Heavy Civil Contractor, DOT-Prequalified Pennsylvania Infrastructure Group

$33.0M

Revenue

$32.7M

SDE

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Full Editorial Writeup

COMING TO MARKET SOON Prequalified to bid $100M. Doing $33M in revenue & $5.3M in adjusted EBITDA. A state-backed infrastructure platform built on three DOT-prequalified subsidiaries: bridge and heavy... Businesses Franchises Brokers Loading... Heavy Civil Platform |$33M Rev $5.3M EBITDA-Prequalified to Bid $100M! Harrisburg, PA (Dauphin County) Asking Price:Not Disclosed Cash Flow (SDE):$32,700,000 EBITDA:$5,300,000 Gross Revenue:Not Disclosed Real Estate:Not Disclosed Established:2013 Heavy Civil Platform |$33M Rev $5.3M EBITDA-Prequalified to Bid $100M! Business Description Essential Service Business That Has Grown Year Over Year COMING TO MARKET SOONPrequalified to bid $100M. Doing $33M in revenue & $5.3M in adjusted EBITDA.A state-backed infrastructure platform built on three DOT-prequalified subsidiaries: bridge and heavy civil construction, asphalt paving and sitework, and traffic control and work-zone safety. One platform, self-performing across the full project lifecycle, keeping the 15 to 20 points of margin most contractors hand to subs.$32.7M revenue, $5.3M EBITDA, 16.2% margins. And the trajectory is the story: revenue up 53% and EBITDA up 76% over three years, margins expanding 230 basis points. This isn't a business dressed up for a sale. It's compounding.Here's what's rare. The credentials, the crews, and the owned fleet are all built and paid for, and already prequalified for three times current revenue. The nearest rung is capacity: the platform runs at 70% crew utilization, and management's own math puts EBITDA at $8 to $9M at 90%, with almost no added overhead. No building required. Just fill what already exists.It enters 2026 with contracted backlog covering the better part of the year before a single new bid, anchored by customers who don't churn: the state DOT, municipalities, and blue-chip utilities. Demand runs for decades, billions in federal infrastructure dollars and thousands of deficient bridges across the region.Demand isn't the ceiling. Capital is. Sell-side QoE complete. Owner willing to roll over equity. The rest is under NDA. Ad#:2530369 Detailed Information Employees: 130 Full-time Competition: DOT prequalifications across all subsidiaries create formidable barriers requiring multi-year safety records, financial stability, and bonding capacity. Vertical integration protects 15-20% margin most contractors lose to subcontractors. Superior safety (EMR <1.0) and 12-year institutional relationships provide additional advantages. Pennsylvania's $10B+ infrastructure market includes 3,300+ structurally deficient bridges. The Infrastructure Investment & Jobs Act allocated $13B+ through 2026, creating multi-decade demand. Growth & Expansion: Platform operates at 70% crew utilization across 31 field crews, providing clear path to $8-9M EBITDA at 90% utilization with minimal incremental overhead. Management seeks strategic or financial partner to accelerate geographic expansion, scale traffic services regionally, and pursue bolt-on acquisitions. Business Location Location: Harrisburg, PA Real Estate: Owned Financial Benchmarks for Pennsylvania Heavy Construction Businesses Gross Revenue Benchmarks Cash Flow (SDE) Benchmarks EBITDA Benchmarks BizBuySell EDGE Demographic Information for Harrisburg Area Household Income Population Age Population Trend Population by Race/Ethnicity 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: Faraaz Ali The Raivax Group View My Listings Phone Number 844-793-2718 Voice only (no SMS) Ad#:2530369 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. Learn how to secure financing and get prequalified before buying a business. Send Message By clicking the button, you agree to BizBuySell’s Terms of Use and Privacy Notice Business Listed By: Raaz Ali, MBA, CBI, M&AMI, CM&AA The Raivax Group View My Listings Phone Number 844-793-2718 Voice only (no SMS) 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. 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Why we like it

