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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.
- Under Contract
- N2M
- Available
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Eagle
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$14M Rev/$1.75M Adj EBITDA (2025) Industrial Warehouse Products Supplier
- Revenue:$14,000,000 Proj
- Cash Flow:$1,750,000 Proj
- Location:Southeast U.S.
EAGLE is a leading supplier of industrial warehouse products and services across the Southeastern US. As a stocking distributor, EAGLE offers a turnkey solution of material handling, storage, and consumables for end users who own or lease industrial warehouse space. Additionally, EAGLE offers service, installation, and consulting resources with an attractive margin profile. Approximately 60% of revenue is product sales and 40% is service. The Company boasts excellent customer relationships with new accounts added annually. The account base is diversified with no single customer generating more than 8% of annual sales.
EAGLE services a multi-state Southeastern market. EAGLE’s value proposition includes exceptional domain expertise, white glove customer service, in-stock inventory, and quick turnaround. Industry tailwinds are favorable as the US economy reshores manufacturing and ecommerce continues to drive warehousing, which remains in high demand.
2024 sales closed out slightly above $10.6M with 14% Adj EBITDA margins. Management is budgeting $14M in sales in 2025 with Adj EBITDA above $1.75M. Growth ties to new account penetration, continued geographic expansion, and improved consumer confidence entering 2025. Additionally, management believes there is an opportunity to expand its product line and go deeper into facility automation products, facility MRO, and related products and services that current customers are outsourcing like dock door services, warehouse automation systems and energy management systems. EAGLE would pursue these opportunities through an M&A strategy.
EAGLE leases a single facility with sufficient warehouse and office space to support growth. Sales come from stocked and drop-shipped inventories. A five person sales team covers various regions and is compensated with a base + commission package.
The Company is led by industry veterans who seek to align with an experience buyer or investor who will help continued scale, diversification, and professionalization. This opportunity is ideal for strategic acquirers in the industrial distribution or material handling markets or for financial acquirers seeking to align with a strong team and brand in the warehouse supply sector. The owner desires to retain equity pari passu with new investors and stay involved another 4-5 years through its next growth phase.
Facilities
The Company operates out of a single Southeast location (unrelated party FMV lease) with ample warehouse and office space.
Market Outlook / Competition
With the uncertainty of the supply chain and the growth of e-commerce, the warehousing market is projected to grow at a CAGR of 8.1% from 2024 to 2030. EAGLE is located in a growing market with many local growth opportunities and the possibility to expand its presence in nearby cities. While the market is highly competitive, EAGLE stands out from its competitors thanks to its one-stop shop services and in-house inventory.
$14M Rev/$1.75M Adj EBITDA (2025) Industrial Warehouse Products Supplier
Revenue
$14,000,000 Proj
Cash Flow
$1,750,000 Proj
Location
Southeast U.S.
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Bronco
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±$8M EBITDA Residential HVAC, Plumbing, Electrical Contractor
- Revenue:$54,000,000
- Cash Flow:$8,000,000
- Inventory:$3,900,000
- FF&E:$1,400,000
- Real Estate Available:NA
- Location:South U.S.
BRONCO is a market-leading home services contractor serving a Tier 1 market in the Southern U.S. The Company provides homeowners with repairs, maintenance, and replacement of their mechanical, plumbing, and electrical systems. The Company does not offer new construction installations and provides minimal light commercial service. BRONCO currently has over 30,000 maintenance agreements which is growing YOY. This is an exceptional home services brand known for quality, integrity, and community involvement.
TTM revenue is tracking $54M with adjusted EBITDA of $8M (approx. 15%) and conservative growth planned for 2025. Service mix is 70% HVAC, 15% Plumbing, 15% Electrical. BRONCO employs a team of over 200 and prides itself as being an employer of choice given its strong culture, a focus on training and professional development, and competitive wages/benefits.
The Company is led by a strong management team who desire to align with new ownership to support continued growth and scale the business into adjacent markets. The current owner is approaching retirement and seeks a buyer who shares similar values and brings the resources and expertise to take the brand to the next level. The owner is semi-retired today, but open to entertaining rollover equity opportunities and support the business at a board level or as a strategic consultant.
This is a very strong brand with skilled people and highly attractive attributes and performance levels. The ideal buyer is well-versed in building home service brands and brings tangible operating experience to support the continued growth of BRONCO. This opportunity could be a perfect fit for aggregators seeking to expand their partnership base in the Southern U.S. or a financial sponsor seeking an established brand to enter the HVAC market as a platform.
Facilities
The Company operates out of multiple locations across a single MSA and leases facilities from third-parties. The Company does not own any real estate. It is expected that FMV leases will convey with the sale.
Market Outlook / Competition
The Company experienced 6.7% CAGR over the past five (5) years from 2019 – 2024 and management expects similar growth rates for 2025. Additionally, management is exploring tangential markets and a possible new location to support continued growth. Growth through M&A has not been a focus under current ownership, but certainly a pathway given the fragmented nature of the industry.
BRONCO is the largest residential service and replacement brand in their market. There are a few other brands of scale, some of which have been acquired by private equity consolidators, and many smaller players that make up the balance. While the market is competitive, the MSA is growing and provides white space for high value players like BRONCO.
±$8M EBITDA Residential HVAC, Plumbing, Electrical Contractor
Revenue
$54,000,000
Cash Flow
$8,000,000
Location
South U.S.
