Business acquisition opportunity
Commercial plumbing and drainage contractor, London and the Home Counties
Anonymised as Project Conduit
Anonymised mandate, codename PROJECT CONDUIT
Commercial plumbing and drainage contractor, London and the Home Counties
Commercial plumbing, drainage maintenance and CCTV survey
Why this business is called Project Conduit
Project Conduit is a working codename, chosen at random by DealFlowAgent (DFA) and standard practice in mergers and acquisitions. It exists so the business can be discussed with acquirers, funders and advisers without naming the company or alerting its staff, customers and competitors. The codename is not connected to the company, its brand or its trading name, and searching for it online will return nothing about this business. Everything you need in order to judge fit is on this page in banded form. The company is named to one verified acquirer only, after the owner approves that specific introduction in writing.
A commercial plumbing and drainage contractor serving managing agents, housing providers, retail estates and public sector clients across London and the Home Counties. Planned maintenance and CCTV survey work carry the base, and lining, excavation and repair follow from the surveys the same teams produce. Not on the market, and not represented by anyone else.
Verified acquirers only. A short non-disclosure agreement releases the financial pack, the reserve figure and the contract base analysis. Identity is disclosed at the third gate, with the owner's written approval.
Indicative value range
£6M to £13M
Derived from comparable UK transactions in this sector over the last 24 months. This is a market reference, not the owner's number. The reserve is set separately and disclosed under non-disclosure agreement.
- Sector
- Commercial plumbing and drainage
- Region
- London and the Home Counties
- Ownership
- Founder-led
- External investors
- None
- Structure sought
- 60% to 100%
- Adviser status
- Unrepresented
£7-10M
Revenue
15-19%
EBITDA margin
55-65%
Planned and term revenue
87%+
Contract renewal
20+ yrs
Trading history
60-85
Employees
Owned jetting and CCTV units
Fleet
24 hours, in house
Out of hours cover
Why every figure is a band
Companies on this register are real businesses with staff, customers and suppliers who do not know their owner is listening to the market. Exact figures are a fingerprint: a precise turnover, a filing date and a region will narrow most UK sectors to a single company. These bands are wide enough to protect identity and wide enough that a growing business does not fall out of its own mandate. Every band is verified against filed accounts and management information held by DealFlowAgent (DFA). Precise figures are released under a non-disclosure agreement.
01 Opportunity at a glance
What the business actually does
The business runs planned drainage maintenance and survey programmes for property estates, then carries out the repair, lining and replacement work those surveys identify. Reactive call-out cover is provided in house rather than through a network, which is why managing agents keep the contract in place.
Between 55% and 65% of revenue sits under planned maintenance and term agreements, with reactive call-outs, lining and repair works instructed from the same estates.
- Revenue mix
- 55-65% planned and term maintenance
- Largest client share of revenue
- Under 15%
- Average client tenure
- 6+ years
- Operatives
- Predominantly directly employed
- Fleet
- Owned jetting, tanker and CCTV survey units
- Accreditations
- Third-party accredited, safe contractor schemes held
- Out of hours
- Delivered in house, not subcontracted
- Outstanding litigation or HSE action
- None disclosed
02 Why now
Sector timing
Drainage has become a compliance line rather than a call-out line for larger estates, with condition surveys and planned programmes replacing emergency spend. Buyers in building services and facilities management are adding drainage because it pulls through repair work at margins the maintenance contract alone does not deliver.
Nothing distressed. The founder has set a reserve so that only acquirers prepared to meet it are ever put in front of them.
What has changed for this owner
Nothing distressed. The founder has had three approaches in two years and answered none of them. The decision was to appoint DealFlowAgent (DFA) as the filter and see qualified interest at a figure set in advance.
03 Financial profile
Three years, published as bands
Three years apart, published as bands and verified against filed accounts and management information. Reactive and project revenue is presented separately from the planned base.
| Measure | Three years ago | Most recent full year |
|---|---|---|
| Revenue | £5-8M | £7-10M |
| Planned and term share | 50-60% | 55-65% |
| EBITDA margin | 13-17% | 15-19% |
| Reactive and project works | Presented separately from the planned base | |
| Net debt | Asset finance on fleet, disclosed under NDA | |
| Owner remuneration adjustment | Identified and quantified | |
Where the earnings quality sits
- Planned maintenance revenue is contracted with named renewal dates.
- Repair work is won from the surveyed estate rather than through open tender.
- Out of hours cover is delivered in house, which protects the contract base.
- Growth is organic. No acquisitions in the period.
