Ads for Bellview Associates in New Hampshire

“Bellview made it possible for us to exit in a way that protected what we built and empowered the people who helped build it with us.” Waterline Industries, a New Hampshire-based construction firm specializing in municipal infrastructure, began succession planning in 2012. After exploring traditional paths—including a sale to competitors—the leadership team was left unconvinced. “We didn’t like the idea of our employees being at the mercy of someone who had been our competitor,” said Maria Dumke, Waterline’s former owner and current CFO. The turning point came with an introduction to Bellview Associates, whose custom approach stood apart. They helped Waterline consolidate, strengthen valuation, and design a structure addressing both operational and emotional priorities. The ESOP transaction closed in 2018. Since then, Waterline has doubled revenue, increased share value, and built a thriving employee ownership culture. 207-669-2254 inquiries@bellviewassociates.com bellviewassociates.com