Deal Alert: Established Electrical Contractor With $46M Backlog in the Southern U.S.

📍 Location: Southern United States
💰 Asking Price: $9M
💸 2025 Revenue Forecast: $20M | EBITDA: ~$2M (~10% margin)

🌟 Why This Business is Great:

✔ Infrastructure-Linked, Mission-Critical Work
This company serves essential utility sectors like water and wastewater—making it recession-resistant and tied to long-term public infrastructure projects.

✔ Management in Place
With 50 non-union employees and a layer of operational managers, this business runs independently of ownership. That’s rare and valuable for investors looking for a low-touch asset.

✔ Proven Growth & Predictable Revenue
Revenue has nearly doubled from $12.5M in 2021 to over $20M in 2023. The $46M backlog provides future visibility, reducing investor risk and enhancing bankability.

✔ Asset Backing
With $3.5M in receivables, over $1M in equipment, and optional property worth $1.5M, there’s tangible value behind the price. This isn’t just a goodwill buy.

🚧 Challenges & Considerations:

❌ Valuation Premium
At ~$9M or ~4.5x EBITDA, it’s not a steal—but it’s fair given the backlog and independence. Buyers should be prepared to justify the multiple with strategic growth plans or margin expansion.

❌ Sector-Specific Knowledge Helps
While not owner-dependent, the business operates in a niche requiring technical bids and compliance. Ideal for an operator or investor with industry experience or access to it.

❌ Flat Revenue Forecast
After strong growth from 2021–2023, forecasts plateau at $20M. A new owner may need to invest in tech, processes, or BD to unlock further scale.

🚀 Growth Levers:

🔹 Tech-Enabled Ops
Digital project management, bidding systems, or AI-driven scheduling can reduce overhead and improve margin without needing to grow headcount.

🔹 Margin Optimization
A 26% gross margin means there’s room to tighten bids, reduce costs, or improve procurement for EBITDA lift.

🔹 Acquisitive Expansion
Use this business as a platform for roll-up strategy—acquiring smaller players or adjacent trade services to grow regionally.

🔍 My Analysis:

This is a strong, stable business with a clear niche in essential infrastructure work. The $46M backlog gives it predictable revenue, and the fact that it runs without the owner makes it attractive for investors or strategic buyers. With $20M in revenue and $2M in EBITDA, it’s priced fairly at 4.5x earnings—especially considering the included assets. The growth has already happened, so the next owner’s upside will come from improving margins, adding systems, or using it as a platform to acquire smaller players. It’s not completely passive, but with managers in place, it’s close—and for the right buyer, it’s a solid cash-flowing opportunity with long-term potential.

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