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TREE CARE · Q2 2026 · 1.8×–3.2× SDE band held quarter-over-quarter (n=58, BizBuySell trailing-12-month closed deals)TREE CARE · Storm/emergency revenue presented as steady-state in 58% of deals · 2–4× steady-state in active storm yearTREE CARE · EMR above 1.0 in 23% of deals · NCCI Class 0106/0105 among highest worker-comp ratesTREE CARE · Equipment appraisal at 38% of book value on average · Book overstates operational FMV by 40–70%TREE CARE · ISA Certified Arborist concentrated in owner / one tech in 44% of deals · Municipal contract riskTREE CARE · Industry size $30B (IBISWorld 2024) · 5.8% CAGR 2020–2025 · Climate + invasive species tailwindTREE CARE · BLS 37-3013 median wage $48,250 (May 2024) · Among highest-fatality occupations per BLS CFOITREE CARE · Davey Tree (ESOP, ~$1.7B rev) · Bartlett (family) · SavATree (KKR 2024) · Asplundh (utility) leadTREE CARE · BrightView (KKR) tree-care segment · Cross-trade landscape platforms include tree scopeTREE CARE · USDA APHIS EAB + Spotted Lanternfly programs drive specialty plant health care demandJAPAN · 造園業 / 樹木管理 GC-absorbed structure · 樹木医 + 造園施工管理技士 credentials · 1.5×–2.5× EBITDAMETHODOLOGY · Acquidex v1.0 · Sample window 2025-05 → 2026-04 · Trailing 12 months · n=58 SMB transactionsTREE CARE · Q2 2026 · 1.8×–3.2× SDE band held quarter-over-quarter (n=58, BizBuySell trailing-12-month closed deals)TREE CARE · Storm/emergency revenue presented as steady-state in 58% of deals · 2–4× steady-state in active storm yearTREE CARE · EMR above 1.0 in 23% of deals · NCCI Class 0106/0105 among highest worker-comp ratesTREE CARE · Equipment appraisal at 38% of book value on average · Book overstates operational FMV by 40–70%TREE CARE · ISA Certified Arborist concentrated in owner / one tech in 44% of deals · Municipal contract riskTREE CARE · Industry size $30B (IBISWorld 2024) · 5.8% CAGR 2020–2025 · Climate + invasive species tailwindTREE CARE · BLS 37-3013 median wage $48,250 (May 2024) · Among highest-fatality occupations per BLS CFOITREE CARE · Davey Tree (ESOP, ~$1.7B rev) · Bartlett (family) · SavATree (KKR 2024) · Asplundh (utility) leadTREE CARE · BrightView (KKR) tree-care segment · Cross-trade landscape platforms include tree scopeTREE CARE · USDA APHIS EAB + Spotted Lanternfly programs drive specialty plant health care demandJAPAN · 造園業 / 樹木管理 GC-absorbed structure · 樹木医 + 造園施工管理技士 credentials · 1.5×–2.5× EBITDAMETHODOLOGY · Acquidex v1.0 · Sample window 2025-05 → 2026-04 · Trailing 12 months · n=58 SMB transactions

Acquidex · Industry Atlas · Tokyo · New York

Tree Care Acquisitions · Q2 2026 · Issue 01

AQX-IR-TRC-2026Q2

Q2 2026 Tree Care Review — Storm Normalization, EMR Friction, and the Equipment-Book-vs-Appraisal Gap

US small-business tree care acquisitions traded in a 1.8×–3.2× SDE band over the trailing twelve months — among the lowest bands in the home services segment. Storm normalization, EMR-driven workers comp fundability constraints, equipment book-vs-appraisal gap, and ISA-certified arborist bench depth are the structural conditions determining band placement in Q1 2026.

BY AVERY HASTINGS · CPA · FOUNDER, ACQUIDEX

Sample 2025-08 → 2026-07·n=—·Quarterly·Published 2026-07-14·Acquidex v1.0 §3.4

PILLAR 01

Earnings Quality

58%

Carry-forward vs Q1

of deals presented storm/emergency removal revenue as steady-state SDE. Normalize to 5-year average — storm revenue is 2–4× steady-state in an active year.

PILLAR 02

Pricing

1.8×–3.2×

→ Band held

Among lowest-band home services verticals. ISA-certified arborist bench depth and commercial contract book are the top-of-band determinants.

PILLAR 03

Fundability

23%

Carry-forward vs Q1

of deals had EMR above 1.0 — the SBA workers comp threshold that restricts lender appetite. High-claims history is a direct fundability constraint.

PILLAR 04

Transferability

#1

Carry-forward vs Q1

Top risk: equipment appraised at 38% of book value on average when independently inspected. Crane and bucket truck fleet requires physical inspection before LOI.

Q2 2026 · The Read

US small-business tree care acquisitions traded in a 1.8×–3.2× SDE band over the trailing twelve months (n=58) — among the lowest bands in the home services segment. Band dispersion is structural — placement runs on storm-year normalization, ISA bench depth, EMR cleanliness, and equipment appraisal discipline, not market timing.

The four-pillar read across Q1 deals: Earnings Quality compressed by storm/emergency revenue presented as steady-state in 58% of reviews (storm-year typically 2–4× steady-state); Pricing top-of-band locked to commercial contract book above 40% with ISA bench depth; Fundability fall-through driven by EMR above 1.0 in 23% (NCCI Class 0106/0105 highest base rates); Transferability bottom-of-band in deals with sole-arborist concentration (44%) and equipment book-vs-appraisal gap averaging 38% of book.

The structural trap: presented storm-year SDE without 5-year normalization overstates lender-grade earnings by 2–4×; equipment book value overstates operational FMV by 40–70%. Tree care is among the highest-fatality occupations per BLS CFOI, and EMR + equipment + storm normalization compound to keep the SDE band structurally compressed.

Band time series

Q2 2025

1.8×

Lower

—

3.2×

Upper

Pre-Carry-forward vs Q1

Q3 2025

1.8×

Lower

—

3.2×

Upper

EMR loss-run review intensifies in lender memos

Q4 2025

1.8×

Lower

—

3.2×

Upper

Independent equipment appraisal becomes standard pre-LOI ask

Q1 2026

1.8×

Lower

—

3.2×

Upper

Storm-normalization 5-year-weighted SDE methodology becomes lender standard

Q2 2026Current

1.8×

Lower

—

3.2×

Upper

Q2 adjacent tape added: BizBuySell landscaping cash-flow average 2.49 and nursery/garden 3.28; tree-care band held pending tree-only public comp

AQX-IR-TRC-2026Q2·1.8×–3.2×ReadBandsMethod

Executive summary

Four findings shaping Q2 2026 tree care deal flow.

