A 30-year, founder-built industrial flooring company positioned to lead a regional roll-up strategy.
Cliff Walk Capital is pursuing the acquisition of ICS Coatings as the anchor for a specialty industrial flooring platform in an industry ripe for consolidation.
ICS Coatings Overview
ICS (Industrial Concrete Services, Inc., operating as ICS Coatings) is a specialty industrial flooring contractor headquartered in Saco, Maine, serving commercial and industrial facilities across all six New England states. It installs and maintains technical flooring systems, including epoxy and resinous coatings, urethane mortar, polished concrete, and repair and resurfacing, for end markets where the cost of a floor failure is high: food and beverage, aviation, manufacturing, pharmaceutical, and warehousing. A significant portion of its sales comes through direct end-user relationships and supplier partnerships built over three decades, rather than competitively bidding on commodity work that requires very little material expertise.
Where ICS sits in the market
Industrial flooring is split between two extremes. At one end sit national installation providers that win by scaling a single application type or industry. At the other end sit small local contractors competing on price with commodity work, such as garage floors and basic warehouse sealing. In between sit the complex, customized systems that facilities like food and beverage plants, aircraft hangars, manufacturing sites, and pharmaceutical labs depend on. In these settings the floor cannot fail, and the contractor has to be a true materials-science consultant with real breadth across systems and end markets. This large, fragmented middle market remains largely unconsolidated, and ICS is well positioned to lead an inorganic geographic expansion strategy as the middle market leader in New England.
How ICS wins: material expertise and relationships, not bids
Most of ICS's competitors are either local price takers trying to win up-market on price or national installation providers trying to expand outside of their core market. In both cases, ICS typically wins due to its superior reputation of quality and long-tenured, consultative relationships with the end customer. In many cases where ICS has lost on price, they end up being hired to finish or fix the work performed by the competitor, who lacks the know-how to properly customize or execute the installation of the flooring system required for each facility's unique environment, layout, and function. This material expertise also results in deep relationships with the suppliers who often feed inbound leads to get their products specified in a project. A meaningful share of sales comes through these relationships rather than bidding, an advantage competitors cannot quickly replicate.
The constraint: a sales engine bigger than its geography
ICS's sales engine generates demand throughout New England and beyond, but every crew operates out of a single headquarters in Maine. As a result, the company either turns away work in adjacent states or is forced to absorb the heavy travel costs of mobilizing crews out of Maine. By acquiring trained local crews across the Northeast, ICS can capture the work it now turns away and improve margin on the work it already wins.
The roll-up strategy
The same fragmentation that defines the lower and middle market is also the acquisition pond. Across New England there are an estimated 30+ realistic acquisition targets, most of them small, owner-operated, and competing almost exclusively on price through bidding. That profile makes them logical acquisition targets. They have trained crews and local footprint but no real sales infrastructure, so they are cheaper to acquire and worth more inside ICS, where they inherit the brand, the supplier access, and a pipeline they could never generate alone. Acquisition conversations are already underway with a few companies.
One sales engine, local crews in every state
Inbound work, standards, supplier access, and crew training flow down from the ICS sales engine to local crews in each state.
Why ICS is the ideal anchor
Why now
What has to go right
The four risks below are the ones we are underwriting most closely. The full register is on the Risks & Disclosures tab.
The founder personally generates a meaningful share of revenue and holds key customer and supplier relationships. The case depends on a successful multi-year transfer of those relationships and institutional knowledge to the broader organization.
Outside sales is commission-based with independent-contractor status and no employment agreements. Retaining and restructuring this team post-close is a near-term priority and an execution risk.
Job costing, monthly reporting, and inventory tracking are underdeveloped. Underwriting relies on financial information that will require remediation, and project-level margin visibility is currently limited.
Revenue is project-driven and can be lumpy year to year, with customer concentration that rotates among large accounts rather than recurring contractually. This is a critical risk that will be mitigated through acquisition structure and a highly conservative balance sheet with ample liquidity.
What ICS does, and why it matters.
