Current
Engagements

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.

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.

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.

"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.

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.

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.

ATHENA is an established training and compliance solution company serving niche industries and end markets. The Company built a robust portfolio of up-to-date curriculum that meets the increasing regulatory demands of various end markets nationwide. With 95%+ customer retention, no customer concentration, CAPEX-light operations, a scalable business model, and a growing market need for compliance solutions, ATHENA is well-positioned for future expansion. 95% of the Company revenue comes from just a handful of U.S. states. This will make ATHENA a strong asset for the future buyer, who will be able to increase its footprint and expand niche end markets. Gross margins vary from 60%+ for in-person training to mid-80 % for online training.

Offering both online and onsite training solutions, ATHENA has created a loyal customer base across multiple niche sectors. Most of ATHENA’s customers still prefer in-person training where ATHENA’s trainers can walk the environment and provide updates to client safety and other compliance manuals.

The current owners seek a financial buyer who can step in and run the Company, or a strategic buyer who will incorporate ATHENA’s capabilities and clients under their umbrella. They expect to transition out within 3-6 months of closing as the team is in place for operating the business.

The sellers invested heavily in the business the past 3-4 years bringing in professional managers to handle key operation areas of the company including: finance, marketing, compliance area 1, compliance area 2, customer experience, LMS management, trainer development and more. The owners believe they can grow another 40-50% with the current infrastructure investments. The Company’s investments in people and professionalization are driving growth. They are coming off a record Q1 and expect to have a banner year in 2025.

Business operations are from both leased and remote work environments. The Company HQ handles customer engagements and onboarding.

Compliance areas for safety and other niche areas have persistent regulatory changes. Companies like ATHENA effectively implement these changes in real time and their customers know the content is excellent and up-to-date. This positions ATHENA as a strong competitor in the niche safety and compliance arena.

UNDER CONTRACT

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 16% Adj EBITDA margins. Management is budgeting nearly $12M in sales in 2025 with Adj EBITDA above $1.8M. 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.

The Company operates out of a single Southeast location (unrelated party FMV lease) with ample warehouse and office space.

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.

UNDER CONTRACT

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:

1. 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.
2. 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.

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.

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.