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Generating over $2M in revenue, this Ontario-based business provides towing and recovery services for roadside companies, law enforcement agencies, municipal fleets, public vehicles, emergency vehicles, and local individuals. They also provide expert automotive repairs including brakes, steering, engine diagnostics, and heavy truck repairs. 72% of revenue is from towing services and 28% from auto repair services with $1M virtually guaranteed roadside revenues.
The 18-person team includes 8 full-time drivers, 3 mechanics, 3 apprentices, an office manager, a dispatcher, a part-time bookkeeper, and a payroll clerk with most employees having 6+ years tenure. The current owner commissions for towing jobs and handles high-level management functions, he is not doing any of the labor or driving. The business is well positioned to dominate the market with opportunities to expand the towing business and expand geographically into the Soo area.
There is over $500K worth of equipment with $192K capex that would be included in the sale. The roadside and auto repair divisions have created niche segments that help protect the work and a large moat has been created by tying up the larger roadside contracts within the district. This makes it hard for other companies to get a foot hold.
In addition, the garage has the only heavy mechanic shop within 55 km and they have multiple light and heavy licenses. Most of their revenue comes from long-term contracts with roadside service companies and referrals from local law enforcement agencies. The largest towing customer operates on negotiated three-year contracts and they have been a loyal customer for over 21 years. Their website and word-of-mouth advertising from loyal and long-standing clientele help them obtain new clients on a regular basis.
Real Property Included
2 locations: 1. Thessalon, on 2. Sault St. Marie
Building: Site 1: 3,280 sq. ft.; Site 2: 1,960 sq. ft.
Expand business by adding another office to cover more territory
Pursuing other interests
Purchase Price: $2,600,000
20% Buyer Down Payment $520,000
20% Seller Financing or Equity Roll $520,000
60% Bank Loan $1,560,000
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