We are actively looking for founder-owned asset-light 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 asset-light business, regardless of structure, will always get our attention.
At a glance: Platform acquisitions of $1M–$10M EBITDA (sweet spot $2M–$5M, especially franchise systems), plus add-on acquisitions below $1M that bolt on to an existing platform.
Primary Focus
Franchise Systems and Multi-Unit 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
- Franchisor, multi-unit franchisee group, or master franchise holder
- Active units / locations
- 20 – 100
- EBITDA
- $2M–$5M — our sweet spot within the broader $1M–$10M platform range, and where our deal-by-deal capital structure is most efficient for franchise systems.
- 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
Asset-Light Businesses Broadly
While franchise systems are our primary focus, Cundiff Capital evaluates any founder-owned asset-light business that fits the following profile — companies that grow on people, recurring revenue, and relationships rather than heavy fixed assets or capital expenditure. If you operate an asset-light business with recurring revenue, a strong customer base, and a founder thinking about transition — we want to hear from you.
- Business type
- Any asset-light 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 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 asset-light businesses — regardless of size — that can be integrated to expand 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 asset-light 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 asset-light 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
Sectors of Current Interest
These are our highest-conviction sectors today — but they're examples within a broader asset-light mandate, not the limits of it. We are actively sourcing in:
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 asset-light business with strong recurring revenue, a defined customer base, and a founder who has built something worth building on.
The Opportunity
Why Founder-Owned Asset-Light Businesses
The lower middle market is full of asset-light 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 how these businesses run, respect what founders have built, and have the capital infrastructure to close.
Timing
Our Timeline
Cundiff Capital is actively sourcing platform acquisitions. We engage our institutional equity partners early in the process, so we can move from LOI to committed capital quickly once a deal is in diligence.
Tell Us About Your Business