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Ruby
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$7.2M REV, $2.1M EBITDA Branded Food Processing Machine Manufacturer
- Revenue:$7,175,000
- Cash Flow:$2,100,000
- Inventory:$4,820,000
- FF&E:$1,710,000
- Real Estate Available:yes
- Location:U.S.
The shareholders of RUBY, a branded food processing equipment manufacturer, seek a new owner. The Company manufactures and leases highly automated equipment for several niche food processing applications. RUBY assembles its products in-house and leases them to national and international food processors for their respective niches. RUBY adds about 10-30 net new machines to its rental fleet annually and will have over 525 machines by the end of the year. The intrinsic value of these machines, which are fully paid for, is substantial (±$22M).
The Company enjoys in-house design/engineering capabilities and holds several patents. RUBY currently employs 15. It also uses agents or contractors in different parts of the world to support their sales and service.
This business has been owned by a large and diversified family office for more than 60 years. With current shareholders in their 60’s and 70’s, they realize it’s time to let RUBY find a good home. As such, they seek a full exit. The family's objective is to maximize the sales price through the sale to a financial or strategic buyer.
BAMA believes the ideal buyer is either:
- A strategic buyer who can incorporate RUBY’s equipment manufacturing, parts and service business into their own portfolio of niche food processing equipment. Such a strategic buyer will enjoy RUBY’s long-term customer relationships and leasing model which drive consistent recurring and predictable base revenues.
- A financial buyer with experience in the food & beverage equipment manufacturing industry and use RUBY as a mini buy-and-build platform for a diverse food processing equipment operation.
Facilities
The company owns an ±11,000 square foot facility (±1,500 SF office) for equipment assembly, storage, and maintenance of machines. Real estate can be part of the transaction, or part of a sale leaseback arrangement. It is the Shareholders preference to sell both the Company and its facilities together, but not a mandate. They are also open to a FMV sale/leaseback with a third-party.
Market Outlook / Competition
The food processing industry represents more than $200B annually. It is highly fragmented with many niche manufacturers with specific equipment for unique food processing applications. RUBY provides machines for several unique processing applications, each having a variety of competitors globally. Due to its best of breed equipment, technology and yield, it usually wins in competitive applications. The Company doesn’t spend a lot of money on sales and marketing and would benefit from tapping resources of a larger strategic buyer with dedicated sales resources and market presence as there is still substantial organic growth available domestically and globally.
$7.2M REV, $2.1M EBITDA Branded Food Processing Machine Manufacturer
Revenue
$7,175,000
Cash Flow
$2,100,000
Location
U.S.
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Saturn
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$11.3M Rev; $2.1M Enviro Service Growth Opportunity
- Revenue:$11,302,000
- Cash Flow:$2,100,000
- Location:U.S.
SATURN, a one-stop, diverse environmental services provider seeks a majority recap to support the continued growth of their proprietary service offering that’s driven 47% CAGR from 2021 to 2023. An experienced team offers multiple solutions to address environmental services around regulatory compliance, testing, clean-up and sustainable disposal of hazardous and non-hazardous materials. Their services include permitting and licensing, environmental site assessments & testing, compliance monitoring, waste evaluation, treatment and handling, hazardous waste management, industrial hygiene, storm water inspections and maintenance, and underground storage tank services. SATURN's commitment to excellence and sustainability makes them a trusted partner in navigating complex environmental issues for multi-site service operators across the United States.
While the Company enjoyed exceptional growth the last three years, they’re in early innings given recent environmental IP development. They seek a proven growth partner with experience in environmental and industrial services to support this growth.
Saturn notes they have not seen another individual company providing their value proposition and solution to the market. When customers learn of it, they typically terminate relationships with multiple vendors to get the total environmental solution offered by Saturn. The Company is currently contracted with three of the top ten operators nationally who require their services and are in meaningful conversations with others.
What we love about Saturn:
Saturn’s business is comprised of thousands of small ticket service items ($100-$500). Most customers engage with the Company via multi-year Master Service Agreements outlining the specific fee for services. The Company performs consistent routine services that often uncover additional services to increase the visit from a basic $100 fee to a $500, $1,000 or $10,000 service. The base service and other services are regulated and required. Given their one-stop shop and proprietary disposal solution, they are gaining market share at a rapid rate. This is a highly predictable business.As a result of recent growth investments and the development of their proprietary IP, the Company is getting inquiries for services beyond what they can handle today. This is a growth investment where management will stay, retain a meaningful equity tranche and drive SATURN for the next 4-6 years to take advantage of its IP and strong market demand.
Facilities
SATURN offers full service to many customers where it has infrastructure to support those services, and partial service to others where they haven’t fully built out their infrastructure. Management’s goal is to expand facilities to offer full services to all customers and to be the de facto leader in its offerings nationally. They expect to achieve national coverage within 5-6 years with the right partner.
Market Outlook / Competition
SATURN's capabilities are only recently gaining national traction and attention. Their IP provides an environmental solution for customers that incumbent service providers don’t offer. Furthermore, being a one-stop-shop has provided the Company with a significant advantage over its competitors. The regulatory environment for the services are complex and often outside the core experience set of facility managers. The owners of the facilities appreciate off-loading these regulated services to professionals who have a better solution for their business, their managers and their facilities. The right buyer will discover SATURN as an excellent opportunity to grow with existing customers and capitalize on their recurring revenue from a range of services.
$11.3M Rev; $2.1M Enviro Service Growth Opportunity
Revenue
$11,302,000
Cash Flow
$2,100,000
Location
U.S.