Utility-Incentivized Commercial Lighting Retrofitter

$6.0M

Revenue

$1.8M

SDE

3.1x

Multiple

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Full Editorial Writeup

This Company is a niche lighting retrofit provider for commercial, institutional and industrial facilities. The company’s core focus is delivering turnkey energy-efficiency lighting upgrades that... <iframe src="//www.googletagmanager.com/ns.html?id=GTM-PD74W8S" height="0" width="0" style="display:none;visibility:hidden"></iframe> Businesses Franchises Brokers Loading... Create your free account Already have an account? Sign In here There is an error with your email address. Please call (888) 777-9892 option 2 to contact us for further assistance. Full Name Please enter a valid name Email Address Please enter a valid email address You already have an account.Sign in to continue Phone Number Please enter a valid phone number Password Your password must be at least 8 characters long and include a number, an uppercase letter, and a lowercase letter. Yes, send me the BizBuySell Newsletter for popular businesses, tips & email promotions. 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Commercial Lighting Retrofits using Utility Company Incentive Programs Frederick County, MD Asking Price:$5,500,000 Cash Flow (SDE):Not Disclosed EBITDA:$1,600,000 Gross Revenue:$5,700,000 Established:2008 Commercial Lighting Retrofits using Utility Company Incentive Programs Share This Listing Commercial Lighting Retrofits using Utility Company Incentive Programs Copy Link Link Copied Email Facebook LinkedIn Twitter Reddit Your Name Please enter your name Your Email Please enter a valid email address Recipient Email Please enter a valid email address Send via Email Business Description Hi Margin Lighting Retrofits using public utility incentive programs This Company is a niche lighting retrofit provider for commercial, institutional and industrial facilities. The company’s core focus is delivering turnkey energy-efficiency lighting upgrades that materially reduce operating costs while maximizing available state-government sponsored utility incentives that minimize the upgrade cost to the customer. Approximately 75-85% of revenues are generated by LED Lighting Retrofits, approximately 15-25% of revenues are generated by the installation of Lighting Controls and Networked Control Systems. The Company's lighting solutions are optimized not only for performance and longevity, but also for eligibility under utility incentive programs. This allows the Company to offset a substantial portion of the project cost through rebates and grants, often reducing customer out-of-pocket expenses by 40–80%. The Company differentiates itself through a combination of deep technical expertise, in-house electrical labor, and sophisticated knowledge of utility rebate and incentive programs. This integrated approach allows the company to consistently deliver highly competitive proposals, achieve above-industry close rates, and strong profit margins.The Company historically enjoyed revenues in the $3M range. However, with the addition of several new multi-year exclusive contract with area utilities, as well as other new contracts, in 2025 revenues grew to $5.7 million. With more new contracts in hand in 2026 and additional sales people hired, revenues are expected to exceed $7 million in 2026. Adjusted EBIDTA in 2025 was $1.6 million, and is projected to be $2.2 million in 2026. Ad#:2513003 Detailed Information Employees: 28 (26 Full-time, 2 Part-time) Facilities: All equipment needed for the operation will transfer, as well as proprietary software that streamlines estimating, proposals, logistics, ordering, contract generation, etc. The company's leased facility is sufficient for its current business and can accommodate expansion. The real estate lease ends soon, but has an option to extend. Competition: The market for utility company sponsored lighting efficiency retrofits has expanded in the this company's market, with more utilities offering high-incentive programs. This company is uniquely situated to take advantage of these advantageous conditions. The company differentiates itself through a combination of deep technical expertise, in-house electrical labor, and sophisticated knowledge of utility rebate and incentive programs. This integrated approach allows the company to consistently deliver highly competitive proposals, achieve above-industry close rates, and strong profit margins. Growth & Expansion: The company recently added several people to its sales team to better exploit the contracts it has with area electrical utilities to deliver lighting retrofit projects. Additionally, it recently captured two new exclusive or semi-exclusive contracts that will add very significant new markets and revenues to an already-growing utility and user base. Support & Training: Founder will stay on during a transition to help train and familiarize buyer with all aspects of the operation. Additionally, key personnel who will stay on have deep institutional knowledge. Reason for Selling: Retirement. Business Location Location: Frederick County, MD Real Estate: Leased Demographic Information for Frederick County Area Household Income Population Age Population Trend Population by Race/Ethnicity BizBuySell EDGE Financial Benchmarks for Maryland Other Building and Construction Businesses Gross Revenue Benchmarks Cash Flow (SDE) Benchmarks EBITDA Benchmarks BizBuySell EDGE Listing Statistics Saved This Listing Listing Last Updated Appeared in Search Listing Detail Views BizBuySell EDGE Know the True Market Value Before You Make an Offer Get valuation data to negotiate with confidence. Get a Valuation Report Business Listed By: Bill Blumberg Prime Investments View My Listings Phone Number 240-363-1905 Voice only (no SMS) Sponsoring Broker: Don Naideck Ad#:2513003 The information in this listing has been provided by the business seller or representative stated above. BizBuySell has no stake in the sale of this business, has not independently verified any of the information about the business, and assumes no responsibility for its accuracy or completeness. Read BizBuySell's Terms of Use before responding to any ad. Learn how to avoid scams. Contact Form Full Name* Enter a valid Full Name Phone Number* Enter Phone Number Email Address* Enter Email Address Zip Code Amount to Invest Purchase Timeframe 1-3 Months 3-6 Months 6+ Months Optional Message Yes, send me the Buyer Newsletter for popular businesses, tips, & email promotions. Optional: Check if you want to use IRA/401k funds ($75K+) to buy a biz - Guidant will call Send Message By clicking the button, you agree to BizBuySell’s Terms of Use and Privacy Notice Business Listed By: Bill Blumberg Prime Investments View My Listings Phone Number 240-363-1905 Voice only (no SMS) Sponsoring Broker: Don Naideck Your request has been sent. What Happens Next? is reviewing your details. A representative will reach out soon to discuss your options. Expect a response in 1-2 business days. Contact Form Full Name* Enter a valid Full Name Phone Number* Enter Phone Number Email Address* Enter Email Address Zip Code Amount to Invest Purchase Timeframe 1-3 Months 3-6 Months 6+ Months Optional Message Yes, send me the Buyer Newsletter for popular businesses, tips, & email promotions. Optional: Check if you want to use IRA/401k funds ($75K+) to buy a biz - Guidant will call Send Message By clicking the button, you agree to BizBuySell’s Terms of Use and Privacy Notice Business Listed By: Bill Blumberg Prime Investments View My Listings Phone Number 240-363-1905 Voice only (no SMS) Sponsoring Broker: Don Naideck Your request has been sent. What Happens Next? is reviewing your details. A representative will reach out soon to discuss yo

