We are actively looking for founder-owned service businesses with strong operating fundamentals and a founder ready to transition. Our primary expertise is in franchise systems and multi-unit operators — but the right service business, regardless of structure, will always get our attention.
Primary Focus
Franchise Systems and Multi-Unit Service Operators
Cundiff Capital's deepest expertise is in businesses with a franchise or multi-unit structure. We understand how royalty models work, what drives franchisee performance, how to evaluate system health, and what it takes to reaccelerate a brand that has stalled. For these businesses, our operating background translates directly into value.
- Business type
- Service-based franchisor, multi-unit franchisee group, or master franchise holder
- Active units / locations
- 20 – 100
- EBITDA
- $2M – $5M preferred — within this range, our institutional equity infrastructure is most efficient
- Revenue type
- Royalty-based recurring preferred; contract revenue considered
- Ownership
- Founder-owned; no prior PE or institutional capital
- Growth profile
- Flat or declining unit count due to under-investment — not poor unit economics
- Seller profile
- Founder 50+, succession-motivated, values legacy preservation
We Also Look At
Service Businesses Broadly
While franchise systems are our primary focus, Cundiff Capital evaluates any founder-owned service business that fits the following profile. If you operate a service company with recurring revenue, a strong customer base, and a founder thinking about transition — we want to hear from you.
- Business type
- Any service-based business with recurring revenue — B2B preferred, residential considered
- EBITDA
- $1M – $10M for platform acquisitions · Sub-$1M considered as add-on acquisitions to an existing portfolio company
- Structure
- Any — franchise, multi-unit, or independent operator
- Client base
- Commercial (B2B) preferred; strong residential service businesses considered
- Ownership
- Founder-owned; no prior institutional capital
- Geography
- National or multi-regional preferred; strong single-market businesses considered
Add-On Acquisitions
Add-On Acquisitions
Cundiff Capital also pursues smaller acquisitions as add-ons to existing portfolio companies. Where a platform is already operating, we actively look for complementary service businesses — regardless of size — that can be integrated to expand service offerings, enter new markets, or strengthen client relationships.
- Role
- Bolt-on to an existing Cundiff Capital portfolio company
- EBITDA
- Below $1M — size is not the primary filter for add-ons
- Business type
- Complementary service business in the same or adjacent vertical
- Geography
- Same or adjacent market as the existing platform
- Integration path
- Clear operational fit — shared clients, shared services, or geographic expansion
If you represent or own a smaller service business that might fit within a larger platform, we'd welcome the conversation — even if the business is below our typical standalone acquisition threshold.
Sectors
Service Categories of Current Interest
We are actively sourcing in the following service categories (highest conviction):
Commercial facility services
Cleaning, pest control, HVAC/mechanical, landscaping, restoration.
Home services
Recurring residential service contracts with strong franchisee or operator economics.
B2B services
Businesses serving commercial clients with recurring, contracted revenue.
Also considering: Any service business with strong recurring revenue, a defined customer base, and a founder who has built something worth building on.
The Opportunity
Why Founder-Owned Service Businesses
The lower middle market is full of service businesses that have everything they need to grow — except a professional team and a focused capital plan. Founders have built real customer relationships, real recurring revenue, and real operating infrastructure. What they often lack is the bandwidth, the systems, and the succession plan to take the business to its next stage.
That's the gap Cundiff Capital fills. We're not financial buyers who show up with a spreadsheet. We're operators who understand service businesses, respect what founders have built, and have the capital infrastructure to close.
Timing
Our Timeline
We are actively sourcing with the goal of executing our next platform acquisition in 2026. We engage our institutional equity partners early in the process — which means we can move from LOI to committed capital quickly once a deal is in diligence.
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