Tree care business, 3 ISA-certified arborists on staff, commercial contract book, fleet under 5 years
§ 01 · Observed
What was documented in diligence.
ISA certifications: 3 W-2 employees hold ISA Certified Arborist credentials; owner's personal certification is supplementary. Commercial contract list: 28 accounts including 2 municipal utility line-clearing contracts renewable annually; trailing renewal rate 93%. Fleet appraisal: 40-ton crane (3 years), 2 bucket trucks (4 and 5 years), 2 chippers (3 and 4 years) — appraised at 96% of book by equipment appraiser. Storm/emergency revenue normalized to 3-year average: trailing 12-month storm revenue within 6% of 3-year average. Workers comp EMR 0.74 — favorable, reflecting documented safety management system.
§ 02 · Outcome
What happened.
Signed at 2.9× SDE. Lender DSCR 1.26× on normalized earnings. Closed without repricing.
§ 03 · Structural Pattern
How this deal fits the four-pillar framework.
Upper-band placement driven by ISA certification depth independent of owner, commercial contract durability with documented renewal rates, and fleet within the efficient age range. The favorable EMR removed the most common insurance-cost step-up risk in this vertical.
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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