Express tunnel, 4,800 active members, Sun Belt market
§ 01 · Observed
What was documented in diligence.
Membership software export reconciled against POS and bank deposits for 24 months. Monthly churn 3.8% — below the 5% threshold. Chemical cost per car $0.72, within the efficient $0.60–$0.90 range. Utility burden (water, electric, chemicals combined) at 10.4% of revenue. Tunnel equipment 4-year average age with full service records. Site lease 15 years remaining with assignment clause. Phase I environmental clear — no prior dry-cleaning or UST history on site.
§ 02 · Outcome
What happened.
Signed at 6.1× EBITDA. SBA lender confirmed DSCR at 1.31× on normalized earnings. Closed without repricing.
§ 03 · Structural Pattern
How this deal fits the four-pillar framework.
Upper-band placement supported by membership share above 60%, documented cohort retention below 4% monthly churn, chemical efficiency within benchmark, and long-term assignable lease. All four pillars scored at or above mid-band; Earnings Quality and Fundability both cleared top-of-band thresholds.
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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