Fact-checked commercial briefings on lower-middle-market industries: sizing, demand, competitive structure, deal evidence, and what drives value. Free to read in the browser; a new industry publishes most Mondays.
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A $4.5B market a processing plant cannot legally run without, whose operators still have no pricing power: 80 cents of every revenue dollar leaves as wages, and a dollar of profit trades near 4x under $1M of EBITDA against 8x above $5M.
Read the BriefingA $22B market where public and private cleanup moved in opposite directions in one year: government-funded starts fell 45 percent while company-funded work rose 25 percent, and a dollar of profit trades at 6.1x under $25M of revenue against 13.0x above $100M.
Read the BriefingA $54B market where most of the growth is other providers’ customers: the sector reports 10 to 15 percent annual expansion against same-firm organic growth of 0.2 percent, and the same dollar of EBITDA trades at 6.0x as an add-on against 9.5x as a platform.
Read the BriefingA $188B market where two years of revenue growth came from price rather than volume: equipment shipments fell 20 percent in 2025 while revenue held, and a dollar of EBITDA is worth roughly $4 at a small independent against $18 at national platform scale.
Read the BriefingAn $18B market growing on new locations rather than new patients: total revenue rose 8 percent in 2025 while same-location revenue rose 2 percent, and what a seller clears turns on whether the owner is still in the treatment chair.
Read the BriefingA $220B credentialed annuity being repriced in real time: succession-driven seller supply, a private equity buying wave now 500+ deals deep, and a valuation ladder that runs from 1x collections to 15x EBITDA.
Read the BriefingWhere the money is made in a ~$100B commodity market: retention, route density, and the labor engine separate main-street prices from platform premiums.
Read the BriefingA ~$3B niche with near-perfect retention and a licensure moat, where the certified-operator bench, not the contract book, is the asset actually being underwritten.
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