New Deals: A semi-absentee HVAC and kitchen equipment contractor, private security and vehicle patrol company, and 3 other finds...

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NEW DEALS

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📍 Location: Ohio
💰 Asking Price: $3,505,000
💼 EBITDA: $775,000
📊 Revenue: $2,220,000
📅 Established: N/A

💭 My 2 Cents: Most companies that install and repair heating, cooling and kitchen equipment sell to whoever owns the building down the road. This one sits on the vendor list at national restaurant and convenience chains, so the work arrives from a corporate facilities department rather than a bid. It works across a Midwest footprint and holds licenses in several states, which a new entrant cannot assemble quickly. The crews handle scheduling, customer coordination and billing on their own, and the owner is down to a few hours a week. Roughly $750,000 of owned equipment is included, and real estate may be available separately. That said, a store gets installed once and then produces calls on the same equipment for years, so the revenue split between installation and service is the first thing I'd want to see. I'd also want to know whether these brands send work over directly or route it through an outside facilities platform that sits between a chain and its vendors, because that arrangement takes a cut and can move an account without the chain changing its mind. Since the crews are what the customer actually deals with, I'd want the number who are certified and how long each has been here. This company's advantage is that it already knows the age and fault history of every unit in those stores, so it can price a repair while a competitor is still sending someone out to diagnose it.

📍 Location: Florida
💰 Asking Price: $2,375,000
💼 EBITDA: $598,994
📊 Revenue: $4,758,137
📅 Established: N/A

💭 My 2 Cents: A repair shop on a retail strip waits for somebody to walk in holding a cracked phone. A store inside an authorized brand network gets the customer sent to it by an insurer that has already approved the claim and set the price for the job. This business runs that second model across several Florida locations under one national brand. Revenue arrives from retail repairs, warranty work and accessory sales, and management already runs the day to day while ownership sits semi-absentee. That said, I'd want the revenue split across those three lines, because a warranty job comes in at a rate somebody else negotiated while a walk-in is priced at the counter, and only one of the two can be raised. I'd also want the accessory attachment rate per repair, since a customer already standing at the counter waiting on a screen is the cheapest buyer a retailer ever gets. Then I'd want technician tenure at each location, because these repairs run on brand-specific procedures and training, and a store that loses its certified technician starts turning work away. Right to repair laws in five states now make manufacturers sell parts and manuals to anyone who asks, which takes away the advantage authorized shops used to have. What it does not take away is who the insurer calls, and that is the half this business owns.

📍 Location: Southern California
💰 Asking Price: $2,250,000
💼 EBITDA: $760,000
📊 Revenue: $1,809,000
📅 Established: 30+ years ago

💭 My 2 Cents: A guard company sells an hour to one customer, while a patrol company sells the same hour to every property on the route. This Southern California company has spent nearly 30 years building to 40 or more active sites, and roughly 70% of revenue is vehicle patrol rather than standing posts. One shift of payroll shows up on many invoices, which is why this business earns what it does. Every account sits under an agreement that renews on its own, and client losses run only 2 to 3% a year. That said, that loss rate is an average across 40 accounts, so I'd want each one listed by size and by how long it has been there, because the number reads differently if the biggest accounts are the newest. I'd also want the guards' actual turnover, what the hiring pipeline looks like, and how many sites sit on each route, since one departure takes out coverage on every property that route touches. The company sold into distribution center security once and then left, so I'd want to know why, because that decides whether a buyer would be reopening a market or repeating a mistake. For anyone worried that technology is coming for this trade, a camera covers a fixed post better every year and still cannot drive across a parking lot at 2 a.m., so patrol is the part that stays human.

📍 Location: Texas
💰 Asking Price: $5,750,000
💼 EBITDA: $1,300,000
📊 Revenue: $5,489,000
📅 Established: 2011

💭 My 2 Cents: Most plumbing companies pick a lane and live with its cycle, whether that is residential service, new construction or commercial. This one runs all of them, and in 15 years it has never had a slowdown deep enough to send crews home. It has grown into the largest full-service plumbing contractor across four counties on referral alone, with more than 1,000 active customers and 95% retention. It also runs the piping that carries oxygen and anesthesia gas through hospitals and surgery centers. Texas licenses that separately, and only a journeyman or master plumber with 24 hours of training, four of them brazing pipe, can hold the endorsement. That said, hospitals build on schedules set years ahead while houses do not, so I'd want to know what share of the work runs through that endorsement. I'd also want to know which line carried the business through the last slow stretch, since a service book and a construction book behave differently once a building boom cools. Commercial jobs pay long after the work is finished, so I'd want to see what one ties up in receivables, because that number is what caps how many jobs the company can run at once. A hospital does not let a new contractor into its mechanical rooms casually, so that endorsement buys a place on a very short list.

📍 Location: Illinois
💰 Asking Price: $1,500,000
💼 EBITDA: $430,305
📊 Revenue: $1,373,925
📅 Established: 2020

💭 My 2 Cents: Washing the outside of a truck is about how a fleet looks on the road. Washing the inside of the trailer is about whether the next load is allowed on it at all, and that is the half of this business that arrives on somebody else's schedule. This Illinois operation does both, running automated exterior washes, interior trailer washouts and detailing for semi-trucks and other heavy vehicles. Owner earnings rose 12.6% from 2023 to 2024 and another 16.2% the year after, which happened while the Cass Freight Index ran negative year over year for 14 straight quarters. Recurring fleet agreements are named here as an opportunity, so the book today is mostly transactional. That said, I'd want the revenue split across exterior washes, washouts and detailing, since one of those gets bought because a shipper requires it and the others get bought because somebody decided the truck looked bad. I'd also want hours and rebuild history on the automated wash system, because that one machine is effectively the entire production capacity of this site. Then I'd want to know how much volume comes from fleets based nearby versus trucks pulling off the interstate. About 89,000 carriers have left the market since 2022 and their freight now moves under bigger operators, so a buyer gets the same trucks arriving under fewer signatures, which is what turns a wash selling tickets into one selling contracts.