04 The owner's position
Stated in advance, in writing
| Question | Stated position |
|---|---|
| Is the business for sale? | No |
| Would they transact at the right figure? | Yes, confirmed in writing |
| Reserve figure | Set, disclosed under NDA |
| Preferred structure | 60% to 100% of equity |
| Rollover appetite | Open to a meaningful rollover |
| Post-completion involvement | 12 to 24 months, negotiable |
| Management team | Contracts manager expected to remain |
| Represented elsewhere? | No adviser, no other process |
What a reserve figure is
A reserve, as at auction. Before a mandate goes live, the owner completes a full valuation exercise with DealFlowAgent (DFA) and commits, in writing, to the figure at which they will engage seriously. It is private and it is never published. Nothing below it is ever put in front of them, so no acquirer is invited into a conversation that was never going to happen, and the owner is never asked to decline a low offer.
The reserve is disclosed to verified acquirers at non-disclosure agreement stage. It is a threshold for engagement. It is not an asking price and it is not a cap.
Agents stay with us because someone answers the phone at two in the morning. That is not a system, that is our people.
05 Transaction process
The four gates
01
Acquirer verification.
Funding position, sector experience, prior completions and decision-making authority are confirmed by DealFlowAgent (DFA) before any company information is released. Unfunded parties and brokers acting without a named principal do not proceed.
No company information released
02
Non-disclosure agreement and financial pack.
A short non-disclosure agreement releases the financial pack, the reserve figure, the contract base analysis and the management structure. The company is still not named.
Identity withheld
03
Owner approval and introduction.
We put the acquirer to the owner with a written profile covering their intent, their integration approach and their treatment of teams in previous acquisitions. The owner decides. Only on their written approval is the company named and a meeting arranged.
Owner's written approval required
04
Indicative offer.
Acquirers who meet the reserve are invited to submit an indicative offer. Where more than one qualifies, we run a structured process from that point.
Reserve must be met
06 Which acquirers this suits
A strong fit, and not a fit
A strong fit
- Building services and facilities management groups adding drainage capability
- Water and utility services platforms entering the South East
- Private equity platforms building a planned maintenance group
- Acquirers with property management estates in London
Not a fit
- Parties without committed funding at the indicative range
- Buyers requiring the founder to exit at completion
- Structures weighted heavily to deferred consideration
- Acquirers intending to move out of hours cover to a call centre network
07 About the Off-Market Register
What this register is
How the register works, and where to start
The Off-Market Register carries companies that are not for sale, at prices their owners have already set. Each owner has completed a full valuation exercise with DealFlowAgent (DFA) and committed in writing to the figure at which they will engage.
Every acquirer is verified before they see anything, every document released is watermarked to the recipient, and every access is logged. Before a mandate goes live it is tested three ways for de-anonymisation, and all three tests must fail to identify the company.
If you own a business in this sector, start with the free valuation, read the sector valuation guides or speak to us confidentially. If you acquire businesses, request acquirer access.
08 Questions
Answered in full
If the owner is not selling, is this a waste of my time?
The owner has committed a reserve figure in writing and has agreed in advance to meet acquirers who clear it. You are seeing a business before any process exists, without a competitive auction and without six other parties at the table. What you are not getting is a motivated seller, and you should price accordingly.
Why are the figures banded?
Because precise figures identify the company. A turnover to the pound, a filing date and a region will narrow most UK sectors to one business. Exact figures are released at non-disclosure agreement stage.
Will I be told the reserve before I commit time?
Yes. The reserve is disclosed at non-disclosure agreement stage, before any meeting and before any diligence.
Can I approach the company directly if I work out who it is?
Acquirers who circumvent the register are removed permanently and the owner is informed.
Who pays DealFlowAgent (DFA)?
The owner, on completion only. There is no charge to acquirers at any stage, and no fee is payable by anyone if a transaction does not complete.
Own a business like this one?
Every mandate on this register began with a ninety-second valuation and a conversation. No retainer, no exclusivity, and your company is never named until you approve a specific introduction in writing.
Request access to Project Conduit
Verification takes under a working day. On approval you receive the financial pack, the reserve figure and the contract base analysis under a non-disclosure agreement. The company is named only with the owner's written approval.
DealFlowAgent (DFA)
Commercial plumbing, drainage maintenance and CCTV survey
Project Conduit is a confidential mandate on the DealFlowAgent (DFA) Off-Market Register. All figures are banded and verified against filed accounts and management information. Nothing on this page constitutes an offer or an invitation to treat. DealFlowAgent is a trading name of BTB Holdings Ltd, registered in England and Wales.
