The Service Business Exit Playbook

What's Inside

A field guide for service business owners generating $1M–$5M in annual EBITDA who are exploring a full or partial exit in the next 1–3 years.

The Market Has Shifted in Your Favor — If You Know Where to Look

New private equity buyers on Axial grew 36% year-over-year in 2025 to reach 2,635 new buyers. Seller inventory has not kept pace. That means more capital competing for fewer clean deals — and sellers who are organized, prepared, and direct about their process are getting top-of-range multiples. This playbook gives you the map.

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100+ Active Buyers

PE funds, family offices, roll-up platforms, and search funds actively deploying capital in your range.

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Valuation Framework

EBITDA multiples by size, 7 value drivers that move your number, and how QoE works.

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Preparation Checklist

The exact documents buyers request within 72 hours of signing an NDA.

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Outreach Templates

Copy-ready email frameworks for PE funds, family offices, and independent sponsors.

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Red Flag Audit

The issues that kill deals or trigger re-trades — and how to fix them before you go to market.

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2026 Market Data

Current multiples, deal velocity, and sector trends from Axial, GF Data, and PCE Investment Bankers.

Who This Is Not For

If your business is losing money, has no financial records, or is completely dependent on you to operate — this guide shows you exactly what needs to be fixed. Most businesses in the $1M–$5M EBITDA range can reach institutional exit-readiness in 12–24 months of deliberate preparation.

Want someone to handle the buyer outreach for you? We build the list, write the emails, manage replies, and book the calls.

The Four Buyer Categories

Each buyer type has different motivations, pricing logic, and deal structures. Knowing which type fits your situation determines everything downstream.

Category 01

PE-Backed Platforms (Roll-ups)

The most active buyer type in 2024–2025. PE firms that already own a platform in your sector and are executing add-on acquisitions. They move fast, have capital ready, and often pay above market because scale matters more than price optimization.

EBITDA Multiple5x–7x+

Close Timeline60–90 days

Hold Period3–5 years

Best ForSpeed + Price

Category 02

Lower Middle Market PE Funds

Funds raising from institutional LPs and deploying into platform acquisitions. They want to install processes, add headcount, and execute add-ons of their own. Longer diligence, but institutional certainty of close on clean deals.

EBITDA Multiple4x–6x

Close Timeline90–150 days

Hold Period5–7 years

Best ForInstitutional certainty

Category 03

Family Offices

High-net-worth family capital seeking cash-flowing businesses for long-term holds. No fund mechanics, no LP pressure, no forced exits. Best partner for owners who care about legacy, culture, and continuity over maximum price.

EBITDA Multiple3.5x–5.5x

Close Timeline120–180 days

Hold Period7–15+ years

Best ForLegacy + flexibility

Category 04

Independent Sponsors & Search Funds

Individual operators backed by a network of investors who raise capital deal-by-deal. Highly motivated, thorough in diligence. Best fit if you want to hand the business to someone who will run it personally — not just optimize it for resale.

EBITDA Multiple3.5x–5x

Close Timeline90–180 days

Hold Period5–10 years

Best ForOperator continuity

Not sure which buyer type fits your business? Book a 20-minute strategy call — we'll map the right buyer profile to your situation.

Active Buyer Database

100+ firms actively deploying capital into service businesses. Filter by buyer type or search by name, location, or sector.

