Custom Structural & Misc Steel Fabricator, 20-Year Metro Atlanta Shop

$2.5M

Revenue

$700K

SDE

Subscribe Free

Read the full deal writeup

Get Free Access Access Unlimited Deals

Already a member? Sign in

Full Editorial Writeup

This is a debt-free custom structural and miscellaneous steel fabricator based in Mableton (Cobb County), metro Atlanta, operating for more than two decades under two owner-operators. The shop fabricates and installs structural packages exceeding 500 tons, performs steel erection up to seven stories, and produces architectural railings, stairs and stair towers, canopies and miscellaneous metal structures. Its calling card is custom fabrication delivered on short notice, a niche that commands premium margins and sticky relationships.

The customer base is unusually blue-chip for a shop this size: national self-storage operators, major hotel brands and leading general contractors. The company has completed work for 80+ self-storage facilities and 100+ hospitality properties across 15+ states and overseas, all grown entirely on referrals with zero outbound sales or marketing. That referral-only growth is both the proof of product quality and the single biggest untapped lever.

Financially this is a standout. On $2.5M of revenue the business throws off $700k of EBITDA, a 28% margin, with adjusted EBITDA margins cited at 30-39% from 2023 to 2025 and 70%+ gross margins. There is no long-term debt, $1.7M of awarded 2026 backlog already booked across 12 contracts, and a lean, 100% cross-trained workforce with non-owner Shop Foreman, Lead Fabricator and field lead in place to support a transition.

Why we like it

Earnings quality is exceptional for a sub-$3M fab shop: $700k EBITDA on $2.5M revenue is a 28% margin, with 70%+ gross margins and management claiming 30-39% adjusted EBITDA margins from 2023 to 2025. Debt-free operations and $146k of inventory mean clean, high-conversion cash flow rather than margins propped up by leverage.
The moat is reputation plus speed in a specialized niche. Twenty-plus years of custom structural and misc steel work has built repeat relationships with national self-storage operators, major hotel brands and top GCs, with a track record on 80+ storage facilities and 100+ hospitality properties. Quick-turnaround custom fabrication is hard to replicate and keeps this shop off pure price competition.
Demand visibility is real and documented. There is $1.7M of awarded backlog across 12 contracts scheduled to start July through November 2026, giving a buyer forward revenue rather than a cold start. That backlog in a fragmented, consolidating $47B North American fabrication market gives an operator a credible platform to build on.
The operator advantage here is enormous and quantified: 21 years of growth entirely on referrals with zero outbound sales or marketing. A buyer who simply adds a dedicated business development function and markets the higher-margin stair-tower and installation line is adding a growth engine where none exists today.

How to improve it

Hire or contract a dedicated business development rep in the first 90 days. The company has grown 21 years on referrals alone, so even a modest outbound effort targeting self-storage and hotel developers should expand pipeline materially given the proven blue-chip relationships already in hand.
Productize the stair and stair-tower installation line as its own higher-margin service. The listing flags this as a distinct margin opportunity, and packaging it for apartments, offices and schools diversifies beyond self-storage and hospitality concentration.
Expand geographically beyond the Southeast, building on the new 2026 Florida accounts. The customer base already spans 15+ states, so formalizing a multi-state sales motion captures demand the shop currently wins only reactively.
Formalize pricing and estimating discipline to protect the 70%+ gross margins at higher volumes. As backlog grows, standardized bid templates and material cost pass-throughs prevent margin erosion that typically creeps in when a shop scales from referral work to bid work.
Use the cross-trained workforce and outsourcing model to scale output without proportional headcount, as the seller suggests. Mapping which fabrication steps can be outsourced during peak demand lets a buyer flex capacity against the lumpy project calendar.
Lock in and deepen the non-owner leadership (Shop Foreman, Lead Fabricator, field lead) with retention incentives before close. Owner departure is the key person risk here, so tying this bench to the business with equity or bonus structures protects continuity.
Negotiate the separate-entity real estate lease or purchase on favorable terms up front. The building is offered at appraised FMV, so a buyer should decide whether to buy, lease long-term, or use a sale-leaseback to free capital while securing the specialized high-bay facility.

Diligence notes

Reconcile the margin picture carefully. EBITDA of $700k on $2.5M revenue is 28%, but management cites 30-39% adjusted EBITDA margins, so get the full add-back schedule and three years of financials to confirm what is normalized owner compensation versus genuine operating margin.
Verify the $1.7M awarded 2026 backlog with signed contracts and deposits. Twelve contracts starting July through November 2026 is attractive, but confirm these are firm commitments rather than letters of intent, and understand cancellation and material escalation terms.
Scrutinize customer concentration across the 80+ storage and 100+ hospitality projects. Blue-chip names are a strength, but if a handful of national self-storage operators or hotel brands drive most revenue, a buyer needs to understand repeat-order patterns and the risk of losing one anchor.
Pressure-test the real estate arrangement. The facility is held in a separate entity and offered at appraised FMV, so get the appraisal, understand whether the operations depend on this specific high-bay space with its crane and press brake, and model lease-versus-buy economics.
Assess the owner-operator dependency and sales transferability. Two owners drove 21 years of referral growth with no sales infrastructure, so confirm whether relationships sit with the owners personally or with the brand and bench, and that the 12-month transition genuinely covers handoff of key accounts.

Source

Originally listed on BizBuySell. View original listing →