Non-cash / personal benefit; premium ~cancels CSV increase
+ $202,848
Adjusted EBITDA
40.1% of 2025 revenue
$5,451,042
Indicative Valuation Range (5.0× – 7.0× Adj. EBITDA)
5.0× Floor
$27.3M
6.0× Mid
$32.7M
7.0× Ceiling
$38.2M
Cash Flow Summary (2022–2025)
($)
2022
2023
2024
2025
Operating CF
3,999,914
958,337
520,568
3,516,995
Investing CF
88,720
136,305
(166,503)
(75,716)
Financing CF
(1,900,000)
(2,150,000)
(2,622,988)
(2,729,980)
Net Cash Change
2,188,634
(1,055,359)
(2,268,923)
711,299
Cash — End of Year
5,520,911
4,465,553
2,196,630
2,907,929
Owner Distributions
(1,900,000)
(2,150,000)
(2,622,988)
(2,729,980)
Strong recurring distributions to owners 2022–2025. 2024 cash decline driven by $1.11M treasury stock buyback + $1.05M Coastal ROW note receivable. Cash recovered strongly in 2025.
Balance Sheet Snapshot (Dec 31, 2025)
Assets
2024
2025
Cash & Equivalents
2,196,630
2,907,929
Accounts Receivable
1,542,690
2,259,006
Prepaid & Other Current
1,593,254
1,617,077
Total Current Assets
5,332,575
6,784,012
Net Fixed Assets
901,428
773,644
Life Ins. CSV
909,938
1,113,438
Note Rec. – Coastal ROW
1,054,056
1,054,056
Total Assets
7,143,941
8,671,094
Liabilities & Equity
Total Liabilities
469,056
418,466
Total Equity
6,674,885
8,252,629
Debt
$0
$0
Zero Debt — Fully Equity Financed
Note Rec. – Coastal ROW (~$1.05M) + Life Insurance CSV (~$1.11M) = ~$2.16M in non-op assets not included in EBITDA valuation
Revenue & EBITDA Trend (2022–2025)
2022
Rev
EBITDA
$12.2M
EBITDA $3.9M · 32%
2023 1×bonus
Rev
EBITDA
$11.8M
EBITDA $0.6M · Norm. $3.4M
2024
Rev
EBITDA
$11.7M
EBITDA $2.0M · 17%
2025 LATEST
Rev
EBITDA
Adj.
$13.6M
EBITDA $4.6M · Adj. $5.5M (40%)
2026 YTD Performance (Jan 1 – Feb 26)
57-Day YTD Revenue Run Rate
$1,298,141
Annualized ≈ $8.3M+ (seasonality note: Q1 typically lower)
Sales – Services
1,174,499
Heater Sales
123,642
Total Revenue
1,298,141
Total COGS
(59,011)
Gross Profit
1,239,130
Gross Margin
95.5%
Total OpEx
(586,656)
Net Income (YTD)
658,332
Note: 2026 YTD data as of Feb 26, 2026 is incomplete. Salaries show credit adjustments in progress.
2025 Key Expense Categories
Category
Amount
% Rev
Salaries & Payroll Taxes
3,690,901
27.2%
Insurance (all types)
1,286,769
9.5%
Repairs & Maintenance
996,158
7.3%
Rent Expense
442,200
3.3%
Travel & Meals
730,307
5.4%
Fuel (Vehicles + Equipment)
573,839
4.2%
Depreciation
480,000
3.5%
Contract Nitrogen
176,563
1.3%
Equipment Rentals
164,036
1.2%
Total OpEx
9,258,510
68.2%
Ownership Structure (as of Jan 2026)
71.03%
22.52%
6.45%
Brian Harless
President
71.03%
Eddie Walters
Technical Manager
22.52%
Jeremy Stringer
Sales Manager
6.45%
Key Man Risk
Brian Harless holds 71% and drives primary client relationships. Retention / earnout structure recommended post-close.
Top Customers — Revenue by Account (2023–2025)
All figures in USD · Sorted by 2025 revenue · NEW = added via MSA in 2025/2026
#
Customer
2023
2024
2025
% of '25
1
Enterprise Products
531,137
1,209,677
3,089,980
23%
2
ExxonMobil Pipeline
2,420,723
1,807,150
1,819,581
13%
3
Koch Pipeline Co.
775,548
605,183
1,475,459
11%
4
Energy Transfer
1,335,297
1,685,907
1,133,768
8%
5
Boardwalk LA Midstream
1,168,969
1,658,936
1,094,440
8%
6
Motiva Enterprises
199,934
258,229
718,746
5%
7
Chevron Pipeline NEW '25
—
—
648,947
5%
8
ONEOK Hydrocarbon
196,050
576,954
530,457
4%
9
Shell Pipeline
1,190,994
981,834
440,386
3%
10
Eastman Chemical
75,040
—
280,999
2%
11
Phillips 66 Partners
304,738
307,866
264,473
2%
12
Coastal ROW
—
243,346
242,482
2%
Top 12 Subtotal
8,198,430
9,335,081
11,739,718
86%
All investment-grade midstream & petrochemical operators. Enterprise Products surged from #8→#1 in 2025 (+156% YoY). Chevron added via new MSA in 2025. Targa added Feb 2026 — not yet in financials.