Earnings quality is anchored to government and utility counterparties: state DOT, municipalities, and blue-chip utilities that pay reliably and don't disappear in a downturn. Revenue is up 53% and EBITDA up 76% over three years with margins expanding 230 basis points, so this is compounding cash flow, not a one-time spike dressed for sale. A completed sell-side QoE de-risks the reported $5.3M adjusted EBITDA.
The moat is regulatory and operational, not marketing. DOT prequalifications across all three subsidiaries require multi-year safety records, financial stability, and bonding capacity that take years for competitors to replicate, and an EMR under 1.0 plus 12-year institutional relationships deepen the barrier. Vertical integration lets them keep 15 to 20 points of margin most peers hand to subcontractors.
The tailwind is structural and funded. Pennsylvania has 3,300+ structurally deficient bridges and the IIJA has allocated $13B+ through 2026, creating multi-decade replacement demand backed by federal dollars rather than discretionary spend. Infrastructure repair is exactly the kind of essential work that survives recessions because deteriorating bridges don't wait for the economy to improve.
The operator upside is unusually clean: the platform runs at 70% crew utilization across 31 field crews, and management projects $8 to $9M EBITDA at 90% with minimal incremental overhead. The credentials, crews, and owned fleet are already built and paid for, so a buyer isn't funding growth capex, just filling capacity that already exists. Prequalification to bid $100M against $33M current revenue means the ceiling is far above where they operate today.

How to improve it

Attack the utilization gap first. The single highest-return lever is moving from 70% to 90% crew utilization to capture the projected $8 to $9M EBITDA, which requires more bids won and better crew scheduling rather than any new investment. Build a disciplined bid pipeline that targets the prequalified $100M capacity and staff a dedicated estimating function if one isn't already in place.
Shore up bonding and working capital capacity in the first 90 days, since management explicitly states capital, not demand, is the ceiling. Larger surety lines and a working capital facility let the platform pursue bigger contracts within its existing prequalification tier. This is the direct unlock for the growth the business already has credentials to chase.
Pursue geographic expansion of the DOT-prequalified footprint into adjacent states with similar bridge deficiency profiles. The credentials and safety record travel, and neighboring DOTs face the same IIJA-funded replacement backlog. Scaling the traffic-control and work-zone safety subsidiary regionally is a lower-capital way to expand margin ahead of the heavier civil work.
Execute bolt-on acquisitions of smaller specialty contractors that already hold complementary prequalifications or crews. Tuck-ins add immediate bidding capacity and crews at multiples below the platform's own value, and vertical integration means acquired sub-scale work gets absorbed at higher margin. Management already cites bolt-ons as part of the plan, so build a repeatable acquisition playbook.
Institutionalize the estimating and project-cost controls to protect the 16.2% margin as volume scales. Heavy civil work lives and dies on change orders, material escalation, and crew productivity tracking, so tighten job-costing systems before adding backlog. Margin expansion of 230 basis points is impressive, and disciplined cost controls are what defend it through a growth phase.
Lock in and formalize the DOT and utility relationships beyond the departing owner. If 12-year institutional relationships run through the seller personally, transfer them systematically to the management team and key project leads. Equity rollover by the owner helps, but codify the relationship map so retention doesn't depend on any single person.

Diligence notes

Reconcile the headline numbers, which are internally inconsistent in the listing: the title and body cite $5.3M EBITDA while the Cash Flow field shows $32.7M, likely a data entry error where revenue and cash flow were swapped. Confirm the true $32.7M revenue, $5.3M adjusted EBITDA, and 16.2% margin figures against the completed sell-side QoE and audited or reviewed financials.
Scrutinize the adjusted EBITDA bridge and the QoE add-backs. Understand exactly what was adjusted, whether owner compensation and one-time items are reasonable, and whether the 76% three-year EBITDA growth is organic or driven by a few large projects. Concentration in any single DOT contract or project could distort the run-rate.
Verify the backlog quality and the prequalification status directly with PennDOT. Confirm the contracted backlog covering most of 2026 is signed and not just pipeline, check bonding capacity and surety relationships, and validate that all three subsidiaries hold active DOT prequalifications with no lapses or disciplinary flags.
Assess the owned fleet condition, age, and maintenance capex, since the listing counts the paid-for fleet as a core asset. Heavy equipment has real replacement cycles, and deferred maintenance can turn a clean EBITDA into a capex trap. Get an independent equipment appraisal and a forward maintenance and replacement schedule.
Examine the labor situation closely given 130 employees and 31 crews in a tight skilled-trades market. Confirm whether the workforce is union or open-shop, review turnover, prevailing-wage exposure on public jobs, and the availability of skilled crews needed to move from 70% to 90% utilization. Labor scarcity, not demand, may be a real constraint on the growth thesis.
Clarify the deal structure and the owner's equity rollover terms. Understand how much equity the seller intends to retain, at what valuation, and what governance and exit rights come with it. Because real estate is owned but disclosure is incomplete, confirm whether property is inside or outside the transaction and on what lease terms.

Source

Originally listed on BizBuySell. View original listing →