Florida-based specialty contractor that builds and rehabilitates sanitary sewer pump stations (lift stations) for public water and wastewater utilities. About 90% of revenue is from lift station construction, rehabilitation, and upgrades for county and city utilities. The balance is related work the same crews perform: pump station electrical and controls upgrades, stormwater pump station repairs, treatment plant maintenance, welding and fabrication, and emergency bypass pumping and repair when a station fails.
Work is won through agency prequalification and public procurement and then held through multi-year work-order contracts with renewal options, competitively bid projects, a design-build subcontract, and standing emergency-response work for a municipal utility. Florida’s piggyback rule lets other public agencies purchase off a contract the Company has already won, so one award becomes an opening into surrounding jurisdictions without a new bid.
The Company self-performs with its own crews, in-house welding and fabrication, and an owned equipment fleet. In business for more than 25 years, it has worked for its principal county and city utility customers for well over a decade and, in more than a decade of holding county work-order contracts, has not lost one at renewal.
Revenue and net cash flow above are for the twelve months to June 30, 2026 (management-prepared, with net cash flow measured as Adjusted EBITDA). CPA-reviewed 2025 results were $19,162,000 of revenue and $6,044,000 of Adjusted EBITDA, and reviewed annual statements exist for every year from 2019 through 2025.
Investment Highlights
- $37.1M of contracted work already scheduled. On the management schedule dated July 20, 2026, scheduled contracted work stood at $37.1M, 1.9x 2025 revenue: $11.4M scheduled for performance between July 20 and December 31, 2026, and $25.7M for calendar 2027. The portion of that workload carried in the CPAreviewed contract schedule as of December 31, 2025 has a 43.8% gross margin, contracted rather than projected.
- A stepchange in profitability with a documented cause. Revenue grew 81% from 2024 to 2025 while CPAreviewed gross margin rose from 14.4% to 29.9%. The mechanism is on record: the owner moved bid pricing from bareminimum margins toward market rates set by reference to the nexthighest bidders, and the change is visible contract by contract in the CPA schedules and in public bid tabulations. 2025 direct margin at the contract level was 45.6%.
- Adjusted EBITDA of $9.7M for the twelve months to June 30, 2026 (41% margin). One adjusted figure per period, with every addback itemized by year; Adjusted EBITDA was $6.0M on CPAreviewed 2025 results.
- Statutory, ratefunded demand. Customers are public utilities under a legal duty to keep wastewater moving, funded by utility rates rather than annual appropriations, with multibilliondollar legislated capital programs behind them. The five years of reviewed statements from 2021 to 2025 carry no allowance writeoffs; dollarweighted collections ran 41 to 48 days across 2023 to 2025.
- Longtenured, expanding publicutility customer base. About 25 customers invoiced in 2025; relationships with the principal county and city utilities span well over a decade; net revenue retention of 147% from 2024 to 2025 as existing customers bought more; county workorder contracts held for more than a decade with none lost at renewal. Relationships are held at the agency level and carry over with the contracts rather than with any individual.
- One award, many customers. Under Florida’s piggyback purchasing rules, agencies beyond the original customer buy off the Company’s awarded contracts. Multiple jurisdictions have transacted through the Company’s vehicles, and two municipal customers were added in 2025 and 2026 with no new procurement.
- A short field of qualified competitors. Low or sole bidder on the majority of the public bid tabulations on file from one major municipal customer over more than a decade; prequalification, bonding, and a demonstrated record in confinedspace work on inservice stations keep the bidder pool short. Surety capacity is documented in writing at $15M single and $30M aggregate.
- Selfperform capability with a light capital footprint. The Company owns its core fleet and performs its own civil, mechanical, welding, and fabrication work; capital expenditure averaged about 1.4% of revenue from 2021 to 2025, including financed equipment.
- Room to grow, gated by crews rather than demand. Management’s constraint is field labor, not work available; the Company declines work it cannot crew and has never lost a contract for lack of demand. A buyer who adds crews adds revenue inside the existing contract vehicles, and the piggyback base extends into adjacent counties already reached.
- Unusually verifiable. Public payors, public bids and public contracts, CPAreviewed statements for every year 2019 through 2025, carrier loss runs for the 2021 to 2026 policy years, experience modification worksheets for 2025 and 2026, and a written safety program are all in the data room.
Operations and Transition
A self-perform field force organized in crews under experienced superintendents and foremen runs the work, supported by office and management staff. The founder-owner is ready to hand over the day-to-day management of the company and has committed to six months after closing to continue his current management role and hand it over.
His estimating role is separate from that period: he is willing to continue as the company’s estimator with no end date if he and the buyer work well together, and, as of 2026, two office staff assist in bidding. Below the owner, a second-generation vice president and a senior field bench, each with decades in construction, run the field. The office, shop, and fabrication facility with its equipment yard is owned by the owner personally and is available by lease at market rent, on terms already offered, or by purchase.
The business suits a strategic acquirer in water and wastewater or utility construction looking for a Florida platform with contracted work and public-sector relationships, and a financial buyer looking for a defensible position with a documented earnings base.
