Sector Research

Industry research for the lower middle market.

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.

Published Briefings

U.S. Commercial Janitorial & Cleaning Services

Where the money is made in a ~$100B commodity market: retention, route density, and the labor engine separate main-street prices from platform premiums.

Published July 2026 · 13 slides
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U.S. Water & Wastewater Treatment Services & Contract O&M

A ~$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.

Published July 2026 · 12 slides
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