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BUY-SIDEPROPOSAL SENT

Buy-side Roll-up · Ches Booker + Sean Cannon

Capstone Construction Partners

Commercial roofing roll-up across Midwest markets — 4 acquisition targets, ~$35M budget, 9–11x exit thesis.

$35M
Acquisition Budget
3.5–5x EBITDA
Entry Multiple
9–11x
Exit Target
4 Midwest
Markets

Opportunity

Reroof and replacement-focused commercial roofing firms in St. Louis, Chicago, Minneapolis, Indianapolis, and Ohio with approximately $2M EBITDA per target. These businesses carry sticky recurring relationships with industrial warehouse portfolio owners, lean overhead, and sub-only or partial sub labor models. Next Chapter is defining the target profile, building the scoring and enrichment system, and preparing a 40–60 prospect letter campaign on behalf of Ches Booker and Sean Cannon.

Deal Economics

Acquisition budget~$35M
Entry multiple target3.5–5x EBITDA (4.5x ideal; 5.5x ceiling)
Exit multiple target9–11x in years 4–5
EBITDA per acquisition$1.5M–$2.5M
Number of targets4 companies
StructureConsidering 51% equity structures
FinancingPrivate lenders; Spiga Capital (Gabriel Pereira-Langevin) co-investor
Exit timelineEnd of year 4 / early year 5

Active Intel

  • 01"Exit timeline: end of year 4 / early year 5"
  • 02"Target EBITDA per acquisition: approximately $1.5M–$2.5M"
  • 03"Target acquisition multiple: under 4x EBITDA on entry"
  • 04"Seller is asking approximately 6x EBITDA multiple. Next Chapter believes business justifies 4.5x–5x"
  • 05"Next Chapter identified $1.8M to $2.6M in EBITDA adjustments/deductions from seller's stated figures"
  • 06"Target has approximately $2M in loans/debt, roughly equal to one year of EBITDA"
  • 07"Buyer's preferred target multiple is 4.5x to 5x. 4.5x would be ideal; 5.5x is ceiling"

Next Steps

  • Chris Fore (Ches Booker's broker) to decide on engaging Next Chapter by end of week
  • Next Chapter to obtain bank statements from target to verify margin profile
  • Financing discussions with private lenders underway; follow-up by end of May 2026
NOTE Targets page — buyer outreach list pending hunter enrichment run ($3–5 est.). See fixlater #229.
SIGNATURES Ches hasn't signed yet? Upload the engagement letter → /signatures to send a one-click signing link.
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