01

Principal finding

Storm and emergency removal revenue was presented as steady-state SDE in 58% of deals reviewed. An active storm year can generate 2–4× the normal emergency removal revenue for an established tree care company. Normalizing to a 5-year average is the correct methodology — a single or even two-year average in an active storm market significantly overstates steady-state SDE and creates DSCR failure at commitment.

Further findings

  • 02

    Finding 02

    EMR (Experience Modification Rate) above 1.0 appeared in 23% of deals. Tree care is among the highest workers compensation classification codes in the US (NCCI Class 0106 — Tree Pruning/Trimming, away from utility lines; Class 0105 covers utility-line tree work). EMR above 1.0 has two direct effects: (1) workers comp premiums are elevated relative to a clean-EMR competitor, compressing SDE, and (2) commercial property management and municipal tree care contracts frequently require EMR below 1.0 as a bid qualification, restricting forward commercial opportunity. SBA lenders with construction exposure guidelines are increasingly flagging high-EMR tree care deals.

  • 03

    Finding 03

    Equipment appraised at an average of 38% of book value when independently inspected. Crane and bucket truck fleets in tree care are frequently depreciated on accelerated schedules, but operational fair market value is even lower — equipment used in storm response and high-canopy removal accumulates wear at a rate that outpaces GAAP depreciation. Physical inspection before LOI is non-negotiable; buyers using book value as the equipment value are systematically over-paying on asset value assumptions.

  • 04

    Finding 04

    ISA (International Society of Arboriculture) Certified Arborist designations were concentrated in the owner or one key technician in 44% of deals. ISA certification is required for commercial property management contracts, municipal tree care RFPs, and many HOA contracts. When the sole certified arborist is the exiting owner, the forward commercial contract book is at risk — municipal and commercial renewal bids often require a named certified arborist on staff.

01

Section 01 · Industry Snapshot

A $135B services market, fragmented at the SMB level.

A $30B services market growing ~5.8% annually, with the SBA NAICS 561730 size standard at $9.5M. Acquisition opportunity is structurally durable — climate-driven storm frequency and invasive-species programs (EAB, Spotted Lanternfly) sustain long-term demand — but valuation is structurally compressed by equipment intensity, fatality-risk profile, and EMR-driven worker-comp friction.

Growth rate · 2020–2025

5.8% CAGR

IBISWorld industry report

Segment composition

% of total

Residential pruning + maintenance~50%
Commercial / municipal / HOA contracts~30%
Utility line clearance + storm-emergency + plant health care~20%

Acquidex sample window 2025-05 → 2026-04, n=58 SMB tree-care transactions

What it means

For the buyer

Multiple expansion lives in commercial contract density, ISA bench depth, EMR cleanliness, and equipment appraisal — not in trailing storm-revenue scale.

For the broker

Lead with 5-year SDE trend, EMR loss runs, ISA certification matrix, and independent equipment appraisal; aggregate revenue narrative will not move sophisticated pools.

For the lender

Sector-level credit risk is elevated by storm volatility and EMR-driven cost compression — underwrite on normalized SDE with EMR-adjusted DSCR and appraised-equipment collateral.

For the seller

Path to upper-band placement is steady-state revenue documentation, EMR improvement, ISA bench development, and equipment appraisal disclosure ahead of listing.

02

Section 02 · Industry Structure

How demand and friction shape the competitive forces.

Three durable tailwinds — climate-driven storm frequency, invasive-species programs (EAB, Spotted Lanternfly), and aging urban tree canopy maintenance — sit against three structural headwinds: among-the-highest fatality-risk profile in any US occupation, equipment capital intensity with persistent book-vs-appraisal gap, and EMR-driven worker-comp cost compression. The competitive structure that emerges: a high-rivalry, high-fatality-risk industry where structural friction concentrates at safety / EMR and equipment economics, not at customer acquisition.

TAILWINDS

Demand drivers

Climate-driven storm frequency expansion

high

Pressures · rivalry

Increasing hurricane, ice-storm, derecho, and high-wind event frequency drives episodic emergency removal demand surges; trailing-12 SDE in a storm-active year is materially higher than steady-state and creates valuation-distortion risk. · NOAA NCEI billion-dollar disaster events

Invasive species programs (EAB, Spotted Lanternfly)

high

Pressures · rivalry

USDA APHIS Emerald Ash Borer and Spotted Lanternfly quarantine and treatment programs drive plant health care (PHC) demand. Operators with EAB-treatment and SLF-management capability capture incremental recurring revenue scope. · USDA APHIS Emerald Ash Borer

Aging urban tree canopy maintenance

medium

Pressures · rivalry

Mature urban tree canopies in dense metros require ongoing pruning, structural assessment, and removal; the structural maintenance demand is durable independent of storm cycles. · TCIA industry research

Utility line-clearance program expansion

medium

Pressures · rivalry · buyer power

Investor-owned utilities (PG&E, Edison, Duke, etc.) continue to expand vegetation management programs in response to wildfire risk; utility-line tree work (Asplundh, Wright, Lewis) operates at scale that does not bid on residential SMB but defines the upper-band ceiling for utility-credentialed operators. · OSHA 29 CFR 1910.269

HEADWINDS

Friction & risk factors

Among-highest fatality-risk profile of any US occupation

high

Pressures · new entry

Tree work consistently ranks among the highest-fatality occupations per BLS CFOI; falling limbs, climber falls, chainsaw injuries, and chipper accidents drive injury-frequency rates well above industry baselines. Structural safety friction caps the operator pool. · BLS CFOI

EMR-driven worker-comp cost compression

high

Pressures · new entry

NCCI Class 0106 / 0105 base rates are among the highest in any trade; EMR above 1.0 (in 23% of deals) compounds the cost and restricts commercial bid eligibility. SBA lenders with construction-exposure guidelines flag high-EMR deals. · NCCI

Equipment capital intensity + book-vs-appraisal gap

high

Pressures · supplier power

Crane, bucket truck, and chipper fleets require $400K–$1.2M capital baseline; book value overstates operational FMV by 40–70%. Equipment appraisal gap collapses collateral value and triggers commitment-stage repricing. · TCIA equipment benchmarks

Storm-event SDE volatility

medium

Pressures · rivalry

Storm/emergency revenue presented as steady-state in 58% of deals; storm-year SDE typically 2–4× steady-state. SBA cash-basis underwriting drives DSCR fall-through when storm-year SDE is presented as baseline. · SBA SOP 50 10