Showing 0 buyers

Firm	Type	HQ	EBITDA Target	Sector Focus	Notes
Baymark Partners	PE Fund	Plano, TX	Not published	IT, healthcare, business services, distribution	#1 most active on Axial 2025. Very high deal velocity.
Heritage Holding	PE Fund	Boston, MA	$1M–$10M	Essential B2B services	$220M fund. 25+ acquisitions since 2016. Core thesis: fragmented B2B services.
PennSpring Capital	PE Fund	Lancaster, PA	$750K–$5M	Pre-institutional businesses	Explicitly targets sub-institutional EBITDA. Axial Top 20 in both 2025 and 2026.
Kepler Capital	PE Fund	Calgary, AB	$500K–$5M	B2B services, light manufacturing, healthcare, software	Rare fund targeting sub-$1M EBITDA. North American focus.
Source Capital	PE Fund	Atlanta, GA	>$2M	Mature, diversified industries	Invests equity AND debt. Flexible deal structures.
Transom Capital Group	PE Fund	El Segundo, CA	Not published	Operations-heavy LMM businesses	Brings in management to grow post-acquisition.
CPS Capital	PE Fund	Toronto, ON	$2M–$8M cash flow	$5M–$40M revenue companies	3 active funds. Canadian firm active in US deals.
NextGen Growth Partners	PE Fund	Chicago, IL	Not published	Family/founder-owned businesses	$165M+ Fund III. Institutional backing for ETA-style operators.
Gen Cap America	PE Fund	Nashville, TN	$2M–$10M	Diversified services	Prioritizes management continuity; minimal post-close interference.
Chicago Capital Partners	PE Fund	Chicago, IL	$2M–$10M	Business services, consumer, distribution, food/beverage, manufacturing	Control investments in LMM.
Hidden Harbor Capital	PE Fund	Boca Raton, FL	Not published	Execution-focused service businesses	$1.9B+ AUM. High deal velocity in LMM.
Portrait Capital	PE Fund	New York, NY	Not published	Small to mid-sized companies	75+ founder/family business owners as backers. Relationship-oriented.
Plexus Capital	PE Fund	Raleigh, NC	Not published	Diversified	$2.3B raised across 7 funds. 180 portfolio companies since 2005.
Argonaut Private Equity	PE Fund	Tulsa, OK	Not published	Industrial, manufacturing, energy services	$400M Fund IV. B2B industrial services focus.
Gauge Capital	PE Fund	Southlake, TX	>$5M	Business services, healthcare, consumer, food services	Higher EBITDA floor — best fit for $3M+ businesses.
Sleeping Giant Capital	PE Fund	Kalamazoo, MI	Not published	Small businesses, West Michigan region	Geography-specific. Deep local relationships.
LFM Capital	PE Fund	Nashville, TN	Not published	Manufacturing, industrial services (US/Canada)	Operations-focused. Canadian and US deals.
ShoreView Industries	PE Fund	Minneapolis, MN	$20M–$300M revenue	Engineered products, distribution, industrial services	$1.3B+ across 4 funds. Larger check sizes.
Hidden Harbor Capital Partners	PE Fund	Boca Raton, FL	Not published	Service businesses with operational complexity	Execution-focused operators. High deal pace.
VSS Capital Partners	PE Fund	New York, NY	Not published	Information services, healthcare, business services, education	$4B+ committed capital since 1987. 100+ platform investments.
Argosy Private Equity	PE Fund	Wayne, PA	$2M–$10M	Business services, manufacturing, distribution	LMM since 1990. Deep experience with family/founder transitions.
Candescent Partners	PE Fund	Boston, MA	Not published	Healthcare services, business services, software, consumer	LMM growth company focus. Smart capital positioning.
Pamlico Capital	PE Fund	Charlotte, NC	Not published	Tech-enabled services, healthcare IT, B2B services	Long-tenured fund with strong services track record.
Huron Capital	PE Fund	Detroit, MI	Not published	Business services, industrial, consumer	ExecFactor buy-and-build strategy. $20M–$200M revenue targets.
Pfingsten Partners	PE Fund	Chicago, IL	Not published	Business services, manufacturing, distribution	Long-hold LMM specialist. Relationship-first approach.
Gemini Investors	PE Fund	Wellesley, MA	$2M–$8M	Business services, healthcare services	Minority and majority investments. Collaborative style.
Comvest Partners	PE Fund	West Palm Beach, FL	Not published	LMM broadly; services, tech, consumer	Both PE and credit strategies. Flexible structuring.
Seacoast Capital	PE Fund	Boston, MA	>$1.5M	Business services, healthcare, niche manufacturing	Sub-$15M EBITDA specialist. Minority stake friendly.