Investment Thesis & Key Strengths
Exceptional 2025 Performance
Revenue grew 15.8% YoY to $13.6M with EBITDA expanding to $4.6M (33.5%) — strongest year on record. Gross margin consistently >97%.
Zero Debt, Strong Balance Sheet
Fully equity-financed with $8.25M equity, $2.9M cash. ~$2.16M in non-operating assets (Coastal ROW note + life ins. CSV) not yet monetized.
Blue-Chip, Sticky Customer Base
ExxonMobil, Enterprise Products, Energy Transfer, Shell, Koch, Chevron, Motiva — top-tier investment-grade counterparties with recurring service needs.
High-Margin Service Business
~98% gross margin is exceptional for an industrial services company. Asset-light model with specialized combustion/pipeline expertise difficult to replicate.
Significant Owner Add-Backs (~$900K)
~$673K confirmed in 2025 add-backs per seller notes (within ±5%). Includes hunting camp, personal salaries, and life insurance. Adj. EBITDA of $5.45M provides strong valuation support.
Seller Notes & Deal Considerations
Add-backs for 2025 estimated at ~$673K (within ±5% accuracy per seller). Similar add-backs expected going back to 2021.
2023 includes a one-time ~$2.8M bonus taken by Brian & Jeremy to purchase land adjacent to their hunting camp property. Must be normalized in any EBITDA analysis.
~$2M–$2.5M Money Market Account — sellers plan to pay off hunting camp with this cash and keep balance. ~$600K for normal operating expenses.
Note Receivable – Coastal ROW (~$1.05M on balance sheet) — should be treated as a non-operating asset in any deal structure.
Life Insurance CSV — whole life policies with cash surrender value (~$1.11M). Value accrues to shareholders; to be addressed in deal structure.
Assets not included in deal may be retained by sellers (hunting camp, money market, life insurance policies, Coastal ROW note).
Recommend earnout / retention package for Brian Harless given 71% ownership and client relationship concentration.
Growth Opportunities (Seller-Identified)
Equipment Manufacturing — Flare Stacks
CCI manufactures permanent & trailer-mounted flare stacks (≤50') for existing service clients. Generates $200K – $1M+ annually, typically 2–6 units/year. Permanent units ~$60K; trailer-mounted ~$200K. Sold exclusively to recurring service customers — strong cross-sell dynamic.
Geographic Expansion — 30–40% Untapped Market
Seller estimates 30–40% of the regional market is not being captured. Three high-potential expansion geographies: West Texas, Western Pennsylvania, and Oklahoma. CCI has not pursued due to preference for local work — an acquirer with field operations in those regions could unlock meaningful incremental revenue.
MSA Momentum — New Contracts 2025–2026
Master Service Agreements added with Chevron (2025) and Targa Resources (Feb 2026) — both expected to generate recurring service revenue. Chevron already contributed $648K in its first partial year. Targa not yet reflected in any financials.
Deal Structure Considerations
Zero-Debt Transaction
No debt to assume or retire. Clean balance sheet simplifies deal structure.
Key-Man Retention (Brian Harless, 71%)
Earnout or employment agreement strongly recommended. Primary client relationships reside with Brian. Roll-over equity option may align incentives.
Facility Lease — Related Party
Office & shop leased from Brian's mother's LLC. No real estate owned by CCI. Arm's-length lease terms to be verified in diligence.
Personal Assets — Farm Equipment (~$150K)
Farm tractors & UTVs on asset list to be retained by sellers for hunting camp. Confirm carve-out in APA schedule.
Cash / Money Market (~$2M–$2.5M) Retained
Sellers plan to use cash to retire hunting camp debt; retain ~$600K for ops. Working capital peg in deal should reflect normalized cash (~$600K).
Life Insurance & Coastal ROW — Non-Op. Assets
Life ins. CSV (~$1.11M) and Coastal ROW note (~$1.05M) to be excluded from enterprise value. Structure as dividend / distribution pre-close or separate consideration.
2025 Revenue Concentration — Top 12 Customers = 86% of Revenue
Enterprise Products$3,090K · 23%
ExxonMobil Pipeline$1,820K · 13%
Koch Pipeline Co.$1,475K · 11%
Energy Transfer$1,134K · 8%
Boardwalk LA Midstream$1,094K · 8%
Motiva Enterprises$719K · 5%
Chevron Pipeline NEW$649K · 5%
All others (7 more shown)$1,838K · 14%
Customer Highlights
📈 Enterprise Products surged +156% YoY (was #8 in 2024, now #1)
🆕 Chevron added via MSA in 2025 — $649K first year
🆕 Targa added via MSA in Feb 2026 — not yet in financials
🔁 Top 3 customers = 47% of revenue
📋 All top customers are investment-grade counterparties
Concentration Risk Note
Top 5 customers = 63% of revenue. Any loss of ExxonMobil, Enterprise, or Koch would be material. Buyer due diligence should confirm contract terms and renewal status for each.
CONFIDENTIAL — Prepared by Statesman Capital Advisors · February 2026
This document is for discussion purposes only and does not constitute an offer to buy or sell securities.
Source: CCI QuickBooks accrual financials (2022–2025), seller-provided add-back schedule, CCI ownership records.