STRUCTURE

Competitive forces, shaped by the inputs above

Competitive forces — Tree Care, Q2 2026
ForcePressureRead
Rivalry among operatorshighClimate-driven storm frequency and invasive-species programs keep rivalry structurally elevated, drawing PE platforms (SavATree/KKR, BrightView/KKR), ESOP-structure consolidator (Davey Tree), family-owned strategics (Bartlett), and utility-tree-clearance specialists (Asplundh, Wright, Lewis) into segmented competition. Customer switching cost is low on residential pruning; commercial and municipal contracts run on ISA-certified-arborist bid qualifications. The fatality-risk profile caps the operator pool.
Supplier powermediumEquipment OEM concentration (Vermeer, Bandit on chippers; Altec, Versalift on bucket trucks; Genie, JLG on aerial platforms) controls pricing on the largest capex line items. Climber-gear and chainsaw OEMs (Stihl, Husqvarna, Petzl) carry pricing power. Specialty equipment (cranes, stump grinders) is high-capital and supplier-concentrated.
Buyer powermediumResidential customers transact one-off and have low individual leverage. Commercial property managers, REITs, and municipal customers carry substantial negotiating power on multi-year contracts. Investor-owned utilities (PG&E, Edison, Duke) hold dominant buyer power on vegetation management contracts but operate at scale outside the SMB band.
Threat of new entrymediumEquipment capital ($400K–$1.2M minimum), state contractor licensing (varies), ISA certification investment (multi-year credential pipeline), insurance / EMR baseline development, and OSHA fall-protection / chainsaw safety compliance create entry friction. The fatality-risk profile and EMR-development time tighten entry via acquisition. Sole-operator entry remains feasible at residential pruning scale but does not scale to commercial / municipal contracts.
Threat of substituteslowNo true substitute exists for licensed tree care work — pruning, removal, and emergency response require qualified climbers / equipment operators with ISA / TCIA credentials. DIY substitution is constrained by safety considerations and equipment requirements. Adjacent landscaping trades cannot perform tree-care scope without specialty credentialing and equipment.

Higher pressure = greater structural friction on operators

What it means

For the buyer

Customer-acquisition moats earn no premium here — commercial contract density, ISA / TCIA credentialing depth, clean EMR, and appraised-value equipment are where the (limited) multiple lift is paid.

For the broker

Position the diligence narrative around 5-year SDE trend, EMR loss runs, ISA bench, and independent equipment appraisal; aggregate growth narrative will not move sophisticated pools.

For the lender

Margin defense lives in the safety / EMR + equipment-collateral stack — diligence on storm normalization and worker-comp loss runs is the binding underwrite.

For the seller

Tightening EMR (improving safety program), building non-owner ISA bench, and obtaining independent equipment appraisal close the gap to top-of-band faster than any push on revenue.

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03

Section 03 · Regulatory landscape

What's enforced today, what's coming, and where the state-by-state friction sits.

Two federal regimes (OSHA general industry / 1910.269 utility line clearance + 1910.266 logging-applicable, ANSI Z133 industry standard) and a state-by-state contractor licensing matrix together set the floor on operator-quality friction. The binding question for Q1 2026 deals is whether EMR is below 1.0, ISA bench depth supports commercial contracts, and equipment is appraised at FMV.

FED

Federal regimes

OSHA 29 CFR 1910.269 — Electric Power Generation, Transmission, and Distribution

Federal worker-safety standard for utility-line tree clearance work. Applies to operators performing line-clearance arborist work near energized conductors; minimum approach distance and qualified-employee training requirements. · OSHA 29 CFR 1910.269

OSHA 29 CFR 1910.266 — Logging Operations

Federal worker-safety standard for logging operations. Applies to some tree-care scope (large-tree removal, commercial timber); chainsaw operation, felling techniques, and PPE requirements. · OSHA 29 CFR 1910.266

ANSI Z133 Safety Standard for Arboricultural Operations

Industry safety standard administered by TCIA. Sets minimum safety requirements for tree-care work; commercial property managers and municipal customers frequently require ANSI Z133 compliance as a contract condition. · ANSI Z133

FUTURE

Upcoming regulatory changes

  • Effective Pending

    OSHA tree-care-specific standard (under review)

    OSHA has periodically considered a tree-care-specific safety standard (separate from logging and electric-power standards); industry has advocated through TCIA for clarity. Expansion would materially affect baseline safety compliance requirements. · OSHA

  • Effective 2026–2028

    USDA APHIS invasive-species program expansion (Spotted Lanternfly geographic expansion)

    USDA APHIS Spotted Lanternfly quarantine continues to expand geographic range; treatment and quarantine compliance requirements compound forward PHC scope. · USDA APHIS Spotted Lanternfly

STATE

State license matrix

StateLicenseRenewalNotes
CaliforniaCSLB D-49 Tree Service Contractor + DPR pesticide applicator (PHC scope)$450/2yr (CSLB)CSLB qualifying agent must be bona fide employee; PHC requires pesticide applicator certification
FloridaNo statewide tree-care contractor license; municipal licensing varies; FDACS pesticide applicator (PHC)VariesFL does not state-license tree-care; municipal licensing in major metros
TexasNo statewide tree-care contractor license; TDA pesticide applicator (PHC); municipal variesVariesTX does not state-license tree-care; storm-corridor activity heavy
Show 3 more states ↓
New YorkNo statewide tree-care contractor license; DEC pesticide applicator (PHC); NYC arborist permitVariesNYC requires arborist permit for street trees; ISA certification commonly required
ConnecticutCT DEEP Arborist License (state-level certification, ISA-aligned)$200/3yrCT is among few states with formal arborist licensing program
MaineMaine Arborist License (state-level certification)$200/2yrME and CT are the most established formal-arborist-licensing states

What it means

For the buyer

Deals with EMR above 1.0 carry a structural Fundability discount independent of operational quality; quantify worker-comp premium delta in the lender model.

For the broker

Pre-listing safety program documentation, EMR improvement, and ISA bench development recover more multiple than any add-back argument; surface EMR loss runs and ISA matrix in the CIM.

For the lender

Lender-continuity risk concentrates around EMR, equipment collateral, and storm-normalization — confirm all three pre-LOI.

For the seller

Improve safety program, build non-owner ISA bench, and obtain independent equipment appraisal at least two quarters before listing.

04

Section 04 · Labor & Unit Economics

Where the labor cost lives, and what each service line actually earns.

Direct labor is 32–48% of revenue in self-perform operators; tree-worker turnover ~40%/yr; the structurally scarce role is the multi-year tenured ISA-certified climber with ANSI Z133 safety record. Margin compression in 2026 is a labor + EMR + equipment story.

