Selling a company is rarely just a financial transaction—it is a life event comparable to marriage or buying a first home. Cetane Associates, a lower-middle-market M&A advisory firm, has built its reputation on guiding owners through this emotional and logistical journey, offering personalised support that larger investment banks often cannot provide.

Barrett Conway, managing director of Cetane, spoke with Pro Landscaper USA about the firm’s evolution and its recent expansion into the landscaping sector. Founded in 2006 with a focus on heating oil and diesel, the firm has since diversified into propane, HVAC, and more recently, landscaping, lawn care, pest control, and delivered fuels. Conway emphasises the importance of industry-specific expertise, stating that the firm avoids becoming a generalist to maintain credibility from the outset.

Cetane operates primarily on the sell-side, with roughly 95% of its work representing sellers. A competitive auction process is central to its approach, ensuring clients achieve maximum value. However, Conway notes that valuation is not always the deciding factor. “Sixty percent of the time sellers are not primarily going for top dollar,” he explains. “They’re going with a buyer who’s the best fit, who’s going to take care of their employees and customers.” The firm’s dedicated backend team, including two non-practicing attorneys, plays a crucial role in closing deals successfully.

Private equity interest in home and commercial services has grown significantly, with Conway noting that the number of potential buyers has increased from two to four to around ten in recent years. Commercial maintenance, with its recurring and recession-resilient revenue, is particularly attractive. He also points out that landscaping remains earlier in its M&A lifecycle compared to more mature sectors like HVAC and pest control, with education still needed around EBITDA multiples.

For owners considering a sale, Conway advises starting early—ideally two or three years in advance—to conduct a value range analysis and address any operational or financial gaps. Clean financial records, a trusted team of advisors, and careful estate planning are essential to maximising post-tax proceeds. “The reality is most sellers want to have sold yesterday,” he concludes. “If you’re thinking about an acquisition, it’s good to call us in advance to get your house in order and really be prepared for the future.”

Read the full article in the August issue of Pro Landscaper USA.