Frontenac Company	PE Fund	Chicago, IL	Not published	Business services, consumer, industrial	CEO-1 strategy — recruits executives to acquire companies in target sectors.
Stephens Capital Partners	PE Fund	Little Rock, AR	Not published	LMM services, consumer, industrial	Long-term hold orientation. Relationship-driven sourcing.
NewSpring Capital	PE Fund	Radnor, PA	Not published	Healthcare services, tech-enabled services, business services	Multiple strategies across growth equity and buyouts.
Gallant Capital Partners	PE Fund	Denver, CO	Not published	B2B services, niche industrials	Operationally focused LMM. Western US presence.
Sentinel Capital Partners	PE Fund	New York, NY	Not published	Services, specialty distribution, consumer	LMM buyout specialist with strong operational capabilities.
Branford Castle Partners	PE Fund	Shelton, CT	Not published	Manufacturing, distribution, business services	Industrial-leaning LMM. Long hold periods.
LP First Capital	Ind. Sponsor	Austin, TX	Not published	Commercial, consumer, education, healthcare services	#1 independent sponsor on Axial 2025. Service businesses primed for growth.
Broadwing Capital	Ind. Sponsor	Dallas, TX	Not published	Industrial, services, niche manufacturing	Control investments with management partnerships.
Evolution Strategy	Ind. Sponsor	Austin, TX	<$75M revenue	Industrial, commercial services	Entrepreneur-owned focus. Strong Axial track record.
Bochi Investments	Ind. Sponsor	Portland, OR	$5M–$50M revenue	Consumer, industrial, business services	Flexible capital $500K–$20M. Active since 2019.
Hayden Creek Capital	Ind. Sponsor	San Francisco, CA	Not published	Consumer food/beverage, business services, distribution	Growth equity and buyouts. West Coast base.
Little River Partners	Ind. Sponsor	Chicago, IL	$5M–$50M revenue	Diversified (Eastern US focus)	Founder/family-owned focus. Flexible hold periods.
Falx Capital	Ind. Sponsor	Denver, CO	Not published	Healthcare, B2B services, niche manufacturing	Management partnerships. Flexible capital structures.
Burlington Street Partners	Ind. Sponsor	Toronto, ON	Not published	General lower middle market	North American focus. Active deal pace.
Parkstone Growth Partners	Ind. Sponsor	New York, NY	Not published	Healthcare, insurance, consumer, retail	Growth acceleration partnerships.
Cascata Capital	Ind. Sponsor	Dallas, TX	Not published	Building products, infrastructure, energy, healthcare, manufacturing	$5M–$75M investments. 20–25%+ IRR targets.
SIG Partners	Ind. Sponsor	Dallas, TX	Not published	Operational acquisitions, CEO placement	18 companies in 4 years. Operator-first model.
Black Lake Capital	Ind. Sponsor	Evergreen, CO	$2M–$12M cash flow	Technology, innovation-enabled businesses	Tech-enabled services focus. Mountain West presence.
Pillar49 Capital	Ind. Sponsor	Toronto, ON	$1M–$10M+	North American SMBs with growth runway	Explicitly stated EBITDA range. Active deal pace.
Thesis Capital Partners	Ind. Sponsor	Houston, TX	Not published	US family-owned businesses	Family business transition specialist.
Pearl Street Capital Partners	Ind. Sponsor	New York, NY	Not published	Lower middle market broadly	Family-office-backed platform investments.
Amalgam Capital	Ind. Sponsor	Chapel Hill, NC	Not published	Underrated SMBs broadly	Flexible mandate. Founder-friendly approach.
Foundation Investment Partners	Ind. Sponsor	Not published	Not published	Niche manufacturers, outsourced business services, niche software	Value-add distribution and outsourced services focus.
North Park Group	Ind. Sponsor	Chicago, IL	Not published	Manufacturing, distribution — long-term hold	Patient capital. Long hold periods preferred.
Apex Service Partners	Roll-up Platform	Tampa, FL	$5M–$50M revenue	HVAC, plumbing, electrical (residential)	Largest residential roll-up in US. 107 brands. Alpine Investors backed. Very active acquirer.
Service Logic	Roll-up Platform	Charlotte, NC	Not published	Commercial HVAC, mechanical services	Bain Capital + Mubadala backed. Commercial focus differentiates from residential platforms.
Wrench Group	Roll-up Platform	Atlanta, GA	Not published	Residential HVAC, plumbing, electrical	Leonard Green and Partners backed. Top 50 US market focus.
Authority Brands	Roll-up Platform	Columbia, MD	Not published	Home services franchises (HVAC, plumbing, cleaning, restoration)	Apax Partners backed. Franchise model — different acquisition structure.
