
Founded to acquire one great company in Birmingham or surrounding areas
Purpose
Founded by Birmingham natives, Pine Mill Partners was formed with the intention of acquiring and operating a single business in Birmingham or surrounding areas where the owner is ready to transition out. We strive to offer partnership, structured in a way that meets all of your goals in transitioning the business you have successfully built.

Business Characteristics
Pine Mill Partners seeks to acquire a stable, non-capital intensive, established company with a history of profitability and predictable cash flows.
Business Profile
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Located in Birmingham, AL or surrounding areas
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Recurring revenue
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Strong and diverse customer base
Financial Profile
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$750k+ in annual EBITDA
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History of consistent growth and profitability
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Strong gross and EBITDA margins
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Low CapEx and working capital requirements
Industry Dynamics
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Stable growth
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High fragmentation
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Limited cyclicality and seasonality
Owner Situation
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Seeking a reduced role in business and/or exit transition
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Desires meaningful liquidity / de-risking
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Interest in the continued success of the business
About the Team
Born and raised in Birmingham, AL, David and Sam have always wanted to own and operate a business in their hometown. After both graduating from Vanderbilt University, they went on to gain a wealth of complementary experience in operations, M&A, and consulting. Sam and David are supported by a group of mentors, both local and nationwide, that includes seasoned operators, entrepreneurs, C-level executives, and investment professionals.

David Elliott
Prior to co-founding Pine Mill Partners, David led Corporate Strategy and Investor Relations for Change Healthcare (NASDAQ:CHNG), a healthcare technology and services firm acquired by UnitedHealth Group (NYSE:UNH). Prior to leading Strategy and IR, David held roles of increasing responsibility in Corporate Development, closing over a dozen acquisitions, divestitures, and partnerships amounting to over $25 billion in deal value. David began his career at Harris Williams & Co., providing sell-side M&A advisory to founders and private equity backed businesses.
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David earned his undergraduate degree from Vanderbilt University.
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When he is not working, you can find David playing golf or spending time with his wife, Caroline, at Lake Martin or at an Alabama football game.

Sam Gray
Prior to co-founding Pine Mill Partners, Sam founded and built a seasonal agricultural business in Southeast Georgia, Pinebloom Farms & Packing. Before working in Agriculture, Sam was a Senior Business Analyst at Medical Reimbursements of America where he managed financial proposals of prospective client sales, designed front end software architectural enhancements, and developed backend reporting packages to grow revenue and cut operating costs. Sam began his career at R1 RCM working in revenue cycle management for Ascension health systems.
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Sam earned his undergraduate degree from Vanderbilt University and his MBA from the University of Virginia Darden School of Business.
When he is not working, you can find Sam at the Crestwood Park, City Walk, or Sicard Hollow pickleball courts working on his dinks or running on Jemison trail.
Contact Us
David Elliott
c: 205-907-5540
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Sam Gray
c: 205-540-1018
