Specialty Fueling-Site Electrical Contractor, Atlanta Metro

$5.2M

Revenue

$1.1M

SDE

5.4x

Multiple

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Full Editorial Writeup

This is a specialty commercial and industrial electrical contractor based in the greater Atlanta metro, delivering projects across the Southeast. The company self-performs the complete electrical scope on commercial and industrial builds, with a deep niche in fueling and convenience retail sites: site underground, fuel systems, dispensers, area lighting, store interiors, and main distribution. Work comes in under contract to general contractors building for national retail brands, and the company holds approved-vendor and prototype-build standing that controls who is even permitted to bid.

The operation runs on roughly $5.2M in revenue and over $1M in adjusted EBITDA, stated after a full market-rate charge for a replacement manager. That detail matters: the business is genuinely manager-run, with estimating, field supervision, crew scheduling, and office admin all held by a long-tenured W-2 team. Ownership has been substantially out of daily operations for several years and participates only through periodic phone contact. Qualifying electrical licenses are held independent of ownership across the states served, so a buyer does not need to personally hold a license.

The moat here is real but narrow. A very small field of contractors can self-perform complete fueling-site electrical work, the technical learning curve is steep, mistakes are expensive and surface late, and the approved-vendor lists are restricted. All work arrives inbound off the vendor list and by referral with zero salesperson and zero marketing spend, which is both the appeal and the ceiling. Revenue flows through multiple general contractor payors rather than a single account, and signed-but-unstarted contract work is in place at closing.

Why we like it

Earnings quality is above average for a trade business because the $1M+ EBITDA is stated after charging a full market-rate replacement manager, so the number already reflects a hired operator rather than inflated owner add-backs. Work-in-progress reporting behind every open project and signed unstarted backlog at closing give a buyer real visibility into forward earnings.
The moat is legitimate and hard to replicate: approved-vendor and prototype-build standing with a major national retail customer literally governs who can bid, and the technical learning curve on fueling-site electrical is steep with expensive, late-surfacing errors. A senior field bench trained specifically in this work is the barrier, not easily poached or rebuilt.
This is a rare trade business that is already manager-run and license-independent of ownership, which widens the buyer pool to independent sponsors and non-electricians. The W-2 workforce, own fleet, and long-tenured office and field team mean the operating machine transfers intact rather than walking out with the seller.
Multiple expansion levers are untouched and self-funding: the company has never employed a salesperson or spent a dollar on marketing, has turned away work for capacity reasons, and previously performed fuel-system service and certification work it discontinued. EV charging and electrification demand sit on top of an existing, visible pipeline.

How to improve it

Hire or appoint a dedicated estimator and first-ever salesperson in the first 90 days to pursue the backlog of work currently declined for capacity, since the business has grown this far with zero outbound effort. Even a single rep working the existing GC relationships should move revenue without new marketing spend.
Stand up a recurring service and maintenance division alongside the construction book using capability already in-house, converting lumpy project revenue into contracted, higher-margin recurring work. This directly addresses the model's biggest weakness, which is that every dollar must be re-won project by project.
Re-enter fuel-system service, startup, and certification work the company previously performed and discontinued, since the technical capability and vendor standing already exist. This is incremental margin on relationships already owned, not a cold market entry.
Add field crews to absorb demand already visible but turned away, treating capacity as the binding constraint on near-term EBITDA growth. Model the labor cost against WIP margins before hiring so you protect job-level profitability as you scale.
Build a formal pipeline to capture EV charging and commercial electrification demand, which overlaps the existing fueling and convenience retail customer base perfectly. Convenience and fueling site owners installing chargers are the exact accounts the company already serves.
Diversify approved-vendor standing beyond the single major national customer by pursuing prototype relationships with additional national brands, reducing concentration risk while using the same qualification playbook. This hardens the moat and the revenue base simultaneously.

Diligence notes

Quantify customer and GC concentration precisely: the listing touts multiple GC payors but also leans heavily on prototype-build standing with one major national customer. Understand what percent of revenue and backlog depends on that single relationship and whether the vendor approval transfers on a change of control.
Validate the $1M+ adjusted EBITDA against tax returns and confirm the replacement-manager charge is truly market rate, not understated. Because ownership is already absentee, scrutinize whether any critical judgment, bidding, or relationship function still quietly runs through the owner.
Review the WIP schedule, open contract margins, and the signed-but-unstarted backlog in detail, since project businesses hide losses in optimistic percent-complete accounting. Confirm historical bid-to-actual accuracy and whether recent margins reflect a sustainable run rate or a few favorable jobs.
Assess key-person risk in the field supervisor and senior field bench, because the moat is literally the trained crew. Confirm retention plans, compensation, and whether the qualifying license holders stay post-close, since licensing is held independent of ownership but still tied to specific individuals.
The facility is leased, so review lease terms, remaining years, renewal options, and whether the recently improved office and warehouse space can be retained on acceptable economics. Confirm fleet condition, ownership, and any outstanding financing on the vehicles.

Source

Originally listed on BizBuySell. View original listing →