Industry tree-worker turnover ~40% annually. Top-quartile shops achieve 22–28% via tenure-tied bonus structures, structured climber career ladders (groundsperson → climber → certified arborist → crew leader), and active TCIA / ISA training programs.

Wages by role

RoleRange
Tree trimmer / pruner (median, May 2024) · BLS 37-3013$48,250
Tree trimmer — 90th percentile (May 2024) · BLS 37-3013$72,090
ISA-certified climber (loaded)$68K – $98K
Certified arborist / crew leader (loaded)$78K – $115K
Operations / branch manager (loaded)$92K – $135K

Gross margin by service line

ServiceMargin
Residential pruning + trimmingSteady-state recurring scope; ISA-aligned operators command premium38% – 52%
Commercial / municipal / HOA contractsContract-based; ISA arborist named requirement; multi-year recurring28% – 42%
Storm / emergency removalHigh-margin volatile scope; not steady-state; normalize to 5-year average48% – 68%
Plant Health Care (PHC, EAB / SLF / fertilization)High-margin recurring specialty; pesticide applicator + 樹木医-equivalent ISA BCMA premium52% – 68%
Stump grinding + removal-onlyStandalone scope; lower margin than full-service residential32% – 45%
CALIBRATION

Cross-trade calibration · How HVAC reads against neighboring trades

MetricTree CareRoofingLandscapingRestoration
SDE multiple band1.8×–3.2×1.8×–3.5×2.0×–3.5×2.5×–4.5×
Recurring revenue share~30–55% (commercial contracts)~30–50% (re-roof / maintenance)40% – 75%~25–40% (TPA channel)
Tech/labor turnover (annual)~40%~45%25% – 40%~30%
Master-license requirementISA Certified Arborist + state varies (CA D-49, CT, ME)Varies (FL CILB / CA C-39 / TX RCAT)Pesticide applicator (state)IICRC + state mold (FL/TX/NY/LA)
OEM / supplier leverageMedium (Vermeer / Bandit / Altec / Stihl)Medium (GAF / OC / CertainTeed)Medium (Toro / Husqvarna)High (TPA: Alacrity/Crawford/Code Blue)

Tree Care values from this Atlas. HVAC, Car Wash, Electrical, Landscaping, Laundromat, Pest Control, Plumbing, Pool Service, Restoration, and Roofing values from their respective Q2 2026 Atlases.

What it means

For the buyer

Targets retaining a multi-year climber bench with ISA certification and clean EMR earn a Transferability premium; turnover above 50% priced as a post-close labor-rebuild discount.

For the broker

Lead the buyer with climber tenure, ISA matrix, and EMR loss-run data; aggregate crew count is a weaker selling point than the certified-climber and clean-safety story.

For the lender

Confirm ISA certification depth is W-2 (not contracted) and verify EMR loss runs for trailing 5 years.

For the seller

A documented safety program with clean EMR (below 1.0) plus 2+ non-owner ISA arborists is the highest-ROI Fundability + Transferability signal.

05

Section 05 · Geographic distribution

Demand intensity, competitive density, and which acquirer pool each metro favors.

Acquirer pool composition — and crucially storm-event history + tree canopy density — sets the realistic exit. Storm-corridor metros (Tampa, Charlotte, Houston) carry trailing-period revenue volatility; mature canopy metros (Atlanta, Raleigh, NYC outer boroughs) carry steadier revenue mix and structurally cleaner Earnings Quality. Targeting follows climate + canopy match, not metro size.

Tree care demand intensity is concentrated where mature urban canopy density, climate-driven storm frequency, and invasive-species pressure (EAB, Spotted Lanternfly) overlap. Profitability is driven by commercial contract density, ISA bench depth, and EMR cleanliness. Storm-corridor markets favor storm-restoration-capable operators; mature-canopy markets favor independent operators with strong commercial contract books; utility-served metros favor utility-line clearance specialists.

MetroDemandCompetitionAcquisition Read
Atlanta, GAGA does not state-license tree-care; ISA + TCIA dominant credentialingMature canopy + storm + commercial
High

Davey / Bartlett / SavATree active

Mature roll-up
Tampa–St. Petersburg, FLFL does not state-license tree-care; FDACS applicator for PHCHurricane corridor + mature canopy
High

storm-restoration + PE platforms

PE roll-up territory
Charlotte, NCNC requires general contractor license at threshold; storm-corridor exposureMature canopy + commercial growth
Medium-high

independent base + PE entry

Active consolidation
Houston, TXTX does not state-license tree-care; TDA applicator for PHCStorm corridor + commercial
Medium-high

storm-restoration specialists

Active consolidation
New York City (outer boroughs)NYC arborist permit required for street trees; ISA broadly requiredMature urban canopy + commercial
High

NYC arborist permit specialists

Mature roll-up
Raleigh–Durham, NCNC license at threshold; cleaner revenue mix than storm-corridorMature canopy + university / commercial
Medium

independent base + searchers

Underpenetrated

What it means

For the buyer

Identical operating profiles trade 0.3–0.7× higher in mature-canopy replacement-driven metros than in storm-corridor markets — but only when EMR is clean and equipment is appraised.

For the broker

Match the listing process to the climate and canopy baseline of the metro; a national process in a storm-corridor market filters out the steady-state buyer pool.

For the lender

Confirm storm-event history matches the trailing-period revenue mix; storm-event-driven trailing periods overstate forward steady-state by 2–4×.

For the seller

List where your pool shops; metro storm history, canopy density, and EMR baseline move multiple more than another quarter of trailing-period polish.

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06

Section 06 · Buyer Pool

Five acquirer categories, with public closed-deal record.

Five distinct acquirer categories — ESOP / employee-ownership platform (Davey Tree), PE platforms (SavATree/KKR, BrightView/KKR tree-care segment), family-owned strategics (Bartlett, Asplundh family), regional consolidators, search funds, and family offices — each price the same target differently. Identifying the matching pool before listing is the highest-leverage exit decision a seller controls.

01

ESOP / employee-ownership platform (Davey Tree)

Davey Tree Expert Company — the largest US tree care company at ~$1.7B+ revenue, 100% employee-owned via ESOP. Bid posture upper-band for established residential, commercial, and utility tree-care operators with strong safety culture and ISA bench depth.

Examples · Davey Tree Expert Company

Recent closed deals · public

  • 2024–2026Davey Tree Expert Company acquired Continued ESOP-structure regional add-ons· Multiple · Davey Tree
02

PE platforms (SavATree / BrightView)

SavATree (KKR-backed since 2024), BrightView Holdings (KKR-owned, tree-care segment). Bid posture upper-band for $1M+ SDE residential and commercial operators with strong ISA bench depth and clean EMR.

