New Deals: An absentee-run cleaning company, recurring-revenue water filtration maker, and 3 more finds...

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NEW DEALS

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📍 Location: Ohio
💰 Asking Price: $1,630,000
💼 EBITDA: $462,000
📊 Revenue: $1,730,000
📅 Established: 2001

💭 My 2 Cents: This cleaning company has run for 25 years with long-tenured management already in place. The client roster is entirely B2B across healthcare, office, and industrial accounts, which means professional procurement contacts and predictable contracts rather than the churn of consumer work. The healthcare piece carries its own moat, since compliance demands keep facilities tied to vendors who know the protocols, and these sites get cleaned regardless of the economy. The thing I'd pin down first is customer concentration, since a 25-year roster can easily hide one hospital system carrying 40% of revenue. Right behind it is contract structure, then margin, because revenue can pace above 10% while wage increases the company can't pass through quietly eat into profit, so I'd want the gross margin trend across three years, not just the top line. I'd also want crew retention across the 43 employees and the hiring pipeline, because in this trade the cleaners are the product and losing key staff mid-transition is how relationships unravel. The market is what makes this interesting: commercial cleaning is deeply fragmented, with independent operators making up over 90% of it, which protects an established company but more importantly opens the door to growth. A company like this isn't just a set of accounts to run better, it's a foothold in a market ripe for consolidation. Layer a real sales process onto accounts that grew on reputation alone, then start buying up smaller competitors nearby, and the same business becomes something a buyer can grow without fighting for every inch.

📍 Location: Ohio
💰 Asking Price: $2,635,000
💼 EBITDA: $505,195
📊 Revenue: $1,765,600
📅 Established: 1977

💭 My 2 Cents: Every septic system fails eventually, and when one does, the homeowner pays to fix it whether or not the economy is good. This company has run that route for 49 years, spreading its work across residential, commercial, and emergency calls so the trucks stay busy when any single channel slows. That demand sits inside a market worth about $8.1 billion and growing roughly 6.7% a year, pushed by aging rural systems and inspection rules that force regular service. The asset that jumps out is the fleet: over $1 million in vacuum trucks and diagnostic gear included in the sale (though I'd want the age, hours, and maintenance records before counting it, since a fleet near end-of-life is a capex bill dressed up as an asset). The deeper moat is licensing, since the state's permit requirements keep the market from flooding with competitors, so the operators who hold those licenses keep the work. That said, I’d want to dig into whether a few commercial accounts carry the book and whether they run on real contracts or decades-old handshakes that could wobble in a sale. A business this old often runs on memory rather than documented routes, so a buyer who documents the routes and starts scheduling the recurring pump-outs that this business has been waiting for customers to request inherits five decades of referral trust and a generation of competitors who never modernized.

📍 Location: N/A
💰 Asking Price: $4,500,000
💼 EBITDA: $870,380
📊 Revenue: $2,780,000
📅 Established: 2012

💭 My 2 Cents: The smartest thing about this business is built into the product, since the filters must be replaced when spent, so every system sold becomes a reorder stream with no subscription to enforce. It runs lean as a light manufacturer, just four full-time staff with injection molding outsourced, selling medical-grade filtration to B2B clients through an authorized dealer network. The number that catches my eye is the margin, which is rich for a manufacturer and usually the sign that the high-margin cartridge reorders are already a real share of the mix rather than a someday hope. What tells me the revenue holds up is that growth continued after the founder passed away, climbing double digits for 3 straight years, so the money lives in the product and the dealers rather than one person's relationships. I’d want to know the split between one-time hardware and recurring cartridges and whether the dealers or the manufacturer own the end-customer (because if a few dealers control the installed base they hold the pricing leverage and could carry the reorder stream to another supplier). Value the systems already in the field and how often they reorder first, because the money that compounds here is in the replacement cartridges, not the one-time sale of the hardware.

📍 Location: Massachusetts
💰 Asking Price: $1,195,000
💼 EBITDA: $419,008
📊 Revenue: $3,618,503
📅 Established: 2001

💭 My 2 Cents: The real driver behind this contractor is program money, the federal and utility funding that pays to weatherize low-income homes, which is why roughly 95% of the work arrives assigned rather than won bid-by-bid. The company shifted into weatherization back in 2007 and now serves an almost entirely homeowner base, splitting its work between funded retrofits like spray foam and blow-in cellulose and exterior envelope jobs like roofing, siding, and windows. There is even a seasonal tailwind, since cooler weather can roughly double project volume as homeowners rush to seal up before winter. The backdrop helps too, with the U.S. weatherization market near $8 billion in 2024 and climbing as aging housing stock comes due for upgrades, the typical American home now past 40 years old. The risk worth underwriting hardest is that same program dependence, and it runs three layers deep: the program itself is durable, running since 1976 in every state, but funding levels swing year to year, with the White House proposing elimination this cycle before Congress reversed to a modest increase, and the contractor doesn't even hold the funding relationship, since a local agency assigns the work downstream, so I'd press on which agencies assign it and whether that's competitive or sole-source. The detail I'd chase as upside is the private-pay spray foam line the seller has just started, since that is margin earned outside the programs entirely. A buyer here is really underwriting the durability of the policy, then deciding how far they can grow the private-pay side that sits beside it.

📍 Location: Colorado
💰 Asking Price: $1,525,000
💼 EBITDA: $411,050
📊 Revenue: $1,815,813
📅 Established: 2016

💭 My 2 Cents: Architectural railing is code-driven, not just decorative, since guardrails and stair railings are required by building code with specified load and height rules, so the demand is mandatory on every project with stairs or an elevated deck and it has to pass inspection. This fabricator owns every step from CAD design through installation, the detail that makes it hard to displace, because a builder who hands over a drawing and gets a finished railing installed has little reason to juggle a separate designer, shop, and install crew. Nearly a decade in, it has built standing relationships with builders, architects, and property owners across Colorado. What makes it unusually clean for a shop this size is that a management team already runs it day to day, with the seller down to part-time, so the owner is not the business the way they often are in custom fabrication. The questions I'd press are how concentrated the revenue is among a handful of repeat builders and what the backlog looks like heading into the next cycle. I'd also dig into how jobs are priced and whether margins have held as material costs swung, since a railing shop lives on steel and aluminum, both volatile and tariff-sensitive, and the classic failure mode in fabrication is winning work on quotes that don't hold once metal moves. The location works in its favor, since the Denver metro and Colorado's resort towns lean toward high-end homes where custom metal is part of the look the buyer is paying for, so it holds up better than commodity work when construction slows.