Southern Maine Specialty Commercial Construction Business, Established 1948

$3.9M

Revenue

$922K

SDE

3.8x

Multiple

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Full Editorial Writeup

This is a specialty commercial construction business operating out of Southern Maine since 1948, serving commercial property owners across a wide range of industries throughout New England. The company handles both new construction and repair/replacement work, occupying a niche where its capabilities exceed those of smaller competitors while taking on projects that larger firms deprioritize. It runs a 20-person skilled full-time workforce out of roughly 15,000 square feet of leased space with $750,000 of equipment included in the deal.

The financials are the headline: $3.87M in revenue producing $921.5K of EBITDA, a roughly 24% margin that is strong for commercial construction and suggests either a genuinely differentiated service line or disciplined project selection. At a $3.525M asking price the deal pencils to 3.83x EBITDA, with $120K of inventory outside the price and seller financing on the table.

What makes it notable is the combination of a 75-plus-year track record, a repair/restoration tilt driven by the region's aging commercial building stock, and consistent revenue. The repair and replacement component matters because it is less cyclical than pure new-build exposure and creates ongoing demand independent of economic peaks.

Why we like it

Earnings quality is the standout here: $921.5K EBITDA on $3.87M revenue is a ~24% margin, well above the single-digit-to-low-teens margins typical of general commercial construction. That premium implies a specialty service line with real pricing power rather than a low-bid general contractor racing to the bottom.
Durability comes from a 1948 founding and a sterling local reputation that competitors cannot replicate quickly. A 77-year operating history in commercial construction signals survived recessions, stable customer relationships, and a workforce and brand that function as a genuine moat in a relationship-driven trade.
Market tailwinds favor the repair and restoration tilt. The region's aging commercial building stock drives ongoing non-discretionary maintenance and replacement demand, which is far steadier than speculative new construction and keeps the pipeline full through down cycles.
The deal is priced reasonably at 3.83x EBITDA with seller financing available and $750K of equipment already in the price. That combination lets a buyer use leverage, preserve cash, and avoid a separate capex outlay to get operating immediately.

How to improve it

Nail down the owner-dependency question in the first 90 days by mapping which customer relationships, estimating decisions, and project oversight run through the seller. The 2-4 week transition window is short, so build a retention plan for the key superintendents and estimators before close to avoid a knowledge cliff.
Push toward contracted maintenance and inspection agreements with the existing commercial client base. Converting repeat repair work into scheduled service contracts would smooth revenue, improve visibility, and materially lift the multiple at exit by adding a recurring layer to a project-based business.
Formalize a backlog and pipeline reporting system if one does not exist. Construction cash flow lives and dies on backlog visibility, and institutionalizing this lets a new owner forecast capacity, hire ahead of demand, and prevent the revenue whipsaw common in the trade.
Expand geographically within New England by leveraging the existing infrastructure the listing describes as having capacity for growth. With a proven service model and 15,000 sq ft of space, adding a second crew or market could grow revenue without proportionally growing overhead.
Review pricing and bid discipline to defend that 24% margin. Build a standardized estimating template and win-rate tracking so the new owner does not inadvertently chase volume at the expense of the margin that makes this business attractive.
Invest in recruiting and apprenticeship to protect the skilled 20-person workforce. Skilled commercial construction labor is the binding constraint on growth in Maine, so a pipeline of trained talent is the single best lever to scale revenue past current capacity.

Diligence notes

Reconcile the EBITDA to the owner's actual add-backs and working role. The listing discloses EBITDA but not SDE, so confirm whether the $921.5K reflects a market-rate replacement for the owner's labor or assumes the buyer does the owner's job for free.
Scrutinize customer concentration and revenue consistency. The listing claims consistent revenues but provides no multi-year figures, so pull three to five years of financials and the customer-by-revenue breakdown to confirm no single commercial account drives the margin.
Examine the backlog and the mix of repair versus new construction. The recurring, recession-resilient thesis hinges on repair/restoration being a large share, so quantify current signed backlog and the historical split to validate the durability claim.
Verify the condition, age, and ownership of the $750K FF&E and vehicles. Confirm the equipment is owned free and clear with no leases or liens, and assess near-term replacement capex that could erode the EBITDA you are buying.
Review the lease terms on the 15,000 sq ft facility at $12,100 per month. Confirm remaining term, renewal options, and escalators, since a short or expiring lease on the only operating base is a real continuity risk for a business this size.
Pressure-test the reason for selling. The owner cites focusing on other opportunities rather than retirement, so understand whether the seller is departing from a business that still needs them and whether the short 2-4 week handoff is adequate for a relationship-driven trade.

Source

Originally listed on BizBuySell. View original listing →