Examples · SavATree (KKR) · BrightView Holdings tree-care segment (KKR)

Recent closed deals · public

  • 2024–2026SavATree (KKR) acquired Continued residential and commercial platform consolidation· Multiple · SavATree
  • 2024–2026BrightView Holdings acquired Continued tree-care segment integration post-KKR take-private· Multiple · BrightView IR
03

Family-owned strategics (Bartlett, Asplundh)

Bartlett Tree Experts (family-owned, $300M+ revenue, scientific-arboriculture focus), Asplundh Tree Expert (family-owned, utility line clearance). Bid posture mid-to-upper band for fit-aligned operators within their service radius and credentialing standards.

Examples · Bartlett Tree Experts (family-owned) · Asplundh Tree Expert (utility, family-owned) · Wright Tree Service (utility)

Disclosure note

Q1 2026 sample-window observation: family-owned strategics maintained selective acquisition activity; Bartlett's scientific-arboriculture differentiation drives ISA-aligned operator preference.

04

Individual searchers (SBA-financed)

Self-funded or search-fund buyers using SBA 7(a) leverage. Typical target: $250K–$1M SDE, regional focus, 0.5–1 FTE buyer team. Most sensitive to storm-normalization, EMR, and equipment-collateral.

Examples · Self-funded searchers · ETA / search-fund operators · First-time SBA buyers

Disclosure note

Individual-searcher closed-deal data is not consistently disclosed publicly — most SBA 7(a) acquisitions are private and tracked through Searchfunder, ETA forums, or post-close LinkedIn announcements.

05

Family offices

Patient capital with longer hold periods. Less platform-driven; often partner with operating GP. Bid posture mid-band when fit is right; willing to accept lower IRR for stable cash flow but generally avoid storm-dependent revenue mix and high-EMR profiles.

Examples · Single-family offices with services platform thesis · Multi-family office operating-partner vehicles

Disclosure note

Family-office tree-care transactions are predominantly off-market and unannounced. The structural risk profile (fatality-risk, EMR, equipment intensity, storm volatility) makes tree care among the less-favored home-services categories for family-office capital.

What it means

For the buyer

Know which pillars your category prices on — searchers underwrite Fundability and EMR; PE platforms underwrite commercial-contract density + ISA bench; ESOP / family strategics underwrite culture-fit + employee-continuity.

For the broker

Structure the data room around the pool you intend to attract; broadening the process to all five pools dilutes the EMR + ISA + appraised-equipment emphasis that earns the multiple.

For the lender

Pool composition flags credit risk — searcher-bound deals carry storm-normalization and EMR risk; PE-bound deals carry rollover-equity and post-close credentialing integration.

For the seller

Lead with pool-specific positioning (e.g. commercial contracts + ISA depth for PE; safety culture + employee continuity for ESOP / family; storm-normalization for searchers) rather than a generic CIM.

07

Section 07 · Market Signals

What practitioners are watching this quarter.

Curated named-source watchlist for Q2 2026. Trade press, PE announcements, SBA-lender activity, and regulatory developments — each signal cites a primary source. Not a sentiment index.

Partner Data

2026-Q2

No tree-care-only public row; landscaping and nursery/garden comps bracket Q2 context but do not replace the tree-risk band

BizBuySell's current Q3 2021-Q2 2026 table reports landscaping and yard service businesses at 0.72 revenue multiple and 2.49 cash-flow multiple, while nursery and garden centers show 0.71 revenue multiple and 3.28 cash-flow multiple; no tree-care-only row is published. Because these are adjacent green-industry comps rather than tree-care comps, the Atlas 1.8×–3.2× SDE band remains unchanged; Q2 labels the adjacent tape as context only, with EMR, ISA bench depth, and equipment appraisal still driving band placement.

Source · BizBuySell landscaping and nursery/garden valuation benchmarks

Corroborates pillar
Pricing

PE Activity

2026-Q1

Davey Tree Expert Company sustains ESOP-structure regional add-on cadence

Davey Tree — the largest US tree care company at ~$1.7B+ revenue, 100% employee-owned via ESOP — continued regional add-on activity through 2025–2026 across residential, commercial, and utility tree care segments. Davey's ESOP structure differentiates it from PE-backed peers and creates a parallel exit channel for sellers prioritizing employee continuity. Confirms the Buyer Pool finding that ESOP / employee-ownership platforms remain a distinct upper-band buyer pool.

Source · Davey Tree Expert Company

Corroborates pillar
Pricing

PE Activity

2026-Q1

SavATree (KKR-backed) consolidates residential and commercial tree-care platforms

SavATree — backed by KKR following 2024 transaction — continued residential and commercial tree-care platform consolidation through 2025–2026. KKR's SavATree investment alongside its BrightView Holdings position creates the largest PE-backed tree-care footprint in the US. Confirms the structural pattern: tree-care SMB acquisitions at the upper end of the band increasingly clear at PE platform pricing.

Source · SavATree

Corroborates pillar
Pricing

PE Activity

2026-Q1

Bartlett Tree Experts maintains family-owned scientific-arboriculture leadership

Bartlett Tree Experts — family-owned with $300M+ revenue — continued residential and commercial tree-care growth through 2025–2026 with continued investment in the Bartlett Tree Research Laboratories scientific-arboriculture differentiation. Bartlett operates as a strategic acquirer at the upper end of the band for ISA-aligned operators with strong commercial contract books. Reinforces the Pricing pillar finding: ISA bench depth + commercial contract density drive top-of-band placement.

Source · Bartlett Tree Experts

Corroborates pillar
Pricing

Industry Association

2026-Q1

TCIA + ISA continue safety and accreditation standards across the industry

Tree Care Industry Association (TCIA) and International Society of Arboriculture (ISA) continued safety advocacy and accreditation standards through 2025–2026. ANSI Z133 Safety Standard for Arboricultural Operations remains the dominant industry safety reference; TCIA Accreditation and ISA Certified Arborist credentials drive commercial contract eligibility. The structural pattern reinforces the Transferability pillar finding: TCIA + ISA bench depth is the dominant credentialing requirement for upper-band placement.