Astra Service Partners	Roll-up Platform	Not published	Not published	HVAC, plumbing, electrical	Alpine Investors backed. Newer platform building alongside Apex.
Redwood Services	Roll-up Platform	Not published	Not published	HVAC, plumbing, electrical	Atlas Partners backed. $1.1B+ valuation. Partnership model for operators who want to stay.
Crete United	Roll-up Platform	Not published	Not published	HVAC, MEP, building systems	Ridgemont Equity Partners backed. Commercial building systems focus.
Sila Services	Roll-up Platform	Not published	Not published	HVAC, plumbing, electrical	Goldman Sachs Alternatives backed. $1.7B acquisition by Goldman in 2024.
Evergreen Services Group	Roll-up Platform	San Francisco, CA	Not published	IT managed services (MSP), ERP services	Alpine Investors backed. #1 MSP acquirer by deal count. Decentralized model — firms keep brand.
New Charter Technologies	Roll-up Platform	Not published	Not published	IT managed services (MSP)	Oval Partners backed. 25+ acquisitions. Approaching $300M revenue.
Shield Technology Partners	Roll-up Platform	Not published	Not published	Cybersecurity MSPs	ZBS Partners + Thrive Holdings backed. $100M+ deployed. Cybersecurity specialization.
Ntiva	Roll-up Platform	McLean, VA	Not published	Managed IT, AI services	PSP Partners (Penny Pritzker) backed. National MSP platform.
Integris	Roll-up Platform	Not published	Not published	Managed IT, AI services	OMERS Private Equity backed. Active international acquisition strategy.
BrightWorks IT	Roll-up Platform	Not published	Not published	IT managed services (MSP)	Cloud Equity Group backed. MSP network model.
BrightView Holdings	Roll-up Platform	Plymouth Meeting, PA	Not published	Commercial landscaping	One Rock Capital Partners backed ($500M investment). 34+ acquisitions. Large commercial landscaping focus.
Yellowstone Landscape	Roll-up Platform	Not published	Not published	Commercial landscaping (Southeast/Southwest US)	PE backed. Active regional acquirer in commercial maintenance.
Landscape Workshop	Roll-up Platform	Birmingham, AL	Not published	Commercial landscaping (Southeast US)	Active add-on acquisition strategy across Southeast.
LandCare	Roll-up Platform	Not published	Not published	Commercial landscaping (national)	National commercial landscaping platform. Active acquirer.
Veridian Service Partners	Roll-up Platform	Dallas, TX	Not published	Pool construction and service (Sun Belt)	Crux Capital backed. Launched 2025. Active builder in Texas/Sun Belt markets.
Azureon	Roll-up Platform	Not published	Not published	Pool service and construction (Northeast)	O2 Investment Partners backed. Acquiring both service and construction companies.
Ocean Avenue Capital	Family Office	Undisclosed	$3M–$15M	Founder-owned, fragmented markets	Explicitly targets founder-owned businesses with fragmentation opportunity. Long hold.
Riverside Company	Family Office	Cleveland, OH	$5M–$35M	Broad, international	Family office-adjacent. Lower range accessible for strong $3M+ businesses.
Boathouse Capital	Family Office	Undisclosed	Not published	Growth-oriented LMM, sales acceleration	Operational expertise in sales acceleration. Good for revenue growth story.
Clearwell Group	Family Office	Tampa, FL	Not published	Family office adjacent investments	No typical PE timeline pressure. Flexible capital.
Pacific Lake Partners	Search Fund	Palo Alto, CA	$1M–$5M	Diversified service businesses	Most recognized name in search fund capital globally.
Relay Investments	Search Fund	Undisclosed	$1M–$5M	Tech, healthcare, logistics, professional services	One of the largest search fund portfolios worldwide.
Search Fund Accelerator	Search Fund	Undisclosed	$1M–$5M	Service businesses; operator transition focus	Capital + structured operator development. Good for owner wanting a trained successor.
CapitalPad	Search Fund	Undisclosed	$1M–$10M	Backs independent sponsors across sectors	Some deals funded in 14 days. Broad co-investment network.
Anacapa Partners	Search Fund	Santa Barbara, CA	$1M–$4M	B2B services, niche industrials, healthcare services	Active search fund investor. West Coast base.
Broadtree Partners	Search Fund	Rochester, NY	$1M–$5M	B2B services, tech-enabled services	ETA investor with operational focus post-acquisition.

