New Deals: A fully-remote waste management company, raw pet food franchisor and distributor, and 3 other finds...

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NEW DEALS

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📍 Location: California
💰 Asking Price: $2,500,000
💼 EBITDA: $625,000
📊 Revenue: $3,435,000
📅 Established: 2015

💭 My 2 Cents: A third-party logistics warehouse (a 3PL) stores other companies’ goods and typically bills a monthly rent for every pallet on its racks, plus a handling fee each time one moves in or out. It never owns the inventory, so it never bets on whether any of it sells. This company does warehousing, container loading, labeling and local delivery for commercial customers across Southern California, and many come back month after month. The owner is in it 1 to 5 hours a week, with a warehouse lead and a second key person on outbound shipping running the day-to-day, and management is staying. That said, I’d want revenue broken out between storage, handling, container work and delivery, since storage rent bills whether or not anything moves, so the bigger its share, the steadier the income. The lease comes next: when it renews and at what rent, since new-lease warehouse rents in the region are down about a quarter from their 2023 peak but well above 2019, so a peak-era lease could renew cheaper and an older one higher. Then I’d look at the larger accounts: how long each has stored here and whether any pay for a guaranteed minimum of pallet slots, which keeps paying when a customer’s inventory shrinks. Set those aside and there’s still a switching cost working in a buyer’s favor: a customer who leaves has to truck every pallet to a new building while its orders keep shipping, and the biggest accounts likely have the most to move.

📍 Location: Iowa
💰 Asking Price: $3,200,000
💼 EBITDA: $1,000,000
📊 Revenue: $1,330,000
📅 Established: N/A

💭 My 2 Cents: Sandblasting an old water tower leaves a pile of used grit and paint chips that someone gets paid to haul away. If the paint had lead in it, all of that waste can count as hazardous and has to go to an approved site. This company handles that for paint shops, industrial contractors and water infrastructure operators, using its own software and steering material toward reuse where it can. Most of its customers are contractors who move from one structure to the next, so most come back after the first job even though a single tower may need blasting only once in a decade or two. It also recently added longer-term contracts with commercial paint facilities, which keep producing grit as long as they run. The whole operation runs remotely from a home office, with one part-time employee and the owner working 5 to 25 hours a week. The first thing I’d dig into is whether the company picks the disposal sites or signs the shipping paperwork, because either can leave it sharing the bill under the federal Superfund law if a site is ever polluted. Then how much revenue comes from the facility contracts and how often each one sends out a load, since that is what makes next year predictable. And what share of jobs still involve lead paint, since each old structure only needs to have its lead stripped once. Past those answers, the sale reads well: the owner is moving into businesses that need far more money, and this one has reached more than 40 states without owning heavy equipment or real estate.

📍 Location: New York
💰 Asking Price: $2,800,000
💼 EBITDA: $644,000
📊 Revenue: $3,300,000
📅 Established: 2013

💭 My 2 Cents: In a survey of about 1,500 independent pet retailers, 79% said they sell more frozen raw food than gently cooked fresh food. This sale is the franchisor itself rather than one of its stores, plus the distributor that supplies them: a raw pet food franchise with 5 stores open and 2 more signed to join, and a distributor with exclusive New York rights to several premium brands. Every franchise pays the franchisor a royalty on what it sells and buys its food from the distributor, so the company gets paid twice on the same freezer case. An experienced chief operating officer oversees day-to-day operations, and the owner is open to staying on afterward as a consultant. The exclusives matter most here: how much of the distributor’s sales to independent shops come from those brands and how long the rights run, since an independent in New York can’t buy them anywhere else until they lapse. Next is the franchise agreement, from the royalty rate and the support each store gets to whether it has to buy its food from the distributor, since a deal that keeps stores profitable is what keeps new ones signing. And who signed the two newest franchisees, since with the owner moving to a consulting role, that person is the growth engine a buyer either keeps or replaces with someone who has a sales background. The good news is that a dog eats every day, so these stores sell something their customers run out of rather than something they buy once and keep.

📍 Location: Illinois
💰 Asking Price: $4,500,000
💼 EBITDA: $1,130,000
📊 Revenue: $2,365,000
📅 Established: ~30 years ago

💭 My 2 Cents: Before an old factory or gas station changes hands, the buyer’s environmental consultant often hires a drilling crew like this one to bring up soil and groundwater samples. That work doesn’t depend only on property sales: in 2024 the EPA listed two PFAS “forever chemicals” (the kind in firefighting foam) as hazardous substances, a federal appeals court upheld the listing in August, and the Pentagon alone is investigating PFAS at more than 700 bases and other sites. This company has been at it for about three decades, working out of two Midwest offices with most jobs within five hours of either one. Beyond sampling and well work, it runs probes that read contamination continuously as they’re pushed into the ground, the kind of detailed mapping done at sites already known to be contaminated before a cleanup is planned. For work this technical, it helps that a seasoned management team is staying. The answer I’d want first is how last year’s 592 jobs split between property deals and cleanup or government work, since environmental reviews tied to property deals fell about a fifth from early 2021 to late 2024, while a cleanup doesn’t wait on a buyer. Another piece is the rig and crew roster next to last year’s workload, since the recently upgraded fleet only adds earnings if there are crews and orders to keep it busy. The upside is that a failed test can turn into a second job at the same property, because before anyone cleans contamination up, someone has to drill again to find out how far it has spread.

📍 Location: Northern California
💰 Asking Price: $2,750,000
💼 EBITDA: $525,000
📊 Revenue: $2,750,000
📅 Established: 1970

💭 My 2 Cents: A drag car or a hot rod often needs an exhaust no catalog sells, so a fabricator builds one by hand, and this company makes the parts that fabricator starts from. It’s a niche inside a big market: specialty car parts sold about $53 billion over the past year, and more than half of the buyers are under 40, the age group likeliest to take on complex performance builds. The catalog covers the bent tube, the flanges that bolt the exhaust to the engine, and the collectors where the pipes merge into one, sold for drag cars, NASCAR racers and hot rods. The company has run since 1970, under the same owner for the last 32 years, and that owner still puts in about 30 hours a week alongside nine full-time employees. I’d start with three years of sales split between fabricator shops and individual buyers ordering direct, since a shop that builds exhausts for a living is likely to keep reordering while a hobbyist may only buy once. Then the inventory: how much sits on the shelves and how much of it hasn’t moved in a year, since a catalog like this has to stock many sizes of tube, flange and collector, and the slow sellers tie up cash a buyer pays for. And where the steel comes from, since imported steel now carries a 50% tariff and it is the raw material behind nearly everything in the catalog. One thing here you don’t have to guess at: the 22,000-square-foot building is for sale separately, so a buyer can choose between leasing from the seller and owning it outright.