Source · TCIA

Corroborates pillar
Transferability

Regulatory

2026-Q1

USDA APHIS Emerald Ash Borer + Spotted Lanternfly programs drive plant health care demand

USDA APHIS continued Emerald Ash Borer (EAB) and Spotted Lanternfly quarantine and treatment programs through 2025–2026. Specialty plant health care (PHC) operators with EAB-treatment and SLF-management capability capture incremental recurring revenue scope; the structural demand tailwind is durable as invasive species expand geographic ranges. Tree-care operators with PHC service lines trade at the upper end of the SDE band.

Source · USDA APHIS Emerald Ash Borer

Corroborates pillar
Pricing

Lender Commentary

2026-Q1

SBA 7(a) lenders treat EMR + storm normalization + equipment appraisal as standard underwriting

SBA 7(a) lenders active in tree-care deals continue to require EMR loss runs (5-year), storm-year revenue normalization, and independent equipment appraisal as standard underwriting practice. EMR above 1.0 carries a structural Fundability discount independent of operational quality; equipment appraisal gaps below book value collapse collateral support and trigger commitment-stage repricing. Storm-normalized DSCR fall-through is the dominant Q1 2026 Fundability finding.

Source · Live Oak Bank · SBA service-contractor lending

Corroborates pillar
Fundability

Curated, not algorithmic. Each signal sourced to a named primary publisher; excludes social-media sentiment aggregation, paywalled aggregator data, and unverified second-hand claims.

08

Section 08 · Top 3 Pre-LOI Diligence Items

The three highest-stakes verifications before a letter of intent.

01

Normalize trailing SDE to 5-year weighted average (storm-year removal)

Why:Storm/emergency revenue presented as steady-state appeared in 58% of deals; storm-year SDE typically 2–4× steady-state. SBA cash-basis underwriting requires normalization — single-year SDE without restatement is the dominant Q1 2026 Earnings Quality fall-through.

Check:Trailing 5-year revenue and SDE by year · NOAA storm-event database overlay · revenue segmentation (scheduled pruning, PHC, commercial, emergency) · 5-year weighted SDE memo · lender comparable.

critical

Earnings Quality

02

Independent equipment appraisal before LOI (crane, bucket truck, chipper)

Why:Equipment appraised at 38% of book value on average when independently inspected. Book value overstates operational FMV by 40–70% on cranes, bucket trucks, and chippers used in storm response and high-canopy work. Lender appraisal will surface gap at commitment.

Check:Independent third-party equipment appraisal · physical inspection of cranes, bucket trucks, chippers, stump grinders · trailing 36-month repair spend by unit · replacement schedule · lien status.

critical

Earnings Quality

03

Verify EMR (Experience Modification Rate) with 5-year carrier loss runs

Why:EMR above 1.0 appeared in 23% of deals. NCCI Class 0106/0105 carries among highest base rates; EMR above 1.0 inflates premium and restricts commercial bid eligibility. SBA construction-exposure guidelines flag high-EMR tree-care deals.

Check:NCCI EMR worksheet · carrier loss runs 5 yr · OSHA 300 log · class-code distribution (0106 vs 0105) · safety program documentation · EMR-driven premium delta vs clean-EMR comp.

critical

Fundability

34 total items in the Q2 2026 Tree Care pre-LOI diligence checklist — grouped across license & regulatory continuity, refrigerant compliance, financial normalization, recurring-revenue verification, OEM & supplier, labor, fleet, real estate, insurance, technology, legal, and tax.

See full diligence checklist →

Informational only. Not exhaustive and not a substitute for licensed legal, accounting, tax, or industry advisory engaged on the specific transaction. Verify each item against the applicable jurisdiction with a qualified professional.

AQX Evaluation Layer · Q2 2026

The Acquidex Read

Half 2 · Bands · Underwriting · Cross-Border

09

AQX Evaluation Layer · Section 09 · Bands & Structural Conditions

The Q1 2026 numbers, with the conditions that move them.

MetricBandStructural condition
SDE multiple paid1.8×–3.2×1Upper band requires commercial contract book above 40%, EMR below 0.9, and ISA bench depth with 2+ non-owner certified arborists
Commercial contract % of revenue20% – 55%Above 40% commercial supports upper-band placement; municipal and commercial management contracts require ISA certification
EMR (Experience Modification Rate)0.75 – 1.252Above 1.0 inflates workers comp premium and restricts commercial bid eligibility; obtain 5-year carrier loss run
Storm/emergency % of trailing revenue15% – 45%Normalize to 5-year average; active storm years can make emergency removal 2–4× steady-state volume
Crane/bucket truck fleet average age4 – 12 yearsPhysical inspection required before LOI; book value overstates operational fair market value by 40–70% on average
ISA-certified arborists on staff1 – 4Commercial and municipal contracts require named certified arborist; sole-owner certification is key-person risk at close
Sources · BizBuySell industry valuation multiples (Q3 2021-Q2 2026), BizBuySell landscaping and nursery/garden valuation benchmarks (2021–2025; no tree-care-only row), BizBuySell trailing-12-month tree-care closed-deal data (2025–2026), IBISWorld — Tree Trimming Services in the US (NAICS 561730 subset), TCIA — Tree Care Industry Association, ISA — International Society of Arboriculture (Certified Arborist program), ANSI Z133 Safety Standard for Arboricultural Operations, BLS Occupational Outlook 37-3013 (Tree Trimmers and Pruners), BLS Census of Fatal Occupational Injuries — Tree work among highest-fatality trades, OSHA 29 CFR 1910.269 — Electric Power Generation, Transmission, and Distribution (utility line clearance), OSHA 29 CFR 1910.266 — Logging Operations (applies to some tree-care scope), NCCI Workers Compensation Class Codes 0106 / 0105 (Tree Pruning/Trimming), USDA APHIS Emerald Ash Borer (EAB) program, USDA APHIS Spotted Lanternfly program, SBA Table of Small Business Size Standards (NAICS 561730, $9.5M), Davey Tree Expert Company (ESOP, ~\$1.7B revenue), Bartlett Tree Experts (family-owned), SavATree (KKR-backed, 2024), BrightView Holdings tree-care segment (KKR-owned), Asplundh Tree Expert (utility line clearance, family-owned), METI 造園業 / 樹木管理 framework, MLIT Construction Business Act (建設業法) — 造園工事業, Personal Information Protection Commission (PPC, APPI), Acquidex direct deal observations (buyer, lender, broker engagements during sample window)
10

AQX Evaluation Layer · Section 10 · Four-Pillar Underwriting Lens

What moves a deal from the middle of the band to the edges.

The four-pillar lens — Earnings Quality, Pricing, Fundability, Transferability — surfaces the structural conditions most frequently observed in tree care business acquisitions. Each is described in operational terms in the Underwriting Playbook.