Database reflects publicly available information as of May 2026. Criteria and activity levels change — confirm directly with each firm before outreach.

Want a custom list built for your specific business? We research and verify active buyers matched to your EBITDA, sector, and geography.

How Buyers Value Your Business

EBITDA is the input. What moves the multiple is everything else — revenue quality, owner independence, customer concentration, and financial documentation.

EBITDA Multiples by Business Size (2025 Market Data)

Average ranges for service businesses. Clean financials and a management team push toward top of range.

$500K–$1M

2.5–4x

Owner-dependent

$1M–$2M

3.5–5x

Recurring rev. +1x

$2M–$3M

4–6x

Mgmt team required

$3M–$5M

5–7x

PE competition ↑

$5M+

6–8x+

Institutional pool expands

Source: Axial 2025 (avg 6.07x across closures); GF Data H1 2025; PCE Investment Bankers Q2 2025

The 7 Value Drivers

These are the variables buyers underwrite when converting your EBITDA into an enterprise value offer.

Revenue Quality

Recurring > contracted > project > transactional. Multi-year subscriptions or contracts add 0.5–1.5x to your multiple. Lumpy project revenue is discounted.

Customer Concentration

Top customer should be under 20% of revenue. Over 30% is a red flag. Over 50% often kills the deal or requires heavy seller financing to close.

Owner Independence

Can the business operate 30 days without you? 90 days? Buyers price key-person risk aggressively. A GM in place is the highest-ROI investment before going to market.

Management Depth

Is there a GM, ops lead, or sales lead who will stay post-close? Increasingly required for clean exits above $2M EBITDA at institutional buyers.

Financial Documentation

3–5 years of clean P&Ls. Monthly breakdown. No commingled personal expenses. Unexplained add-back adjustments kill credibility during QoE.

Growth Trend

Flat or growing EBITDA over 3 years. Buyers underwrite the last 12 months as run rate — a declining year creates a discount, even if explained.

Market Position

Are you in a fragmented market? Do you have a local brand moat, long-term client relationships, or certifications competitors can't easily replicate?

SDE vs. EBITDA — Which Applies to You

SDE is used for businesses under $2M revenue where the owner is the primary operator. EBITDA is the institutional standard for $2M+ revenue businesses where the owner is a manager. At the $1–2M range, buyers start with SDE and convert to normalized EBITDA by inserting a market-rate management salary. This normalization is step one of the Quality of Earnings process.

Want to know what your business would actually trade for? Book a valuation call — we'll give you a realistic range based on current market data.

What to Prepare Before Approaching Buyers

Institutional buyers request these documents within 48–72 hours of signing an NDA. Having them ready compresses your timeline and signals you're a serious seller.

Exit Readiness Progress 0 / 20 complete

Tier 1 — Before First Buyer Conversation

3 years P&L statements (monthly breakdown preferred)

Current year YTD P&L (as recent as possible)

Customer concentration analysis — revenue by customer, top 10 listed by %

Revenue type breakdown — % recurring / % contracted / % project / % transactional

EBITDA bridge — reported → adjusted, every add-back documented

Normalized owner compensation — cost to replace your role at market rate

Tier 2 — For LOI and Diligence

3 years balance sheets and cash flow statements

Accounts receivable aging report

Customer contracts (redacted if needed for initial review)

Employee roster with tenure, compensation, and role

Key vendor contracts and dependencies

Existing debt obligations and liabilities schedule

IP, licenses, and certifications relevant to operations

Tier 3 — Full Data Room (Post-LOI)

Sell-side Quality of Earnings report — commission before going to market ($15K–$40K investment)

CIM (Confidential Information Memorandum) — your marketing document

Virtual data room with 7-track folder structure

Material contracts — full versions

Corporate records — articles of incorporation, cap table, prior equity transactions

Tax returns — 3 years federal and state

Environmental, regulatory, and litigation disclosures

Not sure where your gaps are? We'll walk through this checklist with you and tell you exactly what to prioritize before going to market.

Outreach Templates

Starting frameworks for reaching buyers directly. Personalize each one with your actual EBITDA, geography, and one specific detail about why you think this buyer is a fit. Keep every message under 200 words.

