The business
An owner-operated specialty infrastructure services company, decades in market, in a regional services pocket. Regulated work, capex-heavy. Niche enough that generalist buyers don't find it and PE databases don't scrape it.
First contact
He wasn't listed. He hadn't talked to an advisor. We pulled him out of an infrastructure-services campaign with filters tuned tight to that work, and the opening email talked about what the company actually does. He wrote back.
Where it stands
Now in diligence at an estimated enterprise value around $2M. Sourced through our campaign with no other bidder in the picture.
Businesses like this don't show up in databases or banker inventories. The reason this one is moving is the reason it's worth showing as an example.
What this shows
The interesting deals in the lower mid market usually sit in niches without a banker culture. Specialty infrastructure, regulated services, long-tenure family-owned trades. Outreach that knows the work is the only way in.