PWB Capital is an operator-founded, veteran-owned private equity firm and a traditional independent sponsor. We acquire founder-owned and family-owned service businesses in partnership with the management teams already running them, and we back those teams with capital, governance and acquisition re…
PWB Capital is an operator-founded, veteran-owned private equity firm and a traditional independent sponsor. We acquire founder-owned and family-owned service businesses in partnership with the management teams already running them, and we back those teams with capital, governance and acquisition resources. We do not run the companies we buy.
WHAT MATTERS MOST TO US
Management, and specifically the layer beneath the chief executive. We will recruit and fund a chief executive where one is needed. What we cannot replace is the operating knowledge underneath. Named people running operations, sales, estimating or technical delivery, and finance, who know the business and intend to stay, are the strongest thing a company can bring us.
An owner who wants to be gone at closing is not a problem. Please send those. Roughly ninety-five percent of sellers want out and that is the market, not a defect. What we actually ask is what the owner personally holds, whether it transfers, and who is standing behind him.
WHAT WE LOOK FOR
Recurring, contracted or genuinely repeat revenue with strong retention and real service frequency. Strong cash conversion. Diversified customers. Technical or operational barriers to entry, including licences, certifications and credentialed technicians. Long-standing customer relationships. A fragmented market with logical add-on acquisitions. Financial reporting that reconciles to tax returns and bank records.
WHERE WE HUNT
Four active campaigns.
One. Testing, inspection, certification, calibration, metrology, asset integrity, commissioning, laboratory services and technical compliance, including aviation maintenance and inspection.
Two. Environmental and infrastructure services, including water and wastewater operations, pump and lift station service, valve, hydrant and backflow work, sewer inspection and rehabilitation, leak detection, instrumentation, controls and SCADA, remediation, specialty waste and infrastructure maintenance.
Three. Commercial facility and specialty maintenance, including commercial HVAC, specialty and critical power electrical, fire and life safety, building envelope and waterproofing, structural and mechanical maintenance and mission-critical facility services.
Four. Healthcare and specialized workforce services, including physician services, locum tenens, credentialing, compliance, outsourced clinical services and technical workforce solutions built on scarce credentials.
These are hunting themes, not fences. We will look hard at an excellent business outside them and pass on a mediocre one inside them.
SIZE
Roughly 2 million to 6 million dollars of managed adjusted EBITDA, with a sweet spot of 3 million to 5 million. That range is a guideline and not a rule. We will look below it when management is unusually strong, when the company is a logical add-on to a platform, or when the consolidation opportunity is unusually attractive. We will look above it when the governance and financing work. Please do not filter us out on size before you send it.
CUSTOMERS AND STRUCTURE
Commercial, industrial, institutional, government and regulated end markets. Government revenue is welcome and it is not required, and no socioeconomic certification forms any part of our strategy. We pursue control transactions with founder, family or management ownership and an established, profitable operating history. We strongly prefer seller and management rollover, and we want management to build meaningful personal wealth alongside us.
ON RESIDENTIAL, READ THE COUNTERPARTY AND NOT THE BUILDING
Work performed on residential-occupied property is in our mandate when an institution signs the contract. Condominium associations, homeowners associations, property managers, community development districts, REITs and institutional owners are commercial counterparties to us. Building envelope, structural, mechanical, roofing, life safety and inspection work sold to a condominium board or a property manager is exactly what we want. What we do not buy is work sold one job at a time to a homeowner.
NOT A FIT
Security guarding, physical security monitoring, access control, badging or CCTV. Services marketed and sold to individual homeowners as consumers, and new residential construction. Speculative development. Pure staffing and pure resale, meaning a business with no service content of its own. Distressed businesses and turnarounds. Businesses dependent on a single set-aside designation. Companies that would require our managing partner to run daily operations. Unquantifiable environmental or professional liability.
We do not exclude a company because it sells product alongside its service. If there is real service content, credentialed labour or an installed base behind the product, send it and we will look at the gross profit split ourselves.
GEOGRAPHY
Nationwide. All fifty states, the District of Columbia and United States territories. We hold no state restrictions of any kind. United States only.
Kyle Evans founded PWB Capital. He founded REDCON Solutions Group in 2014, a federal government contractor, which became a three-time Inc. 5000 company and was acquired by Fire Pit Capital in 2024. He completed his transition from the company in May 2026.