To a PE Fund — B2B Services Roll-up

Hi [Name], Running a $2.4M EBITDA B2B facilities management business in the Southeast — 78% recurring revenue, 6-year average customer tenure, GM in place. Saw your portfolio includes [portfolio company] — looks like a complementary fit geographically. Open to a 20-minute call to see if there's alignment? Happy to send a one-page summary under NDA. [Your Name]

PE FundB2B ServicesAdd-on AcquisitionUnder 100 words

To a Family Office — Long-Term Capital

Hi [Name], Own a $1.8M EBITDA managed services business — 90% contracted ARR, no customer above 12% of revenue, 11-year operating history. Looking for a long-term capital partner, not a flip. Understand [family office] has a longer hold thesis — wanted to reach out directly before engaging a banker. Worth a conversation? [Your Name]

Family OfficeRecurring RevenueLegacy Preservation

To an Independent Sponsor / Search Fund

Hi [Name], Built a $1.2M EBITDA professional services firm over 9 years. Looking to transition out over 18–24 months and hand it to the right operator. Would consider a deal with earnout and equity rollover if the operator is the right fit. Not in a rush — just starting to think through options. Open to a call? [Your Name]

Search FundOperator TransitionEarnout Structure

To a Roll-up Platform (Home Services)

Hi [Name], Own a residential HVAC and plumbing business in [metro area] — $3.2M revenue, 22-year reputation, strong Google reviews, mostly repeat and referral. Understand [platform] has been active in [region]. Would welcome a conversation about whether there's a fit. Happy to send basic financials under NDA. [Your Name]

Roll-up PlatformHome ServicesGeographic Fit

Follow-Up Sequence (4 Touches)

Touch 1 (Day 0): Initial outreach (use template above) Touch 2 (Day 4): "Wanted to resurface this — happy to send a one-pager if timing is better." Touch 3 (Day 10): Share one relevant data point — a comparable deal in their sector, a market stat, or news about your vertical that connects to their thesis. Touch 4 (Day 18): "Closing the loop on this — let me know if timing changes."

Follow-up4-Touch Sequence18-Day Cadence

Rather not run this yourself? We handle all buyer outreach — personalized per firm, managed through to booked calls.

Red Flags That Kill Deals

These issues surface in diligence and either kill the transaction or trigger a significant re-trade on price. Fix these before going to market — not after you've disclosed the business.

Deal Killers — Non-Negotiable

Customer Concentration Above 40%

Buyer is acquiring a customer dependency, not a business. If one client leaves, the deal thesis collapses. Fix this 12–18 months before going to market or expect heavy seller financing requirements.

Revenue Declining 2+ Consecutive Years

Buyers underwrite run-rate. A declining trend means the price they paid at close is wrong on day one. Rare exception: clear, verifiable explanation and confirmed reversal with 6+ months of data.

Owner Is the Entire Business

If the business can't survive without the current owner, the buyer isn't buying a business — they're buying a job. Key-person dependency is the most common deal-killer in service companies under $2M EBITDA.

Financial Irregularities or Undisclosed Liabilities

Intentional misrepresentation causes immediate trust destruction. Even unintentional inconsistencies — revenue pulled forward, expenses deferred — create risk that causes buyers to reduce price or walk entirely.

Evasive Seller Responses

Buyers walk away from sellers who hide problems. The correct move is to acknowledge every issue proactively and present the plan to address it. Defensive sellers lose deals not because of the problem, but because of the response.

Significant Re-Trade Triggers

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Revenue Quality Lower Than Claimed

Project-based revenue presented as recurring. One-time contracts counted as ARR. Impact: −0.5x to −1.5x EBITDA multiple.

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Add-backs That Don't Survive Scrutiny

Personal expenses, recurring one-time items, or inflated normalizations. Every unsupported dollar of add-back creates a dollar-for-dollar reduction in enterprise value.

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Key Employee Departure Risk

If 1–2 employees account for the majority of client relationships, buyers price this at −0.5x to −1x and may require retention bonuses held in escrow at close.

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Below-Market Owner Salary

Owner paying $80K running a $3M EBITDA business. Buyer normalizes comp to $150–200K, reducing true EBITDA and therefore the price they offer.