Company facts
| Legal name | Industrial Concrete Services, Inc. (ICS Coatings) |
| Headquarters | 87 Industrial Park Road, Saco, ME 04072 |
| Founded | 1993 (operating as ICS since 1995) |
| Ownership | Stephen Chrane, sole owner |
| Employees | ~35 |
| Geography | All six New England states |
| Track record | 5,000+ projects · 2,000+ customers |
| Select clients | Walmart, General Electric, Delta Airlines, Johnson & Johnson |
| Revenue | ~$9.0M (2022–2025 avg), grown ~324% since 2014 |
Services
ICS prepares, coats, polishes, and repairs industrial and commercial concrete floors. The work matters most where a floor failure is expensive or non-negotiable: a food plant that must pass USDA washdown, a hangar floor that carries aircraft loads and must control static, a pharma cleanroom, or a manufacturing line that cannot go offline.
ICS is hired to specify the right system for the facility's operating demands (thermal shock, chemicals, moisture, static, hygiene, abrasion) and install it correctly. That consultative core is how it sells, and it is why ICS competes on the quality of the specification rather than on price.
Thirty years, built step by step
Geographic footprint
ICS serves New England from its headquarters in Saco, Maine, supported by five crews that mobilize across all states in the region. That broad, single-hub footprint across New England is the platform the growth strategy is designed to build on, where crews located more centrally in each state could significantly improve margin on projects outside of Maine.
Market positioning
ICS sits between a roster of leading materials manufacturers and the diverse end markets it serves. Those supplier partnerships, several of them decades deep, give it preferred materials access, inbound lead flow, and a position that is difficult for smaller, bid-driven competitors to replicate.
Specify · prepare · install · maintain
PIP embedded a four-person New England sales team roughly a year ago that develops opportunities directly for ICS. The Tennant relationship dates to 1995.
Five product and service streams.
ICS competes on the complexity of the specification, not on price. Four of its five streams are installed flooring systems, each matched to the operating demands of the floor it goes on; the fifth is a growing floor-care equipment business. Projects typically range from 5,000 to over 1,000,000 square feet.
Pricing shown is the typical New England installed range per square foot, corroborated by third-party market research (May 2026). New England carries a structural pricing premium of roughly 10 to 25% over the national average. Margin ranges are directional and being validated in diligence.
The core, most versatile family. Liquid-applied systems that cure to a hard, seamless surface. End markets include hangars, manufacturing, pharma, food and beverage, automotive, and government.
Epoxy Coatings
$4.00–$10.00 / sq ftUrethane Cement / Mortar
$10.00–$17.00 / sq ftPolyaspartic Coatings
$6.50–$11.50 / sq ftMetallic Epoxy (Decorative)
$6.00–$12.00 / sq ftBroadcast / Quartz / Flake
$5.00–$9.00 / sq ftMMA (Methyl Methacrylate)
$12.00–$22.00 / sq ftBroken out for its food and beverage emphasis. ICS markets thermal-shock and washdown-rated, USDA and FDA-compliant systems with integral cove base. These systems overlap with urethane cement and lead with the hygiene story.
Cementitious Urethane Systems
Premium segmentMechanical grinding and polishing of the existing slab, finished with densifiers and sealers, including self-leveling polished overlays for deteriorated slabs. ICS has developed its own specialized equipment to improve the speed and quality of its polished installations. End markets include warehouses, retail, dealerships, healthcare, education, and aviation.
Polished Concrete
$2.50–$8.00 / sq ftDye & Stain
$2.00–$5.00 / sq ftSealers & Densifiers
$0.50–$1.00 / sq ftThe front door to the 65 to 75% retrofit book. Repair and restoration is how ICS gets into a facility and stays in it.
Surface Preparation
Bundled into scopeCrack, Joint & Spall Repair
Per linear footSlab Stabilization & Resurfacing
$3.00–$8.00 / sq ftMoisture Vapor Mitigation
$1.50–$4.00 / sq ftFloor Maintenance & Re-Coat Programs
RecurringA growing fifth stream beyond installed flooring. ICS co-sells industrial and commercial floor-care equipment into the accounts it already serves.
