New Deals: A gas station with triple-net McDonald’s lease, HVAC company with 400+ service agreements, and 3 other finds...

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NEW DEALS

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📍 Location: Alabama
💰 Asking Price: $7,900,000
💼 EBITDA: $1,335,113
📊 Revenue: $7,030,996
📅 Established: 1970s

💭 My 2 Cents: A glass and glazing contractor with its own in-house fabrication shop controls something most competitors in the trade can't touch, which is turnaround time, quality, and margin all under one roof. This company has been at it for over 55 years, running a 25-person crew that handles mostly commercial work (think storefronts, curtainwall, interior partitions, and entry systems on commercial buildings) with a residential book rounding out the rest, all within a 75-mile radius. I like that a tenured project manager and estimator (and not the owner) handles the majority of commercial bidding. What makes this interesting is that 2024 was a "triple" year (~3x a typical year), but the financials shown here are from 2023. That gap is worth pressing hard on. I'd want to understand what drove the 2024 spike (most likely a single landmark project), how much revenue comes from the top 3-5 general contractors, and what the project backlog looks like heading into the back half of 2026. Commercial construction is rate-sensitive and uneven right now, with office soft and multifamily cooled off, but healthcare, education, and industrial are holding up well across the Southeast, so the backlog question is really about which end markets it's weighted toward. The 5.92x multiple looks steep against the 2023 numbers, but if even a fraction of that growth held into 2025, the effective multiple a buyer is actually paying could look very different.

📍 Location: Arizona
💰 Asking Price: $2,250,000
💼 EBITDA: $514,923
📊 Revenue: $4,151,801
📅 Established: 1990

💭 My 2 Cents: When a general contractor finds a cabinetry shop that delivers on spec and on time for medical and dental build-outs, they stop looking. That's exactly how this company has operated for 36 years, and a significant share of annual revenue comes from repeat contractor relationships that keep the project pipeline full without a formal sales effort. The operation runs from a fully equipped manufacturing facility with experienced staff handling fabrication, project coordination, and installation under one roof, which gives the company control over quality and scheduling that a subcontract-only model can't match. The client list spans medical, dental, veterinary, office, and commercial interiors, so no single vertical dominates. I'd want to understand how concentrated the top five contractor relationships are and what happens if one or two shift to a competitor, what the facility lease terms look like and whether there's physical room to add capacity, and how the current project pipeline compares to revenue over the past three years. The seller has invested almost nothing in marketing or digital visibility, so a buyer who introduces this company to contractors outside the existing network has a growth path that doesn't require a single new machine.

📍 Location: Louisiana
💰 Asking Price: $2,750,000
💼 EBITDA: $434,445
📊 Revenue: $2,606,494
📅 Established: 2018

💭 My 2 Cents: 400 to 500 active service agreements is a recurring revenue base most residential HVAC companies would take a decade to build, and on the Gulf Coast, where air conditioning runs nine to ten months a year, those agreements generate consistent call volume regardless of what the economy is doing. This company's customer base is well-diversified with no single account exceeding 5% of revenue, and the long-tenured W-2 workforce is expected to stay post-close. The founder has already built and sold a similar HVAC business before, so the playbook here has been run successfully at least once. That said, the asking price needs a hard look. At over 6x, the seller is pricing this at the top of the range for residential HVAC, which strategics will pay for quality bolt-ons but only makes sense if a buyer believes the agreement base can grow meaningfully from here. I'd want to understand the annual renewal rate on those maintenance agreements, what share of revenue comes from new construction versus recurring service and replacement, and what the average revenue per agreement runs. In southern Louisiana, the real question is whether a new owner can convert enough one-time service calls into long-term agreements to justify the math at this price.

📍 Location: Wisconsin
💰 Asking Price: $1,990,000
💼 EBITDA: $511,758
📊 Revenue: $2,352,800
📅 Established: N/A

💭 My 2 Cents: Gas stations don't really make their money on fuel. The pump is a traffic driver, and the actual profit lives in everything else on the lot. This deal is a textbook example. A McDonald's paying $4,400 per month in triple-net rent through 2040 with built-in 2% annual escalators means a buyer picks up over $50,000 a year in passive income before touching the fuel pumps or the register. That lease alone covers a meaningful chunk of annual debt service on the purchase. The owner also collects income from an ATM and a billboard on the premises. On top of that, this gas station is one of only two government-approved locations in the area for fuel vouchers, which creates a captive monthly revenue stream of $3,000 to $4,000 that competitors simply cannot access. I'd want to understand the fuel supply agreement and how margin per gallon is structured, what deferred maintenance looks like on the underground tanks and real estate, and whether the government fuel voucher designation requires periodic requalification or renewal. The seller also owns an adjacent liquor store available separately for $1.5 million, which could consolidate the entire property under one operation if a buyer wants to go bigger.

📍 Location: Maryland
💰 Asking Price: $1,749,000
💼 EBITDA: $500,000
📊 Revenue: $3,300,000
📅 Established: 1961

💭 My 2 Cents: Sixty-five years in the same location means this store has outlasted every competitor, recession, and retail disruption that's come through Baltimore County since 1961. The real estate is included in the sale, which eliminates lease risk entirely and gives a buyer both long-term equity upside and permanent protection against rent increases that eat into margins at competing stores. It also matters for financing: when real estate is part of an SBA 7(a) deal, the loan term can stretch up to 25 years instead of the standard 10 for a business-only acquisition, which meaningfully lowers monthly debt service and improves cash-on-cash returns from day one. The location sits in a high-visibility corridor with consistent daily traffic, and the retiring owner has built a repeat customer base over decades that a new operator would inherit on day one. An experienced staff already runs the day-to-day, so this doesn't require a buyer who wants to work behind the counter. I'd want to understand the physical condition of the property and whether there's deferred maintenance that would require near-term capital, how foot traffic and average transaction size have trended over the past three to five years, and whether the current product mix and store layout have been refreshed recently or if there's margin opportunity in a reset. Convenience retail competes on proximity and speed, which is one of the few retail moats e-commerce can't replicate, and a buyer here is getting steady cash flow plus a real estate asset that compounds on its own.