Generational Group, a leading mergers and acquisitions advisory firm for privately held businesses, is pleased to announce the sale of Smith Excavating, LLC to Enceladus Partners.

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 & maintenance, and industrial site services. With over 20 years of experience, the company primarily services 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.

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.

Generational Group Executive Managing Director, M&A, Eastern Region – David Fergusson, and his team led by Managing Director, M&A, Jack Sluiter, with the support of Senior Vice President, M&A, Tristan Keeffe, successfully closed the deal. Senior Managing Director, Doug Morrow and Senior M&A Advisor, Bryce Gray established the initial relationship with Smith Excavating, LLC.

“I am very happy to see another great client successfully monetize their years of hard work and personal investment,�� said Sluiter. “This is a transformative step in the Company’s history, and we’re excited for the future of Smith Excavating.”

Ryan Binkley, CEO of Generational Group, added, “This transaction shows our dedication to meaningful, long-term partnerships. It brings together partners who share a common vision and are ready to continue their growth together.”

About Generational Group

Generational Group, headquartered in Dallas, TX, 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 20^th year, Generational has successfully closed over 1,700 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.

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