Other Building & Construction
Active
Asset-Light Commercial GC | $704K EBITDA | 95% Client Retention
Alberta, Canada
Asking Price$1,850,000
Revenue$3,314,037
EBITDA$703,885
Cash Flow$703,885
Description
Project Keystone is an established commercial general contractor serving institutional property owners, REITs, landlords and property managers in Western Canada. The company is the single point of contact for capital repairs, building upgrades, leasehold and tenant improvements, site services and 24/7 emergency response across commercial and industrial buildings. It fills the gap between large general contractors, which rarely pursue small and mid-sized building work, and single-trade providers that cannot coordinate several trades.
Clients come back every year. On average, clients who returned the following year accounted for 95% of revenue from FY2022 to FY2026, and 11 of the 19 largest client relationships have billed in every year since FY2022. About 97% of revenue comes from property owners, managers and occupiers that fund the work from annual operating and capital budgets, and management estimates that about 80% of work is awarded directly rather than tendered.
FY2026 revenue grew 14.0% to approximately $3.3 million and normalized EBITDA grew 27.5% to approximately $704,000, a 21.2% margin. Gross margin has expanded from 16.7% in FY2022 to 25.5% as the mix shifted toward smaller, higher-margin capital work.
The model is asset-light. Work is delivered through a long-standing network of trade partners and site foremen, with core trades that have worked with the company for 10+ years, so there is little working capital to fund. A General Manager leads estimating, client contact and subcontractor coordination, and work orders, reducing reliance on the owners.
Reason Selling
Lifestyle change
Support & Training
The owners will introduce the new owner to senior client contacts and trade partners and hand over pricing, finance and compliance, with the General Manager leading training on estimating and project delivery.
Growth Opportunities
1) Expand an established maintenance footprint in a second major market, where existing clients hold portfolios the company does not yet serve.
2) Move more maintenance work onto recurring schedules; site checks and snow removal
3) Launch structured business development with REITs and asset managers, which the company has never pursued; growth to date has come almost entirely from referrals. 4) Platform for add-on acquisitions of trades or new markets.
Business listed by
Everyday Exits
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