Top priority
Fire and life safety
Sprinkler, fire alarm, extinguisher and kitchen suppression inspection, testing, repair and monitoring.
Operator led acquisition | Chicagoland and Northern Indiana
We buy one great business and stay to run it.
Fortis Operating Partners is looking to acquire a single essential service or light manufacturing company in the Chicago area, then lead it day to day as its next owner. Your people, customers and name stay in good hands for the long run.
Adjusted EBITDA
$500K to $2M
or $750K+ SDE
Revenue
$2M to $15M
recurring B2B work
Purchase price
Up to $10M
bank financing plus equity
Location
~120 miles
of downtown Chicago
For business owners
You spent decades building it. We want to carry it forward.
We are not a fund looking to flip your company in three years, and we are not a broker. We are buying one business, and our principal will step in as its full time leader. That changes how we buy and how we own.
- Your team staysYour employees are the business. We plan to keep the people and culture that got you here.
- A transition on your timelineStay on for a few months or a couple of years. We shape the handoff around what you and your customers need.
- Confidential by defaultWe sign an NDA up front and never contact employees, customers or vendors without your go ahead.
- Straight answers, fastIf it is not a fit, we will tell you quickly and explain why.
Acquisition criteria
What we are looking for
Guidelines, not hard rules. If your business is close on most of these and strong on revenue quality, we would like to hear about it.
SizeFinancial profile
$500K to $2M adjusted EBITDA
Or $750K+ of seller's discretionary earnings
- Revenue of roughly $2M to $15M
- Purchase price up to $10M
- Strong free cash flow and controlled capex
RevenueQuality first
Recurring, contracted or repeat B2B work
Inspections, service agreements, maintenance and repeat orders
- Mostly service, not new construction or one time projects
- No single customer above about 20% of revenue
- Long standing commercial and industrial customers
PeopleTeam depth
15 to 60 employees
Flexible when there is a solid management layer
- A service, operations or shop manager below the owner
- Licenses and key relationships held by more than one person
- Skilled technicians who want to stay and grow
LocationWhere we buy
Chicago metro and Northern Indiana
Generally within about 120 miles of downtown Chicago
- Collar counties, Rockford, NW Indiana and Michiana
- Exceptional businesses elsewhere considered case by case
OwnerSeller profile
Founder led or family owned
Owners planning for retirement or succession
- Open to a full sale, with seller financing or a partial rollover if it helps
- Willing to help with a thoughtful transition
Brokers and advisors: we review every teaser and CIM we receive and will give you an initial read on fit within 72 hours.
Target industries
Essential work that keeps buildings and plants running
We like businesses whose customers need them every year, whatever the economy is doing. Code requirements, preventive maintenance and uptime drive the work, not one time projects.
Top priority
Commercial mechanical service
HVAC, refrigeration, plumbing and electrical service and maintenance, including restaurant, grocery and multisite customers.
Top priority
Industrial equipment service
Compressed air, dock and door, calibration and metrology, generator service, and pump and motor repair.
Other essential facility services
Backflow testing, water treatment, elevator, commercial pest control and similar recurring building services.
Light manufacturing and service attached distribution
Precision machining, metal fabrication, injection molding, packaging and industrial millwork with repeat B2B customers. Distributors of fluid power, compressed air, fire protection or calibration equipment that also run a service or repair shop.
Usually not a fit
- Mostly new construction or one time project revenue
- One customer, one license holder or one key relationship carrying the business
- Consumer, ecommerce or seasonal single product companies
- Custom engineering shops with heavy R&D
How a deal comes together
A clear, respectful process from first call to close
We have bank relationships for SBA 7(a) and conventional financing, and equity from our principals ready to go. That lets us move with conviction once we both see a fit.
01
Intro and NDA
A conversation about your goals and your business. We sign an NDA before anything sensitive is shared.
Week 102
Fit and a fair number
We review the financials, ask focused questions and tell you plainly whether we can make it work.
Within 72 hours03
Letter of intent
Price, structure and your transition role in writing, so there are no surprises later.
After a site visit04
Diligence and close
A quality of earnings review, financing and legal work, kept as light on your team as possible.
60 to 90 daysWho we are
Operators and investors who know the Midwest
Three partners with experience across operations, finance and acquisitions, who have spent their careers working alongside owners and management teams.
Principal and future CEO
Operator and acquirer
Our principal will run the business full time after closing. His background spans acquisitions, portfolio management and company operations across private equity, commercial real estate, venture and a major university endowment.
MBA, University of Chicago Booth
Partner
Transactions and operations
Capital markets and M&A advisory experience, years in operations at a national industrial distributor, and board experience.
Partner
Private equity and finance
Private equity, investment banking and family office experience, including BDT & Company, Madison Dearborn Partners and Evercore.
All three partners are University of Notre Dame graduates. Names and full backgrounds are shared once we sign an NDA.
Fortis is Latin for strong and steadfast. It is the kind of owner we intend to be.Our approach
Integrity
We say what we mean, honor what we agree to and give straight answers.
Stewardship
We see ourselves as caretakers of a legacy, with a duty to employees and customers.
Respect
For the owner who built it, the people who run it and the communities it serves.
Get in touch
Thinking about what comes next for your business?
Every conversation is confidential and there is no obligation. If we are not the right buyer, we will tell you, and we are happy to point you toward people who can help.
Business owners
Write to the same address. Owner notes go straight to our principal and are kept strictly confidential.