Deal Alert: $21M Electrical Contractor with $39M in Backlog

📍 Location: Texas
💰 Asking Price: Not disclosed (IM available)
💸 Revenue: ~$21M | EBITDA: ~$2.2M | SDE: $2.6M+

🌟 Why This Business is Great:

✔ Niche with Moat
This isn’t your average contractor. They specialize in water/wastewater infrastructure — a space with high barriers to entry, sticky clients, and complex licensing requirements. Translation? Less competition and more defensibility.

✔ Backlog = Built-in Revenue
$39M in signed contracts already in the pipeline. That’s not “potential”—that’s real, committed business. With $7.5M in projected gross profit from that alone, you’re walking into cash flow.

✔ No Marketing, All Referrals
They’ve grown ~34% per year over the last three years... without salespeople or digital outreach. This business has pure demand gravity. Add a real go-to-market strategy, and you could double revenue in 24 months.

✔ Cost-Effective Labor
47 employees (non-union), most under $40/hr. Texas labor rates + operational discipline = margin you can actually scale.

✔ Operational Maturity
Key managers are well-paid and in place. Systems are built. The owners are ready to support a transition — not bolt.

🚧 Challenges to Consider:

❌ Customer Concentration
Top 3 clients account for 92% of revenue. That’s a real risk. You’ll want to lock in longer agreements or diversify ASAP.

❌ No Formal Contracts
Despite the strong backlog, there’s a lack of formal long-term agreements. This can spook lenders and makes the handoff tricky without a strong relationship transition plan.

❌ Financials = Internally Managed
No CPA-reviewed statements. That doesn’t mean the numbers are wrong — but you’ll need a thorough QofE and a skeptical eye.

🚀 Growth Levers I See:

🔹 Build a Sales Team + Digital Pipeline
This company has zero outbound. Even basic LinkedIn outreach, industry-specific webinars, or email sequences could unlock massive BD.

🔹 Expand Verticals (EV, Smart Grid)
Texas is pouring money into infrastructure, EV charging, and grid upgrades. This team has the technical skillset to lead in those areas — but they’re not pursuing it yet.

🔹 Strategic Bolt-Ons
There’s room to bolt on HVAC, plumbing, or solar capabilities — either to expand services or cross-sell within existing client relationships.

🔹 Refinance + Restructure
With SBA potential, a buyer with 20% down can get into this for less capital than you’d think — and still run a profitable, asset-light operation.

🔍 My Analysis:

This is a solid, mature business that’s been running under the radar. It’s in a specialized niche with high demand and few competitors, which gives it a real advantage. The $39M backlog means strong, predictable revenue ahead, and the company has been growing steadily without any real sales or marketing engine. That’s a big opportunity for a buyer who knows how to build systems and drive growth. Yes, there are risks — client concentration and unverified financials — but with proper diligence and a focus on diversifying accounts, this could turn into a powerful platform in the growing Texas infrastructure space.

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