Why would I sell to Stoneweir instead of a larger strategic buyer or competitor?

Strategic buyers often consolidate brands, relocate operations, and eliminate headcount to achieve "synergies." We preserve local identity, retain key employees, and invest in growth. If your legacy and team matter to you, we're a better fit than a roll-up that'll gut the business for margin.

Will you keep my company name and local presence?

Yes, unless there's a compelling reason to rebrand (e.g., owner's name is the company name and you want a clean break). Customers trust the brand they've worked with for years.

What happens to my employees?

Everyone who wants to stay will stay. We retain employees and intend to improve benefits and pay as we scale. We're not buying the business to cut labor costs. We're buying it to grow, and that requires keeping the people who know how to deliver.

Do I have to stay involved after closing?

Our preference would be for owners to provide 30-90 days of transition consulting to introduce us to key customers and explain operational nuances, but we don't require multi-year employment agreements. If you want to retire and travel, we support that! If you want to stay on and help grow the business, we can structure that too.

How do you handle customer relationships during the transition?

We introduce ourselves as new ownership committed to continuity and investment. For large municipal or industrial accounts, we do joint meetings with you during transition to reassure them nothing is changing operationally.

What if my financials aren't perfect? I run some personal expenses through the business.

That's normal for owner-operated businesses. We'll work with you and your accountant to adjust EBITDA for owner compensation normalization, personal expenses, and one-time costs. We're not looking for an excuse to re-price. We price the business on true operational cash flow.

Do you require non-compete agreements?

Yes, typically 3-5 years within your current market, where "market" is often defined by geographical region, but may be broader depending on business scope. This protects the value we're paying for and ensures customers don't follow you to a new venture. The scope is reasonable, and we're not preventing you from working, just from competing directly in the same market with the same services.

How do you determine what the business is worth?

We use a multiple of adjusted EBITDA, typically ranging from 2-6x depending on recurring revenue mix, customer concentration, growth trajectory, and competitive position. We're transparent about our valuation methodology and can walk you through the assumptions during our first conversation.

Do you do earnouts or seller notes?

We avoid earnouts, as they can create misaligned incentives and post-close disputes. You've spent many years building this business; you deserve to be paid at closing, not to be bet on future performance under new ownership. Seller notes are fine if you want them for tax deferral, but we don't require them.

What if I have concerns about confidentiality? I don't want my employees or customers to know I'm exploring a sale.

We sign NDAs before reviewing any materials and limit information sharing to essential parties (our deal team, lenders, attorneys). No one outside that circle sees your financials or knows the business is for sale. If we reach LOI stage, we'll coordinate the timing and messaging of employee/customer communication together.

Acquiring essential infrastructure businesses

Malcolm Hamilton

Managing Partner

About Stoneweir
Stoneweir is a dedicated acquirer of essential infrastructure services businesses across water, wastewater, environmental compliance, and industrial maintenance sectors. We focus on companies with $1–5 million in EBITDA that serve municipal, utility, and industrial customers through recurring contracts, regulatory mandates, or mission-critical service relationships. Our investment thesis centers on fragmented, non-discretionary service categories where operational expertise, multi-year contracts, and certification or regulatory requirements create durable competitive advantages.

Managing Partner
Stoneweir is led by Malcolm Hamilton, who brings deep operational and financial expertise from more than a decade in utility financial management. As FP&A Principal at Metropolitan Water District of Southern California, a regional water utility providing water to over 19 million people in Southern California, Malcolm led the debt repayment modeling for an $8 billion construction project and authored the financial forecasting section of the agency's Long-Range Finance Plan.

Previously, he served as the Financial Officer for the City of Santa Barbara's water and wastewater utilities, where he led financial negotiations for a landmark 50-year water supply agreement and administered $100 million in annual operating and capital budgets. More recently, he has supported business valuations, capital raising, and M&A transactions through a boutique investment bank in Los Angeles. Malcolm started his career in transportation operations, helping to manage an entry-level staff of 140 employees with his colleagues.

Malcolm holds an MBA from UCLA Anderson School of Management and completed his investment banking training with Bank of America. He brings hands-on understanding of how essential infrastructure businesses operate: from capital planning to regulatory compliance and contracting.

Capital and Closing Capability
Stoneweir has access to equity and debt capital through established investor and institutional relationships. We are prepared to acquire businesses ranging from $5 million to $25 million in enterprise value. Malcolm's background modeling complex infrastructure deals, performing due diligence, and negotiating multi-party agreements ensures smooth execution from term sheet through closing. We prioritize working directly with owners and brokers who understand their clients' businesses. I recognize there may be family members or existing leaders involved in the business, and if there were ever a conversation about transition, our preference would be to support and back the people who already understand the company, rather than come in with an outside team.

Malcolm's Promises...

1

This isn't a transaction where analysts in another state run your business via spreadsheet. I will be there, on the ground, committed to the business daily.

2

I will have controlling interest in the business. The person touring your facility, meeting your crew, and negotiating terms is the same person who will have the final say on all future business decisions.

3

No post-close layoffs. I'm buying your business to grow it, and that requires the experienced and dedicated people who know how to deliver. As we grow, we'll be hiring more people, not fewer.