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Is Your Company Worth More Than a Market Multiple
We’ve all heard about the competitor who sold his company for eight times EBITDA. Presto, you extrapolate an 8X multiple for your business and that’s a lot of money. As a success fee-oriented partner, we are just as enthusiastic about getting you the best price and terms for your company as you. Know that all businesses are unique and no two bring the same management, competitive advantage or business profile. As a result, it’s important to engage an experienced intermediary who will review your strengths and weaknesses and research market comps to determine a general valuation range for your company.
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ASTRO
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Precision CNC/EDM BIZ $7.5M Revenue, $1.6MM EBITDA (2025 Proj)
- Revenue:$7,500,000
- Cash Flow:$1,600,000
- Inventory:$794,000
- Location:Southeast
ASTRO, a Southeast based complex part CNC and EDM machining business, holding AS9100D and ISO 9001:2015 certifications will make a great addition to strategic buyers; or financial buyers seeking a small platform in the SE. The Company enjoys great margins and specializes at low to mid-volume production (80%+ of sales). The remaining business supports customers with prototypes for what will often become future production parts. ASTRO serves a diverse set of industries including medical, aerospace, semiconductor, robotics, electronics, and more. The Company also excels at manufacturing components from a wide variety of metals including Stainless, Molybdenum, and Tungsten.
In business since the early 80s, ASTRO’s customers also include large companies, universities, and research organizations. Family Office Ownership is absentee. The owners enjoy a strong management team. They worked with them to transition the company from purely prototype to production parts over the last 10 years. They’ve also worked through transitioning the work force from older prototype machinists to younger production machinists. ASTRO employs 20 team members, 14 of which are machinists with an average age in the 40’s.ASTRO presents a great opportunity for a strategic buyer looking to consolidate its presence or enter a growing market. Finally, the business excels at complex yet highly automated precision machining, where they’ve adopted exceptional palletizing capabilities to drive lights-out machining.
Facilities
In 2022, to support growth, ASTRO added 4,100 square feet to accommodate new CNC machines and materials storage. The total square footage is now 21,703, and there is still room to grow on their 2.4-acre property. The company invested heavily in new equipment over the last 5 years. Buyers will find the equipment package quite current and capable.
Market Outlook / Competition
ASTRO operates in a large metropolitan area with strong technology and a healthcare-oriented region with ample opportunities to grow with existing customers and new accounts. They are highly recommended for their ability to make high quality, complex parts or manufacture hard-to-machine materials.
Precision CNC/EDM BIZ $7.5M Revenue, $1.6MM EBITDA (2025 Proj)
Revenue
$7,500,000
Cash Flow
$1,600,000
Location
Southeast
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LEO
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$22.5M revenue; ±$1.0M EBITDA ('24) Building Products Distributor
- Revenue:$22,500,000
- Cash Flow:$1,000,000
- Inventory:$6,000,000
- Location:Southeast
LEO is a Southeast-based building products distributor founded 20+ years ago. With multiple locations, LEO built a strong and diversified customer base primarily of professional contractors and installers. Most of their sales are generated from strong-margin flooring products (roughly 45% of sales) with the balance made up of wall materials, installation materials, mosaics, cabinetry, tools, etc. with a specialization in tile materials. They have a small but growing niche in the large size wall tile (exceeding 2’X4’).
Revenue trends the past couple of years have been $28.7M in 2023, $22.5M in 2024, $22.5M in projected revenue for 2025. Gross margins consistently fall in the 43-45% range while EBITDA was $2.76M, $1M, $1M (Proj) respectively. LEO typically carries $6M in inventory which remains consistent throughout the year. The average ticket over the past two years is $247. They have a well-diversified, recurring customer base. In 2023 and 2024, LEO’s top ten customers generated approx. 27% of total revenue across 42,249 tickets ($7.6M revenue) and 33,534 tickets ($6.2M revenue).
The business is owned by an ESOP and an independent trustee who has the sole voting power has agreed that the Company should review strategic sale options. LEO has over $3M in cash on its balance sheet and has no debt (ESOP loans are paid off).
LEO presents a great opportunity for strategic buyers to expand their presence in phenomenal markets with an established customer base and healthy gross margins. Ownership seeks strategic buyers as there are many cost saving synergies that would immediately improve the bottom line of this business. LEO has a great team, product offering, and customer base in a high-end, densely populated growing areas where many people are moving daily and are building or upgrading homes.
Facilities
LEO operates from four locations, including a Company HQ with corporate offices and three retail stores located in fast-growing markets in the Southeast. All the facilities are leased from a third party, and the three stores are approximately 120,000 square feet combined.
Market Outlook / Competition
The domestic building products distribution market is expected to grow at an annual rate of 4% between 2025 and 2028, reaching $183.3Bn in this period. The U.S. flooring market is expected to grow at a CAGR of 3.8% until 2030 with the global flooring market expected to grow at 6.8%. The residential sector accounts for approx. 52% of revenue generation in the U.S. flooring market – tile and stone are seeing an increase in demand within the residential. The Southeast is the strongest region due to rapid population growth. With interest rates expecting to gradually come down, the demand for new homes and multi-family developments is expected to accelerate the growth of the broader building products market and flooring market.
