Plumbing
Active
Add-On: Bozeman, MT / Residential Plumbing / $675K Adj. EBITDA
Bozeman, Montana, United States
Asking Price-
Revenue$2,430,000
EBITDA$675,000
Cash Flow$675,000
Description
Add-On Opportunity: Bozeman, MT Based / Residential Plumbing, Boiler & Heating Services / $675K Adj. EBITDA / 27.8% Margin / No New Construction
Founded in 1985 and headquartered in Bozeman, Montana, the Company is a residential-focused plumbing, boiler, and heating-services contractor serving homeowners across the Gallatin and Paradise Valleys of southwest Montana.
Approximately 75% of revenue is residential, split between recurring service and repair work and equipment replacement. The Company provides 24/7 plumbing and heating services, including emergency repairs, drain and fixture service, boiler and furnace repair, water-heater service and replacement, tankless-system installation, boiler replacement, repiping, and remodel plumbing for existing customers.
The Company deliberately exited open-market new construction in 2009 and has since concentrated on residential service, repair, and replacement, where demand is recurring and margins are more attractive. New-construction work is accepted only for established customers. The remaining approximately 25% of revenue comes from recurring commercial-maintenance relationships, providing diversification without changing the Company’s residential-service orientation.
Operations are supported by 11 personnel, including seven field employees, four licensed plumbers, three apprentices, a general manager, and two office employees. The Company also operates nine late-model service vehicles stocked to support first-visit completion. The general manager is a master plumber who already runs daily operations and intends to remain following the transaction.
Key KPIs
- **Residential revenue:** Approximately 75%
- **Residential service and repair:** Approximately 60% of residential revenue
- **Residential replacement:** Approximately 40% of residential revenue
- **Commercial maintenance:** Approximately 25% of total revenue
- **Open-market new-construction exposure:** None
- **LTM July 2026 revenue:** $2.43 million
- **LTM adjusted EBITDA:** $675,000
- **LTM adjusted EBITDA margin:** 27.8%
- **Adjusted EBITDA excluding estimated run-rate items:** $625,000
- **Corresponding adjusted EBITDA margin:** 25.8%
- **FY2025 revenue:** $2.42 million
- **FY2025 adjusted EBITDA:** $598,000
- **FY2025 adjusted EBITDA margin:** 24.8%
- **FY2025 revenue growth:** 39.6%
- **Revenue CAGR (FY2019-FY2025):** 14.3%
- **Seven-month 2026 revenue growth:** 0.6%
- **Seven-month 2026 EBITDA growth:** 36.0%
- **Customer retention:** Approximately 85%, per management
- **Largest customer:** 9.9% of FY2025 revenue
- **Top-five customers:** 22.9% of FY2025 revenue
- **Personnel:** 11
- **Field personnel:** 7
- **Licensed field plumbers:** 4
- **Apprentices:** 3
- **Operating service vehicles:** 9
- **Average operating-fleet model year:** 2024.6
- **Emergency availability:** 24/7
- **Operating history:** 41 years
- **Days sales outstanding:** 27 days
### Recent Performance
Revenue increased 39.6% in FY2025, from $1.73 million to $2.42 million, following the successful addition of technician capacity. LTM July 2026 revenue remained effectively flat at $2.43 million, preserving the prior year’s increase in scale.
Through the first seven months of 2026, revenue increased 0.6%, while reported EBITDA increased 36.0%. The earnings improvement was driven by a greater mix of core service labor, a 10.3% reduction in field wages, and overhead that did not increase with revenue.
Residential Add-On Opportunity
The Company represents an attractive add-on for a residential HVAC, plumbing, electrical, or multi-trade home-services aggregator seeking immediate entry into the Mountain West. An acquirer would gain an established residential brand, a broad homeowner customer base, licensed plumbing and boiler capabilities, a modern service fleet, and second-generation management already running daily operations.
The business has several familiar home-services value-creation opportunities.
Inventory
Included in Asking Price
Business listed by
The Advisory IB
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