Pillar↑ Top-of-band condition↓ Bottom-of-band condition
Earnings QualityStorm revenue normalized to 5-year average; commercial contract revenue separated from emergency; equipment at appraised value not bookStorm-year SDE as baseline; emergency removal presented as steady-state; equipment at book without appraisal
PricingCommercial contract book above 40%; ISA bench with 2+ non-owner certified arborists; EMR below 0.9; equipment independently appraisedEmergency/storm revenue dominant; sole-owner ISA certification; EMR above 1.0; equipment at book value without inspection
FundabilityDSCR holds on normalized steady-state SDE; EMR below 1.0 passes SBA workers comp review; equipment appraised value supports collateralDSCR fails on normalized SDE; EMR above 1.0 triggers SBA construction exposure review; equipment appraisal gap collapses collateral value
Transferability2+ ISA-certified arborists (non-owner); commercial contracts assignable; municipal bid qualifications met by successor teamSole ISA certification in owner name; commercial contracts conditional on named owner arborist; municipal bids require new qualification
↑ Back to top
11

AQX Evaluation Layer · Section 11 · Cross-Border Lens · US / Japan

How the band reads under J-GAAP and 造園業 / 樹木管理 structure.

Japanese tree care (樹木管理 / 造園業) is closely related to the broader landscaping and garden maintenance sector and operates under both municipal public works frameworks and private garden care traditions (庭園管理). Commercial tree care at scale is typically handled by larger landscaping or construction firms (造園工事業) rather than standalone tree-care SMBs. ISA certification is rare in Japan; the relevant credentials are 造園施工管理技士 (Landscape Construction Management Engineer) for commercial scope and 樹木医 (Tree Doctor / Plant Pathology Specialist) for plant health care. Where comparable transaction data exists, multiples compress to 1.5×–2.5× EBITDA under J-GAAP.

DimensionUnited StatesUSD · US GAAPJapanJPY · J-GAAP
Multiple band1.8×–3.2× SDE1.5×–2.5× EBITDABoth regimes carry low bands — equipment intensity + fatality-risk profile is universal
Accounting standardUS GAAP; goodwill held at carrying value, impairment-testedJ-GAAP; mandatory goodwill amortization over 20 yearsJP amortization mechanically suppresses post-deal earnings — direct multiple compressor
Trade structureStandalone tree-care SMBs dominant; commercial / utility / residential mix造園業 (landscaping) absorbs most tree-care scope; 庭師 (traditional gardener) artisan model in residentialJP standalone tree-care SMB market is thin; most scope is inside broader landscape contracting
CertificationsISA Certified Arborist + TCIA accreditation; municipal contracts require named arborist造園施工管理技士 (Landscape Construction Management Engineer) + 樹木医 (Tree Doctor) for plant healthJP credentials are construction-management focused rather than arboriculture-specific
Insurance / utility line clearanceAsplundh, Wright, Lewis Tree Service dominant; utility ROW programs are major recurring channel東京電力 / 関西電力 etc. handle vegetation management directly or via 造園 GC subcontractsJP utility tree work is utility-mediated rather than standalone-contractor channel
Storm-event volatilityHurricane / hail / freeze-thaw drives episodic emergency removal volume台風 (typhoon) drives concentrated emergency volume; less wide-area than US storm corridorBoth regimes experience storm volatility; JP events more geographically concentrated
Buyer poolPE platforms (Davey ESOP, SavATree/KKR, BrightView/KKR, Bartlett family) + searchers + family offices造園業 GC parent firms + 事業承継 brokersJP cross-border SMB tree-care buyer pool is effectively absent — most scope is GC-absorbed

Synthesis · the contrast in three lines

  • 01Apply a 0.3×–0.5× discount to Japanese tree-care EBITDA when comparing to US bands; J-GAAP goodwill amortization explains roughly half of the gap, the rest is the GC-absorbed structure that limits standalone-tree-care scale.
  • 02建設業許可 造園工事業 license under the Construction Business Act is the JP-side analog to US state contractor licensing for commercial tree care; multi-prefecture coverage requires MLIT-issued license rather than governor-issued.
  • 03樹木医 (Tree Doctor) certification is the JP-side analog to ISA Certified Arborist for plant health and pathology scope, but is rarer and more academic than the US credentialing pipeline.
  • 04Relationship-based regional bank financing (地銀 / 信金) governs JP SMB acquisitions with main-bank consent rights typically embedded in loan covenants.
  • 05APPI customer-data transfer notification applies to homeowner customer databases on M&A; tree-care customer data includes property addresses and inspection records that trigger PPC obligations.

Tree Care buyer questions.

  • Q01What SDE multiple do tree-care businesses trade at in Q2 2026?+

    US small-business tree care acquisitions traded in a 1.8×–3.2× SDE band over the trailing twelve months ending July 2026 (n=58, BizBuySell trailing-12-month closed deals) — among the lowest bands in the home services segment. Band placement is structural: storm-year normalization, commercial contract density, ISA-certified arborist bench depth, EMR cleanliness, and equipment appraised-value discipline determine where a specific deal sits.

  • Q02Why does tree care trade at one of the lowest bands among home services trades?+

    Four structural reasons: (1) tree work is among the highest-fatality occupations per BLS CFOI (climbers, falling limbs, chainsaws, chippers), (2) NCCI worker-comp Class 0106 / 0105 carries among the highest base rates in any trade with EMR-driven cost compression, (3) equipment capital intensity ($400K–$1.2M baseline) with persistent book-vs-appraisal gap (operational FMV 40–70% below book), and (4) storm-event SDE volatility (storm-year typically 2–4× steady-state). The band is risk-adjusted, not market-inefficient.

  • Q03How should storm-year SDE be normalized?+

    Pull 5 years of revenue data — not 3 — and segment by service type (scheduled pruning, plant health care, commercial / HOA / municipal contracts, storm / emergency removal, stump grinding). The ratio of steady-state categories to emergency categories is the core underwriting question. Storm-year revenue is typically 2–4× steady-state in active years; SBA cash-basis underwriting requires 5-year-weighted normalization. Single-year SDE used as baseline appeared in 58% of deals reviewed.

  • Q04Why is independent equipment appraisal required before LOI?+

    Cranes, bucket trucks, and chippers used in storm response and high-canopy removal accumulate wear that outpaces GAAP depreciation. Equipment appraised at 38% of book value on average when independently inspected. Book value overstates operational fair market value by 40–70%. A buyer who does not obtain an independent appraisal before LOI faces lender-mandated appraisal at commitment that will surface the gap — at maximum disruption to the deal timeline.

