{
  "schemaVersion": "1.0.0",
  "reviewedAt": "2026-10-07",
  "scope": "Eight retained public contractor transactions, selected examples not a census or SMB valuation benchmark",
  "unit": "USD millions unless stated",
  "method": "Price divided by the stated estimated or forecast EBITDA range. Miller uses a buyer estimate for the completed calendar 2024 period; the other calculated rows use acquisition-announcement forecasts. This is not a verified EV/trailing-EBITDA series. Contingent earnout sensitivity assumes maximum nominal payout, not present value or observed consideration. Source links and price/earnings periods are part of each row.",
  "transactions": [
    {
      "id": "miller",
      "buyer": "EMCOR Group",
      "target": "Miller Electric",
      "date": "2025-02",
      "dateBasis": "completion month",
      "price": 865,
      "priceBasis": "Cash purchase price, customary adjustments; not stated enterprise value",
      "cashAtClose": 865,
      "earnoutMaximum": null,
      "ebitdaLow": 80,
      "ebitdaHigh": 80,
      "ebitdaBasis": "Buyer estimate for calendar 2024 adjusted EBITDA",
      "revenueLow": 805,
      "revenueHigh": 805,
      "sources": [
        "https://emcorgroup.com/investor-relations/press-releases/2025-news/emcor-group-inc-completes-acquisition-of-miller-electric-company"
      ],
      "priceToForecastEbitda": {
        "low": 10.8,
        "high": 10.8
      },
      "maximumEarnoutSensitivity": null
    },
    {
      "id": "elevated",
      "buyer": "APi Group",
      "target": "Elevated Facility Services",
      "date": "2024-06-03",
      "dateBasis": "completion",
      "price": 570,
      "priceBasis": "Approximate consideration, subject to customary adjustments",
      "cashAtClose": null,
      "earnoutMaximum": null,
      "ebitdaLow": null,
      "ebitdaHigh": null,
      "ebitdaBasis": "Not disclosed in captured primary releases; corporate 13/60/80 target is not deal EBITDA",
      "revenueLow": 220,
      "revenueHigh": 220,
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/1796209/000162828024026540/apg-20240603.htm",
        "https://apigroup2022ir.q4web.com/News/press-releases/news-details/2024/APi-Group-Enters-New-Adjacent-Service-Market-with-Acquisition-of-Elevated-Facility-Services-Group/default.aspx"
      ],
      "priceToForecastEbitda": null,
      "maximumEarnoutSensitivity": null
    },
    {
      "id": "summit",
      "buyer": "Comfort Systems USA",
      "target": "Summit Industrial",
      "date": "2024-02-01",
      "dateBasis": "completion",
      "price": 359.8,
      "priceBasis": "FY2025 filing total purchase price: cash, notes, contingent consideration and working-capital adjustment",
      "cashAtClose": 267.5,
      "earnoutMaximum": null,
      "ebitdaLow": 35,
      "ebitdaHigh": 40,
      "ebitdaBasis": "Annualized forecast at February 2024 announcement, not trailing audited EBITDA",
      "revenueLow": 375,
      "revenueHigh": 400,
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/1035983/000110465926017530/fix-20251231x10k.htm",
        "https://investors.comfortsystemsusa.com/news-releases/news-release-details/comfort-systems-usa-announces-acquisition-16"
      ],
      "priceToForecastEbitda": {
        "low": 9,
        "high": 10.3
      },
      "maximumEarnoutSensitivity": null
    },
    {
      "id": "cupertino",
      "buyer": "Quanta Services",
      "target": "Cupertino Electric",
      "date": "2024-07-17",
      "dateBasis": "completion, announced July 18",
      "price": 1540,
      "priceBasis": "Approximate upfront cash/stock consideration; excludes maximum contingent earnout",
      "cashAtClose": null,
      "earnoutMaximum": 200,
      "ebitdaLow": 155,
      "ebitdaHigh": 175,
      "ebitdaBasis": "Calendar 2024 forecast adjusted EBITDA",
      "revenueLow": 2100,
      "revenueHigh": 2200,
      "sources": [
        "https://investors.quantaservices.com/news-events/press-releases/detail/360/quanta-services-acquires-cupertino-electric-inc-a-premier-electrical-infrastructure-solutions-provider-to-the-technology-and-renewable-energy-industries"