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Month-to-Month Customer Contracts

Verbal or handshake agreements have no transferable value. Converting 3–5 key clients to written contracts before going to market adds meaningful enterprise value.

Concerned about red flags in your business? Book a confidential call — we'll walk through your situation and tell you what to fix before any buyer conversation.

Market Context — 2025–2026

Current data on deal velocity, buyer appetite, and sector trends. Use this to time your process and position your business correctly.

2,635

New PE buyers on Axial in 2025 — up 36% year-over-year

6.07x

Average EBITDA multiple across Axial closures in 2025

6.2x

Business services avg H1 2025 — 0.4x above historical average

26.8%

Share of Axial closures from independent sponsors in 2025 — the most active buyer group

The Seller's Advantage Right Now

Buyer inventory grew dramatically while seller inventory has not kept pace. Organized sellers — clean financials, QoE report, management depth — are receiving multiple LOIs and closing at top-of-range multiples. Unprepared sellers are getting discounted or passed over entirely, regardless of underlying business quality. The spread between clean and messy deals is widening.

Sector Multiples

Sector	Activity Level	Typical Multiple	Key Driver
B2B Business Services	Very High	5.5–7x	Fragmented market; recurring revenue models
Home Services (HVAC, Plumbing, Electrical)	Very High	5–7x	Roll-up competition; essential services premium
IT Managed Services (MSP)	High	5–8x	Recurring MRR; cybersecurity premium
Healthcare Services	High	6–9x	Regulatory moat; aging demographics
Professional Services (staffing, consulting)	Moderate	4–6x	Client concentration and key-person risks
Landscaping / Pest Control / Pool	High	5–6.5x	Recurring subscription model; geographic roll-up
CPA / Accounting Firms	Very High	6–9x	50+ PE deals in 2025; fragmented and predictable

Want to know where your sector is trading right now? We track active deal comps in your vertical.

We Get You in Front of Buyers. You Show Up to Meetings.

Most business owners spend months trying to figure out who the right buyers are, how to approach them, and what to say. We've already done that work. We build your custom buyer list, write personalized outreach to each firm, manage every reply, and book the intro calls — so you can focus on running your business until there's a real conversation worth having.

How It Works

A four-step process from your first call to booked meetings with qualified buyers.

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Build Your Custom Buyer List

We research and verify 40–80 active buyers matched specifically to your EBITDA range, sector, and geography. No generic lists — every name is confirmed actively deploying capital.

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Write Personalized Outreach

Every message is personalized to the specific firm — their portfolio, their thesis, their recent activity. Not a mail merge. Each email reads like it was written for that one recipient.

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Manage Replies and Follow-Ups

We handle all inbox management — positive replies, dead-ends, timing objections, and follow-up sequences. You get notified when there's a real conversation to have.

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Book Intro Calls

Qualified positive replies get converted to intro calls with the right person at each firm. You show up prepared. We brief you on the firm, their recent deals, and what they care about.

Why This Works

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We know which firms are actively deploying

Fund cycles, recent closures, capital availability — we know who has money to spend right now, not just who has a website.

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Personalization at scale

Generic outreach gets ignored. Every message we send references something specific about the buyer's portfolio, thesis, or recent activity.

✓

You don't do free work for the whole list

We only engage deeply with firms that respond positively. Personalized assets and prep materials go to interested parties — not everyone.

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Pre-warmed calls close differently

Buyers who responded to a compelling outreach campaign arrive at the intro call with genuine interest — not skepticism. The dynamic is fundamentally different.

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Confidential until you decide otherwise

Every outreach is NDA-first. Your business identity is not disclosed until you've decided the buyer is worth the conversation.

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No banker fees on the front end

Traditional M&A advisors charge retainers and take 3–5% at close. We get you to the conversation — what you do from there is up to you.

"I'd been thinking about selling for two years but didn't know where to start. Within six weeks we had four intro calls booked with PE firms that actually invest in our sector. Two of them are in active conversations now."

— Owner, $2.3M EBITDA B2B services firm (anonymized)

Ready to Start Getting in Front of Buyers?

Book a free 20-minute strategy call. We'll tell you exactly which buyer types fit your business, what your realistic multiple range looks like, and what — if anything — needs to be addressed before you go to market.

No commitment. No pitch. Just a straight conversation about your options.