Floor-Care Equipment Co-Sell (Tennant / IPC Eagle)
Emerging streamA proven operating team, and a partner built for the next chapter.
This transaction is a partnership. ICS brings a roughly thirty-five person organization with decades of tenure, the customer relationships, and the field capability. Cliff Walk Capital brings the capital, the operating discipline, and the acquisition playbook to build on that foundation. The founder stays on, invested and active, and the people below keep running the business they built.
ICS organization
Cliff Walk Capital
Cliff Walk Capital is a private investment firm based in Newport, Rhode Island. The firm acquires established, family-owned businesses across New England with long operating histories and stable cash flow, often in situations involving owner retirement or growth opportunities requiring an institutional partner. The firm is industry-agnostic but highly selective, prioritizing businesses that provide essential products or services, generate recurring revenue, and are hard to displace because of long-standing customer relationships, technical expertise, and regional presence. ICS fits that profile precisely.
RJ Hall
RJ is a private equity professional with more than seven years of experience sourcing, acquiring, and growing industrial, manufacturing, and distribution businesses, across transactions totaling over $250M in enterprise value. Before founding Cliff Walk Capital, he was at The Watermill Group, a Boston-based lower-middle-market private equity firm targeting global industrial businesses, where he spent over five years. He also worked at North Equity, a firm specializing in AI-powered roll-up strategies.
His experience spans the full investment lifecycle: deal sourcing, financial analysis and diligence, transaction execution, and post-close strategy and operations. He holds a B.A. in Economics from Tufts University, where he was an All-American and co-captain of the baseball team. RJ lives in Jamestown, Rhode Island.
A blue-chip, repeat customer base across technical end markets.
ICS has served more than 2,000 customers over its history, from Fortune 500 corporate flight departments to family-owned dealer groups, spread across ten verticals and weighted toward facilities where floor performance is operationally required rather than discretionary. ICS states that more than half of its business in any given year comes from repeat clients. The names below are drawn from ICS's customer records, hangar and dealer logs, the 2026 backlog, and ICS's published client list.
Who ICS works for
A sample of named accounts from ICS's records, grouped by relationship type.
| Category | Named accounts (sample) |
|---|---|
| Aviation & corporate flight | Gulfstream, Bombardier, Textron Aviation, Atlantic Aviation, Signature Aviation, Jet Aviation, NetJets, Clay Lacy Aviation, Delta Airlines, United Airlines, JP Morgan, Citigroup, IBM, PepsiCo, American Express, CVS, Liberty Mutual, BETA Technologies |
| Defense & government | Pratt & Whitney, Sig Sauer, U.S. Army Aviation, Air National Guard, West Point, state readiness centers |
| Life sciences & healthcare | Boston Scientific, Braintree Laboratories, Johnson & Johnson, Bristol Myers Squibb (aviation) |
| Manufacturing & industrial | General Electric, New Balance, Stark Systems |
| Food & beverage | Green Mountain Coffee, plus commercial kitchen and food & beverage projects in the 2026 backlog |
| Retail, distribution & property | Walmart, CBRE, Mardens, Ace Hardware |
| Automotive dealer groups | Herb Chambers (including Mercedes, Porsche, Lamborghini stores), Balise, Kelly Honda, Darlings, and other multi-location groups |
| Repeat general contractors | ProCon, Consigli, Cianbro, PC Construction, Landry French, Engelberth, CM&B, North Branch, Wright-Ryan |
Industry vertical mix
Directional estimates stated by ownership, being validated in diligence.
Aviation deep-dive
ICS's hangar log documents 155 hangars totaling roughly 3.8 million square feet, spanning New England, New York, New Jersey, and Florida. The roster runs from regional FBOs to the flight departments of Gulfstream, JP Morgan, Citigroup, IBM, PepsiCo, and United Airlines, plus military work for Army Aviation, the Air National Guard, and West Point. Hangar floors are high-spec (static control, heavy load, foreign-object-debris control) and require periodic recoat, making aviation one of the strongest repeat verticals because maintenance is operationally required, not optional.