      ],
      "priceToForecastEbitda": {
        "low": 8.8,
        "high": 9.9
      },
      "maximumEarnoutSensitivity": {
        "low": 9.9,
        "high": 11.2,
        "assumption": "Maximum nominal earnout paid in full, not present value or an observed outcome"
      }
    },
    {
      "id": "dynamic",
      "buyer": "Quanta Services",
      "target": "Dynamic Systems",
      "date": "2025-07-25",
      "dateBasis": "completion, announced July 31",
      "price": 1350,
      "priceBasis": "Approximate upfront cash/stock consideration; excludes maximum contingent earnout",
      "cashAtClose": null,
      "earnoutMaximum": 216,
      "ebitdaLow": 150,
      "ebitdaHigh": 170,
      "ebitdaBasis": "Calendar 2025 forecast adjusted EBITDA",
      "revenueLow": 1000,
      "revenueHigh": 1100,
      "sources": [
        "https://investors.quantaservices.com/news-events/press-releases/detail/380/quanta-services-acquires-dynamic-systems-a-premier-turnkey-mechanical-and-process-infrastructure-solutions-provider"
      ],
      "priceToForecastEbitda": {
        "low": 7.9,
        "high": 9
      },
      "maximumEarnoutSensitivity": {
        "low": 9.2,
        "high": 10.4,
        "assumption": "Maximum nominal earnout paid in full, not present value or an observed outcome"
      }
    },
    {
      "id": "js",
      "buyer": "Comfort Systems USA",
      "target": "J & S Mechanical",
      "date": "2024-02-01",
      "dateBasis": "completion, release dateline February 2",
      "price": 120.6,
      "priceBasis": "FY2025 filing total purchase price: cash, notes, contingent consideration and working-capital adjustment",
      "cashAtClose": 100,
      "earnoutMaximum": null,
      "ebitdaLow": 12,
      "ebitdaHigh": 15,
      "ebitdaBasis": "Annualized forecast at February 2024 announcement, not trailing audited EBITDA",
      "revenueLow": 145,
      "revenueHigh": 160,
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/1035983/000110465926017530/fix-20251231x10k.htm",
        "https://investors.comfortsystemsusa.com/news-releases/news-release-details/comfort-systems-usa-announces-acquisition-17"
      ],
      "priceToForecastEbitda": {
        "low": 8,
        "high": 10.1
      },
      "maximumEarnoutSensitivity": null
    },
    {
      "id": "sila",
      "buyer": "Goldman Sachs Alternatives",
      "target": "Sila Services",
      "date": "2024-11-12",
      "dateBasis": "announcement of majority-stake transaction, subject to approvals",
      "price": null,
      "priceBasis": "Financial details not disclosed; management retains a minority stake",
      "cashAtClose": null,
      "earnoutMaximum": null,
      "ebitdaLow": null,
      "ebitdaHigh": null,
      "ebitdaBasis": "Not disclosed in captured primary release",
      "revenueLow": null,
      "revenueHigh": null,
      "sources": [
        "https://am.gs.com/en-sa/institutions/news/press-release/2024/sila-services-investment"
      ],
      "priceToForecastEbitda": null,
      "maximumEarnoutSensitivity": null
    },
    {
      "id": "century",
      "buyer": "Comfort Systems USA",
      "target": "Century Contractors",
      "date": "2025-01-01",
      "dateBasis": "completion",
      "price": 84.2,
      "priceBasis": "FY2025 filing total purchase price: cash 73.1, notes 5.5, contingent consideration and working-capital adjustment",
      "cashAtClose": 73.1,
      "earnoutMaximum": null,
      "ebitdaLow": null,
      "ebitdaHigh": null,
      "ebitdaBasis": "No denominator captured; no EBITDA multiple calculated",
      "revenueLow": null,
      "revenueHigh": null,
      "sources": [
        "https://www.sec.gov/Archives/edgar/data/1035983/000110465926017530/fix-20251231x10k.htm"
      ],
      "priceToForecastEbitda": null,
      "maximumEarnoutSensitivity": null
    }
  ],
  "comfortFY2025Growth": {
    "totalPercent": 29.5,
    "sameStorePercent": 26.1,
    "acquisitionContributionPercentagePoints": 3.4,
    "source": "https://www.sec.gov/Archives/edgar/data/1035983/000110465926017530/fix-20251231x10k.htm"
  }
}