Commercial landscaping contractor, 74% maintenance revenue, H-2B operational
§ 01 · Observed
What was documented in diligence.
Maintenance contract list provided with customer names, annual values, contract terms, and 3-year renewal history — renewal rate 91% on commercial book. H-2B visa quota established with returning worker relationships documented. Installation and enhancement revenue ($210,000) separated from recurring maintenance ($680,000) and excluded from the SDE multiple basis. Equipment appraisal: mowing fleet, trucks, trailers, skid steers at 4.2-year average; appraised value within 8% of book. Foreman on staff 7 years with employment agreement through transition.
§ 02 · Outcome
What happened.
Signed at 3.2× SDE on maintenance-only recurring base. Closed without repricing. Lender confirmed DSCR at 1.34× on normalized earnings.
§ 03 · Structural Pattern
How this deal fits the four-pillar framework.
Upper-band placement driven by maintenance contract dominance above 70%, H-2B labor continuity, and proper separation of installation revenue from the recurring SDE base. All structural conditions aligned with a 3.0×–3.5× placement.
This is an anonymized composite drawn from observable structural patterns in the sample window. It is not a specific deal. The structural pattern, band placement, and outcome reflect commonly observed combinations; a future consented case study will replace this entry.
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