American Integrated
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California Environmental Services Platform
TurnKey is pursuing the acquisition of an established environmental services business with meaningful operating scale, attractive earnings, and the potential to serve as the foundational acquisition for a broader investment platform.
Current seller asking range: $18–20 million. TurnKey and its financing partner are evaluating the transaction around a 4× EBITDA framework.
EBITDA remains subject to verification and quality-of-earnings analysis. All figures are preliminary and based on currently available information.
An Established Business. A Scalable Platform.
AIR represents an opportunity to acquire an established environmental services operator and build a platform for disciplined growth and strategic expansion.
Established Scale
Approximately $36.3 million in reported annual revenue and a workforce of more than 135 employees.
Specialized Services
Exposure to environmental services, abatement, remediation, and related specialized contracting activities.
Operational Continuity
A contemplated transaction structure combining existing management knowledge, potential seller rollover, and dedicated operating leadership.
Platform Expansion
Potential for organic growth, operating improvements, geographic expansion, and complementary acquisitions.
Disciplined Acquisition Economics
TurnKey and Convergent Capital are evaluating the acquisition using an earnings-based valuation framework designed to balance purchase price, leverage, investor returns, and long-term operating flexibility.
4.0× assumed EBITDA of $4.0M
Equivalent to approximately 4.5–5.0× assumed EBITDA of $4.0M
Current Milestone
TurnKey, its financing partner, and the seller's representatives are scheduled to continue valuation discussions. The objective is to establish mutually acceptable transaction economics before proceeding to a letter of intent. Following LOI execution, the contemplated process includes independent quality-of-earnings analysis and confirmatory due diligence.
Valuation agreement has not yet been reached. All figures are preliminary and subject to negotiation.
Institutional Financing. Sponsor-Led Equity.
The proposed acquisition structure combines institutional acquisition financing, seller equity participation, and sponsor-side investor capital.
Indicative acquisition debt · ~2.0× EBITDA
Contemplated rollover for alignment & continuity
Potential participation from Convergent Capital
Sponsor-side equity · $2M minimum
Indicative acquisition debt based on approximately 2.0× assumed EBITDA.
Potential equity participation from Convergent Capital.
Contemplated seller rollover to support alignment, continuity, and transaction capitalization.
TurnKey is assembling a sponsor-side investor group targeting at least $2 million in equity, with a preference for additional capitalization.
Convergent has expressed a preference for TurnKey's investor group to contribute at least as much equity as Convergent, ideally more, and to lead the transaction. Final ownership percentages, board representation, voting rights, sponsor economics, and governance remain subject to negotiation.
At a $16M enterprise valuation, final funding requirements will depend on negotiated seller rollover, investor equity commitments, transaction expenses, working capital, and other closing adjustments. All financing figures are indicative and subject to underwriting, investment approval, and definitive agreements.
Experienced Institutional Capital Relationships
Convergent Capital
cvcap.comConvergent Capital is an institutional investment firm with experience in lower-middle-market financing and structured capital transactions.
Mark Nowak brings more than 25 years of finance experience, including involvement in approximately 35 mezzanine transactions totaling more than $305 million. His prior professional experience includes True West Capital Partners, Monroe Capital, Comerica Bank, and GE Capital.
TurnKey is engaged in active transaction discussions with Convergent Capital regarding the proposed acquisition and its capitalization. The financing framework remains preliminary and subject to diligence, underwriting, investment approval, and definitive documentation. No formal financing commitment, investment approval, or endorsement is represented.
Sponsor-Led. Operator-Focused. Institutionally Supported.
The contemplated transaction brings together acquisition leadership, institutional financing relationships, operating expertise, and continuity from existing business management.
Ryan Lamothe
Acquisition sponsor responsible for transaction origination, capital formation, transaction coordination, strategic oversight, and long-term platform development. Ryan previously built and sold an operating business to a private equity-backed strategic acquirer.
Jeff
Proposed leadership responsible for operating execution, management accountability, organizational development, and post-acquisition performance.
Convergent Capital
Providing an indicative acquisition financing framework and participating in ongoing transaction discussions. Primary relationship: Mark Nowak.
Existing AIR Ownership & Management
Potential continued involvement of existing ownership and management, including contemplated seller equity participation, to support operational continuity and transition planning.
All roles and arrangements remain subject to agreement.
From Valuation Alignment to Platform Acquisition
Valuation Alignment
Active discussions with the seller and broker to establish acceptable transaction economics.
Letter of Intent
Negotiate and execute an LOI outlining the proposed purchase price, structure, and key transaction conditions.
Quality of Earnings & Due Diligence
Engage appropriate financial, legal, and operational professionals to validate earnings, evaluate risks, and support transaction underwriting.
Final Capitalization & Closing
Finalize financing, equity participation, seller rollover, governance, definitive documentation, and closing conditions.
Only the valuation negotiation stage is currently active. Later stages remain pending and do not imply guaranteed completion.
One Acquisition. A Broader Investment Platform.
TurnKey is being developed as a long-term acquisition and investment holding company focused on acquiring, operating, and scaling established lower-middle-market businesses. AIR represents a potential first platform acquisition within that strategy.
Acquire
Source and acquire established businesses with meaningful earnings and attractive industry characteristics.
Operate
Support accountable management teams with disciplined financial oversight, operational systems, and strategic leadership.
Expand
Pursue organic growth, complementary acquisitions, and operational improvements.
Compound
Build long-term enterprise value through disciplined capital allocation, operating performance, and strategic acquisitions.
Building the Partnership Behind the Platform
TurnKey is exploring strategic partnerships with individuals and institutions capable of contributing capital, professional expertise, transaction relationships, and long-term strategic support. The objective is to build an acquisition platform supported by complementary capabilities and aligned long-term interests.
Capital & Investment
Sponsor-side equity formation and participation in future acquisition opportunities.
Legal & Transaction Expertise
Access to experienced legal professionals and transaction structuring capabilities.
Institutional Relationships
Relationships across private equity, lending, and professional investment networks.
Strategic Connectivity
Access to industry relationships, business leaders, and other relevant institutional or public-sector networks.
Long-Term Partnership
Alignment around building a repeatable acquisition platform rather than financing a single transaction.
"The objective is not simply to close one acquisition. It is to build the partnership, infrastructure, and capital relationships capable of executing many."
No commitment of capital, partnership terms, or formal participation is represented. Strategic discussions remain preliminary and exploratory.