Score a listing →
TREE CARE · Q1 2026 · 1.8×–3.2× SDE band held quarter-over-quarter (n=58, BizBuySell trailing-12-month closed deals)TREE CARE · Storm/emergency revenue presented as steady-state in 58% of deals · 2–4× steady-state in active storm yearTREE CARE · EMR above 1.0 in 23% of deals · NCCI Class 0106/0105 among highest worker-comp ratesTREE CARE · Equipment appraisal at 38% of book value on average · Book overstates operational FMV by 40–70%TREE CARE · ISA Certified Arborist concentrated in owner / one tech in 44% of deals · Municipal contract riskTREE CARE · Industry size $30B (IBISWorld 2024) · 5.8% CAGR 2020–2025 · Climate + invasive species tailwindTREE CARE · BLS 37-3013 median wage $48,250 (May 2024) · Among highest-fatality occupations per BLS CFOITREE CARE · Davey Tree (ESOP, ~$1.7B rev) · Bartlett (family) · SavATree (KKR 2024) · Asplundh (utility) leadTREE CARE · BrightView (KKR) tree-care segment · Cross-trade landscape platforms include tree scopeTREE CARE · USDA APHIS EAB + Spotted Lanternfly programs drive specialty plant health care demandJAPAN · 造園業 / 樹木管理 GC-absorbed structure · 樹木医 + 造園施工管理技士 credentials · 1.5×–2.5× EBITDAMETHODOLOGY · Acquidex v1.0 · Sample window 2025-05 → 2026-04 · Trailing 12 months · n=58 SMB transactionsTREE CARE · Q1 2026 · 1.8×–3.2× SDE band held quarter-over-quarter (n=58, BizBuySell trailing-12-month closed deals)TREE CARE · Storm/emergency revenue presented as steady-state in 58% of deals · 2–4× steady-state in active storm yearTREE CARE · EMR above 1.0 in 23% of deals · NCCI Class 0106/0105 among highest worker-comp ratesTREE CARE · Equipment appraisal at 38% of book value on average · Book overstates operational FMV by 40–70%TREE CARE · ISA Certified Arborist concentrated in owner / one tech in 44% of deals · Municipal contract riskTREE CARE · Industry size $30B (IBISWorld 2024) · 5.8% CAGR 2020–2025 · Climate + invasive species tailwindTREE CARE · BLS 37-3013 median wage $48,250 (May 2024) · Among highest-fatality occupations per BLS CFOITREE CARE · Davey Tree (ESOP, ~$1.7B rev) · Bartlett (family) · SavATree (KKR 2024) · Asplundh (utility) leadTREE CARE · BrightView (KKR) tree-care segment · Cross-trade landscape platforms include tree scopeTREE CARE · USDA APHIS EAB + Spotted Lanternfly programs drive specialty plant health care demandJAPAN · 造園業 / 樹木管理 GC-absorbed structure · 樹木医 + 造園施工管理技士 credentials · 1.5×–2.5× EBITDAMETHODOLOGY · Acquidex v1.0 · Sample window 2025-05 → 2026-04 · Trailing 12 months · n=58 SMB transactions
Scored Listing·Tree Care·Updated 2026-05-02
Lower bandComposite

Tree care contractor, EMR above 1.0, aged fleet at book value, storm revenue as primary revenue driver

§ 01 · Observed

What was documented in diligence.

Workers comp EMR 1.31 — three claims over $50,000 in trailing 5 years including one OSHA recordable fatality in year 3. Assigned-risk plan at new entity quoted 24% of payroll vs. seller's current 12% of payroll — $62,000 annual cost increase. Fleet: crane truck (14 years), bucket truck (12 years), chipper (9 years) — book value $218,000; independent appraiser valued at $83,000 (38% of book). Storm and emergency revenue: 64% of trailing total; 3-year normalized storm revenue is 41% of trailing period level. No ISA certification on staff — owner has no ISA credential and never held one. Municipal contracts: none (require ISA on file). Equipment collateral appraisal at liquidation value: $48,000 — well below SBA collateral requirements for the loan amount requested.

§ 02 · Outcome

What happened.

Buyer submitted LOI at 2.1× stated SDE. After insurance cost step-up, storm normalization, and fleet capex reserve, adjusted SDE declined 64%. SBA lender declined: DSCR 0.74×, equipment collateral insufficient, EMR above acceptable threshold. Deal terminated.

§ 03 · Structural Pattern

How this deal fits the four-pillar framework.

Lower-band conditions on all four pillars: EMR above 1.0 creating insurability and cost issues, fleet at book value with 38% appraised recovery, storm revenue dominating a trailing period that is not representative of steady-state, and no ISA certification for bid qualification. The EMR and equipment collateral shortfall independently blocked SBA financing.

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.

Industry Atlas

See the band this listing sits against →

Underwriting Playbook

Four-pillar framework →

All scored listings

Index →

Methodology · Acquidex v1.0, §3.4 (Earnings Quality), §3.3 (Transferability), §5.1 (Add-Back Stripping per SBA SOP 50 10 8). Methodology paper forthcoming Q3 2026.

Sources · BizBuySell closed-deal data, IBBA Market Pulse Q3–4 2025 and Q1 2026, Pratt's Stats SMB transaction database, Acquidex direct deal observations.

Author · Avery Hastings, CPA. Tokyo-based; SMB and lower-middle-market acquisitions in the US and Japan.

Tree care contractor, EMR above 1.0, aged fleet at book value, storm revenue as primary revenue driver — Tree Care Deal Teardown | Acquidex | Acquidex