Residential and light commercial landscaping, 48% maintenance, northern climate
§ 01 · Observed
What was documented in diligence.
Revenue breakdown: $490,000 maintenance (informal annual), $185,000 hardscape installation (one-time), $140,000 snow removal. Installation project normalized out of SDE base. Monthly seasonality confirmed — Q4 and Q1 combined represent 28% of annual revenue. Without a line of credit, Q4–Q1 DSCR stress test showed negative operating cash flow for 3 months. Equipment 6.8-year average; two mowers and one truck within 18 months of anticipated replacement based on manufacturer service life guidelines.
§ 02 · Outcome
What happened.
Initial ask 3.1× blended SDE including installation project. After installation normalization and seasonal reserve discussion, buyer repriced to 2.6× on recurring maintenance base. Lender required a $60,000 seasonal line of credit as a condition. Closed at 2.6× with seasonal line structure.
§ 03 · Structural Pattern
How this deal fits the four-pillar framework.
Mid-band placement after installation revenue removal and seasonal stress factored into structure. The seasonal line of credit requirement added cost to the capital structure. Consistent with northern-climate landscaping repricing patterns.
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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