Chartwell is pleased to announce Blackstone has successfully completed a minority equity investment in Salas O’Brien, a leading employee-owned engineering and technical services firm.


Chartwell Advises Sanderson Bellecci on Recapitalization

April 2024

Chartwell is pleased to announce Sanderson Bellecci recently closed on new senior secured credit facilities consisting of a revolving line of credit, term loan, and a delayed draw term loan (collectively, the “Facilities”). Proceeds from the Facilities were utilized to refinance existing senior indebtedness and pay off a related party note utilized to consummate Sanderson Bellecci’s (the “Company”) latest acquisition.

Financed by Zions Bancorporation, N.A. dba California Bank & Trust (“CB&T”), the newly funded credit facilities provide Sanderson Bellecci with advantageous terms, pricing, and a significant amount of flexibility including, but not limited to, no personal guarantee requirements from key stakeholders, the ability to make payments on subordinated seller notes subject to certain criteria, and a delayed draw term loan that provides the Company with additional committed capital to pursue its acquisition strategy.

Chartwell served as Sanderson Bellecci’s exclusive financial advisor across all facets of the transaction and provided strategic counsel to the Company as it evaluated numerous financing alternatives in pursuit of sustainable growth and significant operating flexibility.

About Sanderson Bellecci

Formed in May 2023 through the merger of three separate entities — Bellecci & Associates, Inc., Sanderson Stewart, Inc., and Summit Engineering Corporation — Sanderson Bellecci is a preeminent community design and engineering consulting firm. In December 2023, the Company acquired Coleman Engineering, Inc., expanding the Sanderson Bellecci umbrella. Across all four entities, the Company offers a fulsome suite of consulting services inclusive of, but not limited to, civil infrastructure, water and wastewater engineering, land development, community planning, and surveying and mapping. Each entity possesses long-standing, trusted relationships with clients in their particular geographies and unmatched technical expertise in their respective niches. Sanderson Bellecci’s approximately 180 employees operate in ten western states.

“The Sanderson Bellecci team thanks Chartwell for their professional and efficient approach in placing new credit facilities in support of our strategic objectives. Throughout each step of the transaction, Chartwell provided valuable advice on potential structures, financing partners, and relevant considerations that allowed our management team to make highly informed decisions and determine the optimal path forward. The Chartwell team truly added value to our deal. They were a pleasure to work with over the course of the capital raise process, and we look forward to working with them again in the future.”

– Michael Sanderson, Chief Executive Officer, Sanderson Bellecci

“Chartwell was pleased to assist the Sanderson Bellecci management team with this transaction which not only provided new flexible credit facilities, but also paired the Company with a supportive financial partner to assist with its next phase of strategic growth and expansion. Further, given Sanderson Bellecci’s established track record of operations and best-in-class management team, Chartwell secured credit facilities that provide the Company with significant flexibility at advantageous terms. We look forward to continuing to be a resource to Sanderson Bellecci as it executes upon its strategic growth plans.”

– Ryan Rassin, Managing Director, Chartwell

Chartwell Contact

For additional information on this transaction, please contact Ryan Rassin. To learn more about Chartwell’s corporate finance and investment banking capabilities, please contact Greg Fresh.

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