Automotive deep-dive
ICS's dealer log documents 75 dealership locations, dominated by multi-location groups: Herb Chambers (historically the largest single account), Balise, Kelly Honda, and Darlings, among others. Dealer groups are high-value relationships: one principal covers many facilities, showroom and service floors recoat on a predictable cycle, and the decision-maker is the owner or facilities lead rather than a general contractor. The 2026 backlog already includes Herb Chambers Porsche and Lamborghini stores.
Three ways into every account
The customer base is built on three reinforcing channels. Direct end-user relationships, where facility owners call ICS first or ask their contractor to spec ICS into the work (the aviation, dealer, and corporate accounts above). Repeat general-contractor relationships, where firms like ProCon, Consigli, Cianbro, and PC Construction spec ICS into their projects year after year; several GC relationships have each generated hundreds of thousands of dollars of annual volume across multiple years of the customer records. And supplier-fed leads, where material suppliers such as PIP bring leads and projects directly to ICS to get their own products specified, a newer channel that is growing as PIP's embedded New England sales team develops opportunities for ICS.
2026 backlog: $5.6M already committed
The 2026 backlog of $5.6M committed or contracted work spans 34 named jobs and reads like the thesis in miniature: Boston Scientific and Braintree Laboratories (life sciences), Gulfstream and Signature Aviation across three states (aviation), two CBRE distribution centers totaling over $1M, Consigli academic work, and multiple ProCon projects. Beyond the committed backlog, the broader 2026 pipeline holds 130+ named accounts. Gross margins on the top 2024 and 2025 jobs ranged from 43% to 66%.
A growing market, concentrating in ICS's backyard.
The North American industrial flooring market is in a multi-year structural expansion, and the spending is migrating into exactly the end markets ICS serves: advanced manufacturing, logistics, data centers, life sciences, defense, and food and beverage. The figures below are drawn from a third-party market study prepared in May 2026, which triangulates published research from Grand View Research, Mordor Intelligence, Fortune Business Insights, and MarketsandMarkets alongside CBRE and JLL regional data.
The 6.5% forecast CAGR is roughly twice the pace of total US nonresidential construction spending, driven by mix shift toward manufacturing, data centers, biopharma, and warehousing, which all carry higher flooring spend per square foot.
Macro demand tailwinds
Four national forces are pushing flooring spend toward the exact systems and end markets ICS serves.
Reshored US manufacturing
$500B+ of announced CHIPS and IRA-anchored capex nationally, with New England capturing share through semiconductors (GlobalFoundries VT), defense, and biopharma.
Fast-cure systems taking share
Polyaspartic systems return floors to service in 8 to 24 hours and command 20 to 40% pricing premiums, and they dominate the retrofit work that defines New England.
Food-safety compliance ratchet
FSMA, USDA, and food-safety certification schemes effectively require seamless washdown-rated flooring. A one-way ratchet into urethane cement, ICS's premium system.
Polished concrete substitution
Lifecycle cost, LEED credits, and design appeal have made polished concrete the default spec for new big-box, distribution, education, and showroom facilities.
Why New England specifically
New England is not the largest region by volume, but it is one of the densest, highest-spec regional markets in the country. Four structural factors:
Concentrated high-spec demand
Greater Boston life sciences, the Connecticut River aerospace and defense corridor, the Groton-Quonset submarine cluster, and the VT/NH semiconductor base all specify above-average flooring scope per square foot.
Aging floor stock
Roughly 60 to 70% of New England's industrial floor area was built before 1990, creating a deep, structural retrofit and recoat market that is more durable than greenfield demand.
Tight industrial real estate
Greater Boston runs 4 to 6% industrial vacancy, among the lowest in the US, supporting rent growth and an ongoing build-to-suit pipeline.
Stricter regulation
All six states sit in the tighter OTC Phase II VOC regime, with Massachusetts stricter still. Compliance discipline disadvantages low-cost, under-trained competitors.
