NorCal Specialty Infrastructure Contractor, 50-Year Gas & Underground Utility Builder

Full Editorial Writeup

This is a 50-year-old Northern California specialty infrastructure contractor focused on gas utility work, fuel system installation and removal, and complex underground construction. The company self-performs a turnkey scope: permitting, demolition, excavation, underground utility construction, vapor extraction, groundwater treatment, and site restoration. It serves a sticky, high-credit customer base of major utilities, Fortune 500 companies, municipalities, and institutional clients across California, with high repeat and referral rates.

The real moat here is regulatory. California's construction market is one of the most licensed and compliance-heavy in the country, and this business holds specialized contractor licenses, a trained self-perform workforce, and a five-decade safety and compliance track record. Those are the things you cannot buy overnight, and they wall off casual competitors from the environmentally sensitive fuel and gas work that anchors the P&L.

On the numbers, the business does $8.94M in revenue and $1.587M in EBITDA (roughly 17.7% margin) at a $7.15M ask, a 4.51x EBITDA multiple. FF&E of $1.9M is included, the facility is leased at $7,500 per month through 2031, and it runs on 21 full-time employees with an existing management team. It is SBA pre-qualified, and the owners are retiring with up to a 2-year training runway.