Acquisition criteria

Acquire carefully. Improve deliberately. Hold patiently.

We pursue a focused buy-and-build strategy in essential service industries with recurring demand, fragmented competition, and clear opportunities for operational improvement.

Most companies we review are declined. Discipline at entry is the first source of return.

Acquisition profile

What we look for

Our criteria are designed to identify businesses that can support responsible leverage, leadership transition, and durable long-term growth.

Financial profile

Healthy economics

Located in Southern California — San Diego County first, with Orange County, Riverside County, and the Inland Empire also in scope
Approximately $2M–$5M in revenue
$500K or more in EBITDA
Consistent margins and cash conversion
Manageable capital expenditure requirements

Customer quality

Durable relationships

Recurring, contracted, route-based, or repeat revenue
No single customer above approximately 10%
Low churn and strong retention
Favorable payment terms and receivables

Operational profile

Transferable strength

Established team and ten or more years of history
Documented processes or transferable know-how
Limited dependence on the owner
Clear opportunities for professionalization

Market structure

Defensible demand

Essential or compliance-driven services
Fragmented competitive landscape
Local density or route economics
Low technological disruption risk

The acquisition process

A deliberate path from introduction to ownership.

The stages advance as you scroll. Select one to jump straight to it.

Confidential introduction

A direct first conversation

We begin by learning about the business, the owner’s goals, the reason for considering a transition, and the desired timeline. Initial conversations are confidential and do not create an obligation.

Owner objectives and timing
High-level business profile
Initial fit with Cicada’s criteria

Value creation

Growth built on execution.

We focus on practical operating improvements that strengthen the business itself.

Protect the core

Preserve service quality, customer trust, employee knowledge, and local reputation.

Build visibility

Improve reporting, job costing, performance tracking, and management cadence.

Strengthen growth

Refine pricing, sales discipline, referrals, retention, and route density.

Develop leaders

Clarify accountability, retain talent, and reduce dependence on any one person.

Modernize carefully

Use technology where it improves customer experience, productivity, and control.

Add selectively

Pursue complementary acquisitions only when they improve strategic fit and density.

Acquisition discipline

We are willing to walk away.

Strong outcomes begin with disciplined entry. We weigh business quality, downside protection, cultural fit, and the credibility of the operating plan.

Share an opportunity

No pressure to complete a deal simply because time has been invested.

No reliance on aggressive projections to make a weak opportunity appear attractive.

No compromise on integrity, transparency, or the ability to protect the business.