A closer look: demand in ICS's core verticals
A further double-click on the regional trends above: the demand clusters across New England where ICS already plays, and what each means for flooring scope, per the May 2026 market study.
| Demand cluster | Anchors | Flooring relevance |
|---|---|---|
| Defense industrial base | GD Electric Boat ($4.6B+ Groton CT / Quonset RI), Bath Iron Works (ME), Pratt & Whitney (CT), Sikorsky (CT), BAE Systems (NH), Raytheon (MA) | Continuous production-floor maintenance and expansion programs; premium pricing with documentation overhead. ICS already serves Pratt & Whitney and Sig Sauer. |
| Life sciences | $25B+ Massachusetts capex pipeline: Eli Lilly and Bristol Myers Squibb (Devens), Moderna, Lonza (NH), plus the CDMO and supplier tail | Demanding urethane-cement washdown and cleanroom specs at premium pricing. ICS's 2026 backlog already includes Boston Scientific and Braintree Laboratories. |
| Warehouse & distribution | Continuous modern-bulk pipeline along I-495, I-91, I-93, and I-95 | An estimated $30 to 50M of New England warehouse flooring scope per year, heavily polished concrete. |
| Data centers | Boston, Worcester, and southern NH campuses ($5B+ collective) | ESD and fast-cure coatings; the durable opportunity is recurring recoat in existing campuses. |
| Aviation | FBO networks and corporate flight departments across the region | ICS's deepest vertical: 155 hangars and 3.8M sq ft completed to date. |
Sources: third-party market study (May 2026) in the data room, triangulating Grand View Research, Mordor Intelligence, Fortune Business Insights, MarketsandMarkets, US Census construction data, and CBRE / JLL regional reports.
Three tiers, and a middle no one owns.
As covered in the Executive Summary, the industrial flooring field breaks into three tiers, and the technical, specified middle is the one no one owns. In practice, ICS's most frequent competition is not the nationals. It is the bottom tier reaching up: local, bid-driven operators chasing mid-market work on price without the material expertise it demands. ICS is regularly hired afterward to fix or finish those floors. Click through the three tiers below for an overview of each part of the market and the competitors within it.
Manufacturer-aligned installers that win by scaling a single application type or industry. Stonhard is the clearest example: the go-to specification for big pharma and large chemical-resistant scopes, deep in that one lane, but slow and expensive on the mid-size, multi-system work that defines ICS's market. These firms rarely beat ICS on its home turf.
Regional specialty contractors, typically $25M to $150M of revenue anchored in one or two states, are where consolidation is accelerating: flooring contractors with clean financials have been transacting steadily since 2021, several with private equity backing. New England's regional bench is thin, which is the opening. This is the tier the platform is built to occupy.
The local tier is both ICS's most frequent competitor and the acquisition pond. These businesses are typically one to several trained crews with equipment and a home geography, competing almost exclusively on price through bidding. They routinely reach up into the middle market on cheap bids without the material know-how the work demands, and the result is familiar: ICS is often hired afterward to fix or finish floors a low bidder could not execute. ICS's leadership has known many of these operators for decades, worked alongside them, and in several cases already fields inbound interest. The names below are a select, representative sample of an estimated 30+ realistic targets across New England, not an exhaustive list.
The risks we are underwriting, openly.
A platform built on relationships and people carries real, knowable risks. We would rather name them plainly and build the partnership around managing them than pretend they do not exist. This is an execution thesis. The point of diligence is to understand each item below and structure the transition to address it.
Stephen personally holds the deepest direct relationships in the company, built over thirty years and largely carried in his own knowledge rather than documented in the organization. A meaningful share of revenue traces back to him. This is the single most consequential item, and the whole thesis is, at its core, a relationship-transfer thesis.
How we manage it: a meaningful, multi-year transition period, warm introductions to every direct account, rollover equity so Stephen stays invested in the outcome, and an active ongoing role driving growth rather than a clean exit.
Two senior sales executives drive a material share of sales but do not have post-close agreements in place. If either were to leave at or after close, ICS would lose meaningful sales coverage. This needs to be resolved up front, not hoped through.
How we manage it: retention plans and formal go-forward agreements as a condition of close.
