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Hi all — after a brief hiatus to focus on the conference, we’re resuming deal flow sharing. If you are a broker or a business owner looking to get in front of 8,500+ investors, please email me at [email protected].
Utility Infrastructure Contractor (Broadband Focus)
🔗 Access Deal Materials
Interested in learning more? Contact Mike Coscarelli / Tyler Campbell (Bridgeway Partners) at [email protected] or [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal: A 35+ year old full-service utility infrastructure contractor serving broadband providers across the Great Lakes Region. The business operates under long-term Master Service Agreements (MSAs)—some spanning 20+ years—providing a durable customer base.
The owner has operated in a passive capacity for the past decade, with day-to-day operations managed by a management team. A W2 and subcontractor workforce model enables efficient scaling for new infrastructure builds. The company runs out of a primary headquarters and two satellite locations, giving it broad geographic reach across its core market.
With a new MSA added in Q1 2026 and ~$130B+ in combined private and public funding flowing into fiber infrastructure buildout, the Company is well-positioned to grow revenue while converting new builds into long-term recurring maintenance contracts.
Revenue: ~$9.3M
Adj. EBITDA: ~$1.9M
Deal Type: Majority Sale
HQ: Great Lakes Region
🔎 What They Do
The company provides services to broadband providers, supporting both construction and ongoing network maintenance.
Core services include:
Underground fiber construction (trenching, conduit installation, fiber placement)
Aerial fiber deployment and maintenance
Repair and maintenance services for existing broadband networks
Infrastructure upgrades and expansion projects
💼 Recent Private Equity Deal Comps
Acquirer | Target | Date | Notes |
|---|---|---|---|
Kohlberg (majority; Braemont Capital rolls) | Loenbro | Dec 2025 | Colorado-based critical infrastructure contractor providing electrical, mechanical, and structural services with a focus on recurring maintenance and high-growth new build work — strong parallel to Project Silica's MSA-driven model |
Sandbrook Capital (from Bernhard Capital) | United Utility Services | Dec 2025 | Leading provider of outsourced electric grid infrastructure services to investor-owned utilities, cooperatives, and municipalities — valued at ~$1B; a PE-to-PE transition underscoring sustained investor appetite for utility services platforms |
New Mountain Capital | Pearce Services | Mar 2020 | California-based provider of turnkey, mission-critical technical services for telecom networks, offering recurring maintenance, diagnostics, and repair of telecom infrastructure. New Mountain ultimately sold Pearce to CBRE for ~$1.2B in early 2026, one of the stronger proof points for long-term value creation in infrastructure services platforms |
Pediatric Therapy Platform – Multidisciplinary ABA, OT, PT & Speech
🔗 Access Deal Materials
Interested in learning more? Contact Jacob Lynch (Healthcare Capital Advisors) at [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal: A high-margin, multidisciplinary pediatric therapy platform offering Applied Behavior Analysis (ABA), Occupational Therapy (OT), Physical Therapy (PT), and Speech Therapy services under a unified, whole-child care model. The business benefits from a premium reimbursement structure (100% commercial, out-of-network), strong client retention, and an established referral network.
With $6.0M revenue and $2.1M EBITDA (~35% margin), the platform demonstrates attractive unit economics and operates at only ~56% capacity utilization, providing significant near-term growth without incremental capital investment.
For financial sponsors, this represents a scalable healthcare services platform with strong organic growth levers and consolidation potential within pediatric therapy. For strategics, it offers a turnkey operation with established infrastructure, strong branding, and integrated multi-disciplinary care delivery.
Revenue: ~$6.0M
Adjusted EBITDA: ~$2.1M
Capacity Utilization: ~56%
Founded: 2018
Deal Type: Majority or full sale
Location: U.S.
🔎 What They Do
Multidisciplinary pediatric therapy center offering four integrated service lines under one roof:
Applied Behavior Analysis (ABA) — 53% of revenue
Occupational Therapy (OT) — 32% of revenue
Physical Therapy (PT)
Speech Therapy
100% commercial, out-of-network reimbursement model — no Medicaid exposure
Average client retention of 1.5–1.8 years, above industry benchmarks
Established referral network with longstanding physician partnerships and multiple school districts
Strong digital brand: 41K Instagram followers, 20K website visits YTD, 70 ranked SEO keywords
💼 Recent Private Equity Deal Comps
Acquirer | Target | Date | Notes |
|---|---|---|---|
Aquitaine Capital | KidsChoice | Jan 2026 | Oklahoma-based provider of autism and pediatric therapy services — a recent smaller-market acquisition directly comparable to Project Smile's size and service mix |
Nautic Partners (from Audax Private Equity) | Proud Moments ABA | Feb 2025 | ABA therapy provider operating 70+ clinics across 12 states, serving approximately 3,000 children weekly — a PE-to-PE secondary underlining continued institutional conviction in ABA platforms |
Charlesbank Capital Partners (from NexPhase Capital) | Action Behavior Centers | Aug 2022 | Austin-based ABA therapy provider acquired at an $840M valuation with $60M in projected annual adjusted earnings — one of the largest ABA platform trades on record, validating premium multiples for scaled, center-based providers |
Brokers: got a deal you want to get in front of 8,500+ PE folks? Email me your deals at [email protected].
Brands: looking to reach a fast-growing, highly-engaged PE audience? Inquire about sponsorships.
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Disclaimer: Information presented herein is derived from publicly available sources and third-party materials believed to be reliable. It is provided solely for educational and informational purposes and does not constitute investment advice or a solicitation. Road To Carry is not affiliated with, nor does it represent, the seller, broker, or any other party to the referenced transactions.
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