Why we like it

Earnings quality is strong with $1.6M EBITDA on $5.7M revenue, a roughly 28 percent margin that is unusually high for an electrical contractor. The rebate-driven model lets the company win on net customer cost while protecting margin, suggesting pricing power rather than commodity bidding.
The moat is regulatory and institutional knowledge, not just labor. Mastery of utility incentive programs plus in-house electrical crews and proprietary estimating software creates a structural advantage that drives above-industry close rates and is hard for generalist electricians to copy.
Demand is essentially subsidized and counter-cyclical. Energy efficiency upgrades that pay for themselves through rebates get approved even in downturns because they cut operating costs, and utilities continue expanding incentive programs in this market.
Recent contract wins create visible growth. Multiple new multi-year exclusive and semi-exclusive utility contracts drove revenue from a $3M historical base to $5.7M in 2025, with a credible path to $7M and $2.2M EBITDA in 2026 backed by signed work and added salespeople.

How to improve it

Validate and lock down the new exclusive utility contracts in writing before close, then build a dedicated account team around each to fully exploit the captured markets. These contracts are the entire growth thesis, so treating them as crown-jewel relationships protects the projected jump to $7M.
Productize the rebate-navigation expertise into a repeatable sales playbook and train the expanded sales team on it. The close-rate advantage currently lives in a few people's heads, and codifying it makes the revenue ramp less dependent on individual rainmakers.
Geographically expand the model into adjacent utility territories with similar incentive programs. The Maryland playbook is portable to neighboring states with high-incentive programs, and bolt-on territory expansion is low-capital growth given the asset-light services model.
Add a recurring maintenance and controls-monitoring contract to each retrofit install. Networked lighting controls create a natural service annuity, converting one-time project revenue into recurring high-margin maintenance that improves earnings durability and resale multiple.
Tighten the founder transition plan and document tribal knowledge immediately. Since the founder and key staff hold the institutional relationships and incentive know-how, formalizing SOPs and retention agreements in the first 90 days de-risks the handoff.
Pursue cross-sell into HVAC and broader energy-efficiency retrofits using the same utility-incentive channel. The customer relationship and rebate expertise extend naturally to other efficiency upgrades, increasing wallet share per facility without new customer acquisition cost.

Diligence notes

Scrutinize the new utility contracts for exclusivity terms, duration, renewal rights, and any volume commitments or termination clauses. The valuation leans heavily on these contracts delivering the $7M 2026 projection, so confirm they are signed, transferable on a change of control, and not founder-dependent.
Stress-test the dependence on utility incentive programs and the regulatory environment. Rebate budgets can be cut, capped, or reallocated by state policy, and a reduction in incentive funding would directly compress the net-cost advantage and close rates that drive these margins.
Reconcile the revenue and EBITDA figures, which appear inconsistent across the listing ($6.0M vs $5.7M revenue, $1.762M vs $1.6M EBITDA). Get audited or reviewed financials and verify the 2025 jump from a $3M base reflects durable booked work versus one-time project timing.
Confirm the facility lease extension option and terms, since the lease ends soon and the operation depends on warehouse and staging space. Also verify the proprietary estimating and logistics software transfers cleanly with full ownership and no licensing entanglements.
Assess customer and contract concentration. If a large share of 2025 revenue and the 2026 ramp comes from one or two utility relationships, the cash flow is more fragile than the headline multiple implies and should be priced accordingly.

Source

Originally listed on BizBuySell. View original listing →