The senior salespeople are currently engaged as independent contractors. Formalizing the employment classification and putting clean agreements in place is a standard pre-close item and tied directly to the continuity point above.
How we manage it: formalize classification and agreements as part of the transaction.
Field operations rest heavily on one operations manager, an exposure that grew when the prior operations layer left the company. We need to confirm nothing critical went unowned in that transition and that the operations bench is deep enough on day one.
How we manage it: retention focus on the operations manager and a plan to deepen the operations bench.
A subcontractor relationship (Master Floors) runs two to three dedicated crews and extends ICS's footprint south. The exclusivity and terms are not yet clear. If the relationship is exclusive it is a key asset; if not, it is a dependency to plan around.
How we manage it: confirm contract terms and build a backup-crew plan.
The business is project-based with no long-term contracted revenue, and the 2026 pipeline is concentrated in a few large opportunities. Conversion timing is inherently uncertain.
How we manage it: grow recurring maintenance revenue and diversify the base through the platform.
A tight New England labor market has pushed up craft wages. This is structural, not one-time. The platform's local-crew model partly offsets it by cutting travel.
Serving six states from one Saco headquarters means long-haul mobilization to Connecticut and Rhode Island dilutes margin. This is both a current risk and the exact problem the platform solves.
Job costing, monthly reporting, and inventory tracking are still developing, which limits project-level margin visibility. The Controller is the lever, and reporting build-out is an early priority.
Two long-tenured administrative and equipment staff hold deep, largely undocumented knowledge. Retention and documentation matter through the transition.
Platform-specific risks
Growth by acquisition introduces its own risks: the capacity of one back office to absorb multiple crews, retaining acquired owners and crews, and protecting the ICS brand by being selective about who joins. These are managed by sequencing deals deliberately and integrating before adding.
Risk to response, at a glance
| Risk | Primary response |
|---|---|
| Key-person concentration | Transition period, warm introductions, rollover equity, ongoing role |
| Sales-force continuity | Retention and formal agreements as a condition of close |
| Employment structure | Formalize classification and agreements |
| Operations continuity | Retention focus and an operations bench plan |
| Subcontractor dependency | Confirm terms and a backup-crew plan |
| Revenue lumpiness | Grow recurring maintenance and diversify via the platform |
| Reporting maturity | A focused post-close reporting and job-costing build |
Important disclosures
This document is confidential and provided for discussion purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or interest in any fund or special purpose vehicle managed by Cliff Walk Capital LLC or any of its affiliates. Any such offer or solicitation will be made only through formal offering documents and in compliance with applicable securities laws.
The information herein is based on preliminary assumptions and estimates and is subject to change without notice. Financial figures are unaudited, reflect management and Cliff Walk normalization adjustments, and remain subject to ongoing diligence. Any return scenarios are hypothetical, illustrative, and are not a projection or guarantee of results. Past performance is not indicative of future results. Prospective investors should conduct their own independent diligence and consult their own legal, tax, and financial advisors before making any investment decision.
A strong revenue base with operational upside.
ICS is a project-based business, so revenue and earnings move year to year. Revenue peaked near $10M in 2022 and 2023, then softened to roughly $8.3M in 2025. Adjusted EBITDA followed the same path, with 2024 a clear trough before a partial recovery in 2025. Diligence is centered on building a clean view of normalized, go-forward profitability.
Income statement summary
$ in thousands. Adjusted EBITDA basis. 2022–2025 actuals.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | ’22–’25 Avg |
|---|---|---|---|---|---|
| Revenue | 9,977 | 9,748 | 7,911 | 8,291 | 8,982 |
| Gross profit | 3,452 | 3,654 | 2,261 | 2,295 | 2,915 |
| Gross margin % | 34.6% | 37.5% | 28.6% | 27.7% | 32.5% |
| Adjusted EBITDA | 1,105 | 1,296 | (59) | 349 | 673 |
| Adj. EBITDA margin % | 11.1% | 13.3% | (0.7%) | 4.2% | 7.5% |
Revenue by year
Adjusted EBITDA by year
The 2024 trough and the 2025 recovery are exactly what diligence is sizing. The 2026 internal budget points to roughly $9.5M of revenue and $0.7M of EBITDA.
