The Industrial Services report is the first in a planned sector series, written for founders operating in industrial services who want to know what the buyer-side actually values, and what they discount, in their sector specifically.
What is in it
A composite multiple analysis across 80+ industrial services transactions, 2024-2026, by sub-vertical (HVAC, electrical, plumbing, roll-up specialty services, fire and life safety). The data is drawn from Pratt’s Stats, the Capstone Middle Market Index, and Cordis Institute’s review of the engagement and comp universe.
Sector-specific premium drivers: recurring revenue programs, named-account contract structure, technician retention, certifications, geographic density, fleet age and standardization, IT systems maturity, customer mix between residential and light commercial and full commercial.
Sector-specific discount drivers: founder centrality, customer concentration with single largest customer above 20%, undocumented service revenue, deferred maintenance on owned equipment, technician 1099-versus-W2 mix outside the regulatory norm for the geography.
A short concluding chapter on the strategic-versus-financial buyer pool in industrial services, with named acquirer archetypes and the comp structures they typically pay.
Who this is for
Founders running industrial services businesses between $5M and $50M in revenue, considering a transition in the 12 to 60 month window. The report is sector-specific by design; general framework material is in The Misalignment Tax monograph.
Format
38 pages, PDF on purchase. Tables, comp data, citations. Designed to be read in one sitting and referenced for the next two years.
Price
$197. Sector reports require original empirical work and have a smaller addressable market than the framework material. The pricing reflects the depth of the work and the specificity of the audience.