$22.5M revenue; ±$1.0M EBITDA ('24) Building Products Distributor
Revenue
$22,500,000
Cash Flow
$1,000,000
Location
Southeast
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Stallion
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$10.7M Revs, $1.9M EBITDA Full-Service Landscaping Company
- Revenue:$10,700,000
- Cash Flow:$1,900,000
- Location:Western U.S.
STALLION, located in the Western U.S., is a high margin (55% GM), full-service landscaping company that provides design-build, maintenance, enhancements, and snow removal services to both residential and commercial customers. With a 30+ year history, the Company is established as a market leader and is known for their quality work and service.
STALLION serves high-end residential customers for design-build and maintenance services and maintains a variety of commercial properties. The end market breakdown is typically 60% residential, 40% commercial in a given year. Most of the commercial work is maintenance services. During the winter months, the team keeps busy by providing snow removal services. In 2024, the service mix was 66% design-build, 26% maintenance, and 8% snow removal.
STALLION follows the EOS business model and is led by a strong management team to handle operations, HR and finance. The total company headcount is ±55 employees, which can increase to 70 during peak months. Revenue in 2024 was approx. $10.7M with Adj. EBITDA of $1.9M. STALLION has achieved $10M revenue each of the past three years and anticipates reaching the $11M revenue mark in 2025 with similar gross margins (±55%) and EBITDA margins (±18%). The Company currently uses Aspire for their operating software.
Current ownership seeks a liquidity event but plans to rollover equity in the transaction and bring on a partner to help scale the business beyond their current model, mostly through acquisition. The owner has an impeccable reputation and believes other maintenance companies would love to be part of a buy and build with him.
This investment opportunity is ideal for buyers seeking a top reputation landscape company with strong margins that seeks a partner to grow and build out additional maintenance services. The preferred buyer will have tangible experience in growing landscaping or other field services, using a playbook to grow organically and through acquisition. Ideally, our client is the platform investment or an add on to a recently capitalized strategic buyer.
Facilities
STALLION leases their facility from a related entity of the owner and utilizes approximately 10 acres for the shop, laydown yard, and a small office facility. Stallion is in a fast-growing suburb of a major market area. There is a lot of commercial development taking place within 10 miles of the facilities.
Market Outlook / Competition
The US landscaping market is expected to grow 5-6% annually over the next five years. STALLION’s main competition is other local and regional landscaping companies in the area. Management believes they are a leader in their core market and sees an opportunity to expand into other tangential markets through strategic acquisitions.
$10.7M Revs, $1.9M EBITDA Full-Service Landscaping Company
Revenue
$10,700,000
Cash Flow
$1,900,000
Location
Western U.S.
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Mako
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$5.1M Revs, $1.8M EBITDA Tech-Enabled Golf Cart Rental Business
- Revenue:$5,100,000
- Cash Flow:$1,800,000
- Location:Southeast U.S.
"PROJECT MAKO" is a tech-enabled golf cart rental business serving high-end beach communities in the Southeastern US. The Company is best known for its premium fleet, exceptional service, and proprietary software which drives operational efficiencies and attractive margins. MAKO primarily caters to vacation home renters along with event coordinators and wedding planners seeking reliable, classy, and street legal transportation options. This is a best-in-class operation in an otherwise sleepy, fragmented industry.
The Company owns 350+ late model, street legal carts which are well-maintained by in-house technicians. The average cart is ±3 years old with significant useful life remaining due to the seasonal nature of the business. Replacement capex over the next several years will be minimal due to recent investment in the fleet resulting in a very strong cash flow profile.
MAKO is led by a strong management team and core staff of ±35 employees who consistently generate 5-star reviews. Management has successfully entered multiple markets and envisions replicating the model across other affluent beach communities while maximizing fleet utilization in existing markets. The Company’s proprietary technology platform offers scalability and its proven digital marketing, and channel partnerships continue to build brand awareness in local markets.
MAKO has grown each year since inception and enjoys exceptional Adj. EBITDA margins of 35%+. Revenue in 2024 was approx. $5.1M with Adj. EBITDA of $1.8M. Management is budgeting consistent top-line levels in 2025 with slightly stronger EBITDA margins.
Current ownership is absentee and seeks liquidity to fund other business interests. Management will continue to run the day-to-day operations. This opportunity is ideal for buyers seeking an established cart rental platform to scale or as an add-on to a related business. Alternatively, this could be operated as a lifestyle business for an entrepreneur seeking to work part-time in a desirable beach community. SBA financing is available to qualified investors.
Facilities
MAKO leases office space and storage facilities from third parties which will be assumed by new ownership. Corporate offices include a large indoor facility where carts are maintained and stored in the off-season. Satellite locations offer convenient pick-up/drop-off and support quick turnarounds in the busy seasons.
Market Outlook / Competition
The US golf cart rental market is expected to grow 2%-3% annually over the next five years. MAKO targets growing, affluent beach communities that are densely populated and promote strong fleet utilization. Competition is limited to smaller, mom & pop rental companies that have older fleets. Management believes they are the leader in their core markets and gain market share through superior service levels, quality inventory, and branding initiatives.
$5.1M Revs, $1.8M EBITDA Tech-Enabled Golf Cart Rental Business
Revenue
$5,100,000
Cash Flow
$1,800,000
Location
Southeast U.S.