Financial commentary
- Project-based, not contractual. Annual swings reflect the timing and size of large jobs. Large-account concentration rotates from year to year, depending on job completion, and the 2026 backlog and pipeline are being closely monitored and diligenced.
- Margin pressure tied to geography. Gross margin compressed in 2024 and 2025, with the project mix skewed toward work farther from the Saco headquarters. Early analysis points less to labor-rate tightening and more to the travel, lodging, and mobilization costs of serving distant projects from a single Maine hub. This is being sized in diligence, and it is precisely the pressure the platform's local-crew expansion is designed to reverse.
- Analyzing rework. Project rework is not currently tracked and may be a contributor to the gross margin compression of the last couple of years. A fix under evaluation is crew-level, gross-margin-based performance measurement, creating better incentives and accountability at the crew level.
- OPEX normalization. We continue to evaluate adjustments within operating expenses related to owner costs and other non-recurring, one-time expenses to build a more normalized view of underlying profitability.
- Untracked inventory. Materials are often over-ordered and stocked on shelves without being tracked as inventory. Building inventory into job costing and tracking is a clear opportunity: it sharpens project-level margin visibility, provides a truer view of the company's financials, and improves purchasing and operations.
A structure built for scale.
The contemplated structure is built around a clean, debt-light opening balance sheet and the founder rolling equity to share in the platform's upside. Figures are redacted in this draft and subject to change as diligence and structure conversations progress.
| Enterprise value (0.00x avg. adj. EBITDA) | $0.00M | 0% |
| Estimated transaction costs | $0.00M | 0% |
| Cash to balance sheet | $0.00M | 0% |
| Total uses | $0.00M | 0% |
| LP equity | $0.00M | 0% |
| Founder rollover equity | $0.00M | 0% |
| Debt | $0.00M | 0% |
| Total sources | $0.00M | 0% |
Enterprise value reflects a 0.00x multiple on the normalized four-year-average adjusted EBITDA. All terms are illustrative and subject to diligence and negotiation.
Invest with us on the platform.
Cliff Walk Capital is raising equity to acquire ICS Coatings as the anchor of a New England specialty flooring platform, alongside founder rollover. We are bringing on a select group of capital partners for the equity.
How the investment works
Aligned GP economics
No management fees on invested capital; Cliff Walk charges monitoring fees to the company instead. The GP earns carried interest of [ ]% of profits, paid only after investors receive a [ ]% preferred-return hurdle and a full return of capital. Our economics are weighted to performance, not assets gathered.
Direct investment via SPV
You are investing in this specific company through a dedicated special purpose vehicle, not a blind pool. Evergreen structure with no fixed fund life and flexible hold periods, and future add-on acquisitions are executed within the platform you already own.
An unlevered balance sheet that funds growth
With no bank term debt at close, the company's free cash flow is available to self-fund add-on acquisitions. Just as importantly, that untapped debt capacity lets the platform refinance in the future with a debt instrument to acquire additional companies, a core part of the investment strategy.
Use of proceeds
Funds the acquisition, transaction costs, and working capital. Full detail on the Sources & Uses tab.
Illustrative return scenarios
Hypothetical and for discussion only. Based on the current working model across downside, base, and growth cases. Figures are redacted in this version. Not a projection or guarantee of returns.
| Scenario | Exit multiple | MOIC | Gross IRR |
|---|---|---|---|
| Downside | 0.0x | 0.0x | 0% |
| Base (no growth) | 0.0x | 0.0x | 0% |
| Growth (platform) | 0.0x | 0.0x | 0% |
Interested in learning more?
The deal is pre-LOI and in active diligence. Cliff Walk Capital is beginning to line up financing partners and investors, and would be happy to walk through the opportunity in more detail.
rj@cliffwalkcapital.co · (401) 999-9907 · cliffwalkcapital.co
This overview is confidential and for discussion purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security. Any such offer will be made only through formal offering documents.