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LANDSCAPING · Q1 2026 · 2.0×–3.5× SDE band held quarter-over-quarter (n=85, BizBuySell trailing-12-month closed deals)LANDSCAPING · Maintenance vs install revenue co-mingled in 63% of deals · First Earnings Quality finding pre-LOILANDSCAPING · H-2B dependency above 20% in 29% of deals · No documented renewal pipeline = post-close operational cliffLANDSCAPING · Equipment fleet over 8 years in 34% of deals · 8–12% of revenue capex reserve requiredLANDSCAPING · Seasonal DSCR trough Dec–Feb · Monthly modeling required north of the 35th parallelLANDSCAPING · H-2B program cap 66,000 visas annually · 33,000 first-half + 33,000 second-half · Supplemental allocations discretionaryLANDSCAPING · Industry size $176B (IBISWorld 2024) · 4.5% CAGR 2020–2025LANDSCAPING · BLS 37-3011 median wage $36,440 (May 2024) · 1M+ employed; supervisor 37-1012 median $57,180LANDSCAPING · BrightView (KKR take-private 2024) · Yellowstone Landscape (CIVC) · Monarch (Charlesbank) lead PE roll-up activityLANDSCAPING · NALP industry research · Recurring maintenance contract share is dominant Pricing pillar driverJAPAN · 造園工事業 license under Construction Business Act (建設業法) · Prefectural or MLIT-issuedMETHODOLOGY · Acquidex v1.0 · Sample window 2025-05 → 2026-04 · Trailing 12 months · n=85 SMB transactionsLANDSCAPING · Q1 2026 · 2.0×–3.5× SDE band held quarter-over-quarter (n=85, BizBuySell trailing-12-month closed deals)LANDSCAPING · Maintenance vs install revenue co-mingled in 63% of deals · First Earnings Quality finding pre-LOILANDSCAPING · H-2B dependency above 20% in 29% of deals · No documented renewal pipeline = post-close operational cliffLANDSCAPING · Equipment fleet over 8 years in 34% of deals · 8–12% of revenue capex reserve requiredLANDSCAPING · Seasonal DSCR trough Dec–Feb · Monthly modeling required north of the 35th parallelLANDSCAPING · H-2B program cap 66,000 visas annually · 33,000 first-half + 33,000 second-half · Supplemental allocations discretionaryLANDSCAPING · Industry size $176B (IBISWorld 2024) · 4.5% CAGR 2020–2025LANDSCAPING · BLS 37-3011 median wage $36,440 (May 2024) · 1M+ employed; supervisor 37-1012 median $57,180LANDSCAPING · BrightView (KKR take-private 2024) · Yellowstone Landscape (CIVC) · Monarch (Charlesbank) lead PE roll-up activityLANDSCAPING · NALP industry research · Recurring maintenance contract share is dominant Pricing pillar driverJAPAN · 造園工事業 license under Construction Business Act (建設業法) · Prefectural or MLIT-issuedMETHODOLOGY · Acquidex v1.0 · Sample window 2025-05 → 2026-04 · Trailing 12 months · n=85 SMB transactions
Scored Listing·Landscaping·Updated 2026-05-02
Lower bandComposite

Landscaping contractor, installation-dominant revenue, equipment at end of service life

§ 01 · Observed

What was documented in diligence.

Revenue breakdown: $620,000 installation/enhancement (peak install year — $190,000 above prior year), $290,000 residential maintenance (informal month-to-month), $0 snow removal. Installation revenue normalized to prior 3-year average of $430,000. Equipment appraisal: 10-year average age; independent appraiser marked three units to scrap value rather than book value — total appraised value $48,000 vs. $142,000 book. Maintenance contracts: all residential, all informal, no written terms. No H-2B or other documented seasonal labor program.

§ 02 · Outcome

What happened.

Buyer submitted LOI at 2.9× blended SDE. After installation normalization, equipment capex reserve, and maintenance-base-only SDE calculation, adjusted SDE dropped 54%. Deal terminated — repriced multiple on adjusted basis was not financeable.

§ 03 · Structural Pattern

How this deal fits the four-pillar framework.

Lower-band conditions on Earnings Quality (installation-inflated trailing year), Pricing (equipment at scrap, not book), and Transferability (informal residential agreements). The deal was presented on a peak-installation-year trailing period; the ongoing business did not support the purchase price.

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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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.

Landscaping contractor, installation-dominant revenue, equipment at end of service life — Landscaping Deal Teardown | Acquidex | Acquidex