Joel and JoAnn Carlson founded Carlson Company.
Carlson added steel forgings for shell and tube heat exchangers. By 1967, built their first facility for fabricating steel flanges.
Machined steel flanges through the 1970s and 1980s. Transitioned ownership to second generation in 1993.
Installed first RAFAMET machine in the region, enabling large diameter machining and national recognition.
Purchased and installed first CNC Vertical Turning Center, expanding capabilities for high-speed, tight-tolerance drilling.
Jim Carlson patented the Computer Controlled Positioning Table – The Carlson Chord Right (U.S. Patent No. 6948720).
Built a state-of-the-art manufacturing and office facility for production, shipping, and warehousing.
Doubled manufacturing floor space to 35,000 square feet.
Achieved ISO 9001:2008 Certification. Launched Lean and CI initiative and implemented a plant-wide 5S program.
Completed ISO 9001:2015 upgrade audit with no findings. Trained all employees in Lean 101 and added Quality Manager.
Celebrated 60 years of success with 250 dignitaries from Carlson’s supply chain and customer base.
Riverbend Industries acquires Carlson.
Maintained healthy post-acquisition profitability, achieving $1.7M+ management adjusted EBITDA.
Riverbend reinvested ~$1M in new CNC machinery and climate control, enhancing plant capabilities.
Carlson prepares for new ownership as Riverbend realigns its portfolio.
Machining and drilling services for all specialty needs, including small and large diameter flanges and blinds.
High-speed turning, drilling, and milling services for large-diameter steel components and assemblies up to 50,000 lbs.
Quick quoting (less than 24 hours) and fast lead times due to strong relationships with forging suppliers.
Customers that need time-sensitive specialty connections choose Carlson Company for flanges, rings, saddles, and nozzles that provide large, hard-to-manufacture, high-quality solutions with best-in-class lead times at a premium value.
Purpose: Delivering high-precision flange solutions.
Niche: Large-diameter, tight-tolerance machining.
Target: Industrial manufacturers.
Guarantee: Quality + fast turnaround.
A structured view of current commercial practices across promotion, pricing, market strategy, and sales personnel effectiveness.
Carlson Company operates across a diverse range of high-value industrial sectors, each presenting significant opportunities for growth, innovation, and long-term customer partnerships. From energy and infrastructure to aerospace, data centers, and government contracting, Carlson’s precision-engineered products and responsive services are trusted in some of the most demanding and specialized applications.
A structured review of capital planning, safety systems, production quality, and supply chain controls across the business.
A structured view of current workforce practices across retention, development, resource planning, and hiring effectiveness.
A structured snapshot of cash flow, balance sheet position, and income statement performance, presented with commentary alongside historical financial data.
| USD (in thousands) | 2022 | 2023 | 2024 | Jun-2025 |
|---|---|---|---|---|
| Cash | -200 | -50 | -150 | 120 |
| Accounts Receivable | 1,500 | 1,100 | 1,050 | 1,400 |
| Inventories | 500 | 480 | 460 | 520 |
| Other Current Assets | 40 | 25 | 20 | 15 |
| Total Current Assets | 1,840 | 1,555 | 1,380 | 2,055 |
| PP&E, net | 1,700 | 1,900 | 1,850 | 1,600 |
| Intangibles | 500 | 460 | 430 | 400 |
| Total Assets | 3,890 | 3,915 | 3,660 | 4,055 |
| Accounts Payable | 520 | 310 | 180 | 400 |
| Accrued Liabilities | 300 | 320 | 150 | 330 |
| Other Current Liabilities | 3,200 | 2,950 | 4,300 | 5,100 |
| Total Liabilities | 4,020 | 3,580 | 4,630 | 5,830 |
| Shareholders’ Equity | -130 | 160 | -970 | -1,775 |
| USD (in thousands) | 2022 | 2023 | 2024 | Jun-2025 |
|---|---|---|---|---|
| Cash | 180 | 200 | 220 | 300 |
| Accounts Receivable | 1,200 | 1,300 | 1,450 | 1,600 |
| Inventory | 520 | 510 | 500 | 530 |
| PP&E | 1,500 | 1,700 | 1,850 | 1,900 |
| Total Assets | 3,400 | 3,710 | 4,020 | 4,330 |
| Accounts Payable | 500 | 320 | 250 | 400 |
| Accrued Liabilities | 280 | 310 | 330 | 360 |
| Other Liabilities | 3,100 | 2,900 | 3,700 | 4,800 |
| Total Liabilities | 3,880 | 3,530 | 4,280 | 5,560 |
