How to treat capital for bonding?

July 15, 2025
by a searcher from Columbia University in New York, NY, USA
I'm evaluating a fairly large GC (~$200M in GV) that requires bonding capacity in order to secure its customers/projects. The bond is secured by ~$5MM in cash, that the sellers understandably want to keep. Has anyone here acquired a firm like this, or seen it done, and how this was treated?
from Florida State University in Tampa, FL, USA
from Columbia University in New York, NY, USA