory, digital solutions, and wealth management.
Key Features of the Transaction
| Feature | Details |
|---|---|
| Transaction Date | December 10, 2025 |
| Advisory Firm | Generational Group |
| Seller | Smith Excavating, LLC |
| Buyer | Enceladus Partners |
| Location of Seller | Winston-Salem, North Carolina |
| Services Provided by Seller | Annual right-of-way vegetation management, infrastructure asset repair and maintenance, industrial site services |
| Primary Customers of Seller | Government, utility, and infrastructure customers throughout the Mid-Atlantic region |
| Focus of Buyer | Acquiring and growing lower middle-market businesses |
| Generational Group’s Role | Full-service M&A advisory firm |
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