| Shareholders’ Equity | -480 | 180 | -260 | -1,230 |
| USD (in thousands) | 2022 | 2023 | 2024 | Jun-2025 |
|---|---|---|---|---|
| Gross Revenue | 12,000 | 10,800 | 6,300 | 6,600 |
| Cost of Goods Sold | 9,000 | 7,700 | 5,000 | 5,400 |
| Gross Profit | 3,000 | 3,100 | 1,300 | 1,200 |
| Operating Expenses | 1,500 | 2,000 | 2,200 | 1,800 |
| Operating Income | 1,500 | 1,100 | -900 | -600 |
| Depreciation & Amortization | 200 | 180 | 170 | 160 |
| EBITDA (Adjusted) | 1,700 | 1,600 | -730 | -440 |
Key legal diligence items to document counsel relationships, entity structure, litigation exposure, intellectual property, compliance matters, and material contractual obligations.
Summary of current insurance coverage, claims history, exclusions, and policy-related obligations.
Please provide details of all current business insurance policies, including coverage types, carriers, and limits.
| Policy Type | Insurance Carrier | Coverage Limits | Policy Expiration Date |
|---|---|---|---|
| General Liability | ABC Insurance | $2,000,000 | 12/31/2025 |
| Property Coverage | XYZ Mutual | $1,500,000 | 11/30/2025 |
List any insurance claims made in the past 5 years, including dates, amounts, and outcomes.
Describe internal risk management procedures or safety protocols in place.
Note significant exclusions or limitations in current policies.
Identify requirements tied to contracts, leases, or regulatory compliance.
Include any other relevant insurance information.
Overview of systems, infrastructure, security posture, support model, and recent technology initiatives.
| ERP System | Version: |
| Accounting System | Version: |
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| # of Workstations | |
| Average Age | |
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| Current Issues |
| Location | Firewall Model | Speed | Wi-Fi |
With over six decades of proven performance, Carlson is a market-recognized name synonymous with large custom quality flanges and deep industry expertise.
Delivers exactly what customers need—fast quotes, consistent communication, and high-quality domestic flanges all at a fair price.
Known for quoting nearly every domestic project, giving it visibility into 80–90% of U.S. market opportunities—positioning the company as a strategic platform with ample room for growth across a wide range of end markets and customer segments.
Advanced machining capabilities, housed in a highly efficient, climate-controlled facility, are strategically located in a strong industrial region—enabling rapid production, workforce stability, and scalable growth.
Carlson is an asset-supported platform with valuable real estate and well-maintained equipment, providing both operational stability and the capacity to scale throughout.
People want independent opinions and transparency. We will provide how we think we would run the business post close and let the family offices dispute so they can form their own philosophy.
To get your company’s name out there, you need to make sure.
To get your company’s name out there, you need to make sure.
To get your company’s name out there, you need to make sure.
To get your company’s name out there, you need to make sure.
Our goal is to pay for ourselves. Purpose is to take credit for initiatives led and show both the financial and human impact in a way that translates transparency relative to fees.
Focuses on quantifiable business outcomes.
Captures the qualitative and cultural benefits of the engagement.
Trunnion is dedicated to aiding you in the pursuit of your strategic aspirations. Our goal is straightforward: “Provide Successful Outcomes.” Our view is that true leaders have a clear vision of their path ahead. This opportunity will either be suitable or unsuitable, and we will honor your strategic path without judgment.
Our pledge is to offer genuine advice and transparency throughout this process. Our expectation for Carlson Company is that it will trade at asset value plus. To be direct, we are confident that your downside risk is safeguarded, leaving the consideration of potential future gains as the sole valuation concern.
Our intention is to hold a strict timeline for the benefit of all parties. In supporting your need for further information along the way, we seek your prompt decision-making in return.
Together let’s advance towards a prosperous future.