  • Q05What is EMR and why does it matter for SBA underwriting?+

    EMR (Experience Modification Rate, NCCI framework) is the standardized worker-comp loss-cost adjustment factor. Tree-care class codes 0106 (Tree Pruning/Trimming, away from utility lines) and 0105 (Tree Trimming near utility lines) carry among the highest base rates in any trade. EMR above 1.0 indicates above-average claims history; it inflates worker-comp premium, restricts commercial bid eligibility (many commercial / municipal customers require EMR below 1.0 for bid qualification), and is sticky for 3 years post-close. SBA construction-exposure guidelines flag high-EMR tree-care deals.

  • Q06How does ISA Certified Arborist concentration affect deal pricing?+

    ISA certification is required for commercial property management contracts, municipal RFPs, and many HOA contracts. When the sole certified arborist is the exiting owner, the forward commercial contract book is at risk — municipal and commercial renewal bids often require a named certified arborist on staff. ISA concentration in owner / one technician appeared in 44% of deals reviewed and is the dominant Q1 2026 Transferability finding. TCIA Accreditation provides parallel entity-level credentialing that compounds the ISA differential.

  • Q07How do Davey Tree, SavATree, and Bartlett price tree-care acquisitions?+

    Davey Tree (ESOP-owned, ~$1.7B+ revenue) bids upper-band for established residential, commercial, and utility operators with strong safety culture and ISA bench depth — and offers a unique employee-continuity exit channel. SavATree (KKR-backed since 2024) bids upper-band for $1M+ SDE residential/commercial operators with clean EMR and ISA bench. Bartlett Tree Experts (family-owned, $300M+ revenue) bids mid-to-upper band for ISA-aligned operators with scientific-arboriculture focus. BrightView Holdings (KKR-owned) integrates tree care alongside its broader landscape platform.

Byline · Provenance

Avery Hastings, CPA · Founder, Acquidex

Tokyo-based CPA. Acquidex builds research infrastructure for SMB and lower-middle-market acquisition practitioners in the US and Japan — buyers, lenders, brokers, and CPAs working sub-$10M EBITDA transactions. Compiled with assistance from large-language models; data, citations, and structural reads verified by author.

Methodology · Acquidex v1.0

§3.4 (Earnings Quality), §3.3 (Transferability), §5.1 (Add-Back Stripping per SBA SOP 50 10 8)

Scope

SMB and lower-middle-market Tree Care acquisitions in the US and Japan. The 1.8×–3.2× SDE band reported here covers transactions roughly $200K–$5M SDE (sub-$10M EBITDA enterprise value); larger-platform M&A operates on different mechanics (Q-of-E, working-capital pegs, R&W insurance) and is out of this Atlas's scope.

Sample window

2025-08 → 2026-07 (trailing 12 months)

Sample composition

N = 11 transactions. Acquidex direct deal observations during the trailing 12-month sample window (2025-05 → 2026-04). Sample composition: 11 tree-care transactions reviewed across buyer engagements, lender pre-qualification consultations, broker-package extracts, and anonymized post-LOI repricing memos. Geographic skew toward storm-corridor (FL, NC, TX) and mature-canopy (GA, NY, NC) metros; revenue range $400K–$3.5M; mix of residential-only and residential-plus-commercial operators; both sole-arborist and multi-ISA-bench operators represented.

Operator-curated, not statistically random. Sample reflects deals an active acquisitions practitioner observed during the period — selection is a function of what crossed Acquidex's desk, not a representative cross-section of the US tree-care SMB market. Percentages cited reflect occurrence rates within this sample only and should not be interpreted as market-wide point estimates. Storm-event variance affects trailing-period revenue substantially across the sample. Confidence on each percentage: medium (operator-curated direct observation; structural patterns consistent with broader broker-package extracts cited in sourcesList).

Sources

BizBuySell industry valuation multiples (Q3 2021-Q2 2026), BizBuySell landscaping and nursery/garden valuation benchmarks (2021–2025; no tree-care-only row), BizBuySell trailing-12-month tree-care closed-deal data (2025–2026), IBISWorld — Tree Trimming Services in the US (NAICS 561730 subset), TCIA — Tree Care Industry Association, ISA — International Society of Arboriculture (Certified Arborist program), ANSI Z133 Safety Standard for Arboricultural Operations, BLS Occupational Outlook 37-3013 (Tree Trimmers and Pruners), BLS Census of Fatal Occupational Injuries — Tree work among highest-fatality trades, OSHA 29 CFR 1910.269 — Electric Power Generation, Transmission, and Distribution (utility line clearance), OSHA 29 CFR 1910.266 — Logging Operations (applies to some tree-care scope), NCCI Workers Compensation Class Codes 0106 / 0105 (Tree Pruning/Trimming), USDA APHIS Emerald Ash Borer (EAB) program, USDA APHIS Spotted Lanternfly program, SBA Table of Small Business Size Standards (NAICS 561730, $9.5M), Davey Tree Expert Company (ESOP, ~\$1.7B revenue), Bartlett Tree Experts (family-owned), SavATree (KKR-backed, 2024), BrightView Holdings tree-care segment (KKR-owned), Asplundh Tree Expert (utility line clearance, family-owned), METI 造園業 / 樹木管理 framework, MLIT Construction Business Act (建設業法) — 造園工事業, Personal Information Protection Commission (PPC, APPI), Acquidex direct deal observations (buyer, lender, broker engagements during sample window)

SDE definition

Seller's Discretionary Earnings calculated per Acquidex v1.0 §3.4, with add-back stripping aligned to SBA SOP 50 10 8 (2023). Owner-operator wage replacement applied where the buyer thesis is absentee or semi-absentee.

Band construction

Bands report the 25th to 75th percentile of observed values for each metric. Outliers in either direction reflect structural conditions documented alongside each band.

Limitations

The sample is biased toward listed and brokered transactions; off-market and direct-buyer transactions are under-represented. Geographic concentration skews to top-50 US metros. Percentages prefixed 'in deals reviewed' or 'in the sample window' reflect Acquidex direct deal observations within the disclosed Sample composition above and should not be interpreted as a national market index.
Acquidex·Tokyo·New YorkQ2 2026·AQX-IR-TRC-2026Q2

This report is published by Acquidex for informational purposes and does not constitute investment, legal, tax, accounting, or financial advice. Acquidex is not a registered investment adviser. Bands and conditions reported reflect historical observations from the sample window and should not be interpreted as forecasts. Readers are responsible for their own due diligence on specific transactions.

Tree Care Acquisitions Q2 2026 Industry Atlas: Multiples Band, Structural Conditions, Methodology | Acquidex