Hi SF community, We've been pursuing a self-funded search and are currently under LOI on a fantastic business. We are piecing together our equity stack (on highly favorable terms for investors compared to typical self-funded economics). High level details below: Industry: Wastewater infrastructure (company repairs/replaces existing watermains & sewer lines for municipalities in Chicagoland area) Company Financials (Rev/EBITDA/CAPEX): - FY24: $30.3m / $8.5m (28% margin) / $450k - 3yr Avg: $27m / $6.4m (24% margin) / $350k Equity Co-Investment: up to $9.75m equity co-invest from investors; minimum check size $200k Co-Investment Terms: - Participating Preferred Security: 11% PIK - Investors will own 91% of the equity @ closing (73.4% fully diluted after MIP) - Carried Interest: sliding scale up to 30%, subject to achievement of certain MOIC hurdles Diligence: QoE complete, Business diligence complete, Insurance diligence complete, Legal in process Target Close: mid June We're looking to connect with Family Offices and UHNW Investors interested in co-investment opportunities alongside us (our investment will be $1m). We have a teaser and post-NDA data room available for parties interested in learning more. Feel free to DM or email me at redacted to discuss further. Thank you!