Proveli Companies own and acquire sign and mailbox production, installation, and maintenance companies predominantly in the southeast United States. Proveli companies manufacture street signs, mailboxes, and mailbox posts as well as offer HOAs and communities’ installation and maintenance services. These services elevate the community’s image through uniform and high quality street signs and mailbox systems.
The company was founded by two brothers, Thomas and Reinhardt Cyphers, who started the company over a decade ago in Atlanta, GA. The brothers built the company with a foundation in quality and slowly began to acquire other companies and bring them under the Proveli banner. In 2019, Proveli was approached with the opportunity to acquire a business in Bloomington, IN. This acquisition opportunity would allow Proveli to significantly increase its fabrication services and branch further into the Midwest market.
EDGE Credit Case Study
Proveli hired McGuire Sponsel to negotiate and procure economic incentives on their behalf in support of the company’s considered expansion. McGuire Sponsel negotiated and worked with the Indiana Economic Development Corporation (IEDC) to procure tax incentives to assist with the company’s growing employment needs. The company, with the guidance and collaboration of McGuire Sponsel’s Credits and Incentives team, requested and received an Economic Development for a Growing Economy (EDGE) tax credit. These incentives will assist the company with establishing a new presence in Bloomington, IN and add as many as 90 new employees over the next 5 years. McGuire Sponsel also worked with the City of Bloomington and Monroe County Economic Development organizations to support the companies considered establishment in their community.
EDGE Tax Credits
State and Local Incentives
|EDGE Tax Credits||$700,000|