The Opportunity
An established, asset-light New England supplier and installer of commercial openings, not a manufacturer. Founded in 2010 in northern Massachusetts, the Company supplies and installs wood and hollow metal doors, welded frames, specialty doors, finish and access control hardware (Division 8, about 90% of revenue), plus Division 10 specialties and Division 12 window treatments for general contractors across the region. Materials are ordered as each project needs them rather than stocked in bulk.
Every job arrives inbound. General contractors find the Company through plan rooms, bid platforms and repeat relationships, and it has never run a sales function or spent on marketing. About 71% of the last twelve months of awards came from returning general contractors, and 23 GCs awarded work over that period across K 12 and higher education, federal and military, healthcare and VA, municipal and public safety, and corporate interiors.
The Company carries $5.4M of awarded, unbilled backlog across 47 open jobs, about 1.5x FY2025 revenue, and awards over the last twelve months rose 43% on the prior period. The constraint is people, not demand: the owner regularly turns down work because he doesn’t have the project managers and crews to staff it. He is staying, and is looking for a partner to share the work of hiring, managing and growing the team so the business can say yes to more of what’s already on offer.
What Sets It Apart
- Demand exceeds capacity. 100% inbound lead flow with zero sales and marketing spend.
- Asset-light model. A supplier-installer, not a manufacturer: materials are ordered per job, with in-house frame welding, a Company delivery vehicle and its own installation crews running roughly 40 projects at once.
- Specialty and federal pedigree. Blast and bullet resistant, lead lined and anti ligature openings, with project experience at VA medical centers, Air Force and Air National Guard facilities and overseas naval bases.
- Relationships below the owner. Two project managers own most GC relationships and a dedicated estimating function prepares every bid.
Financial Summary
| $ in thousands | FY2023 | FY2024 | FY2025 | 2026 YTD* |
|---|---|---|---|---|
| Total Revenue | 3,624 | 3,264 | 3,620 | 3,162 |
| Gross Profit | 1,069 | 1,341 | 863 | 1,226 |
| Seller’s Discretionary Earnings (SDE) | 419 | 406 | 33 | 420 |
| Adjusted EBITDA | 289 | 276 | (97) | 290 |
*2026 YTD is January 1 through September 25, 2026. Figures are from cash basis QuickBooks P&Ls, normalized for owner compensation, one time items, interest and depreciation, net of a $130K market rate replacement salary. FY2025 is a one-time outlier: a customer of about ten years defaulted on three to four jobs, forcing litigation and a settlement well below the amount owed, and later went bankrupt. Through September 25, 2026 revenue already stands at 87% of the FY2025 total, and 2026 YTD SDE exceeds full year FY2023 and FY2024. To be confirmed in diligence.
Growth Levers
- Build the team. Add project managers, field labor and estimating depth so the Company can staff work it currently declines, with job costing, WIP reporting and accrual financials to run more jobs at once.
- Fund more of the work on offer. Working capital and bonding capacity let the Company carry material and retainage on a larger backlog and convert more of the invitations it already receives, with no customer acquisition cost.
- Federal and geographic expansion. Complete the pending GSA Schedule and extend a proven federal and remote site capability beyond New England.
- Recurring service revenue. Formalize repair and maintenance agreements across the installed base.
Ideal Partner
An operating-minded partner who can help the owner grow the team strategically: Division 8 distributors and platforms building New England density, specialty contractors and building products groups adding an installation arm, and private equity or strategic investors bringing hiring, management and working-capital support alongside a committed owner.
Transaction
Growth partnership. The owner intends to remain and lead the business, and structure is open to discussion, including recapitalization, growth equity or strategic combination. S Corporation with 11 full time, non union employees. The facility is leased and no real estate is included. Pricing guidance is provided to qualified parties. Qualified parties may request the full Confidential Information Memorandum upon execution of a Confidentiality Agreement.