Sell Your Electrical Business in Illinois, 76+ Active PE Buyers, $0 Seller Fees

Selling an electrical contracting business in Illinois in 2026 is dominated by Chicago commercial activity and IBEW Local 134 union dynamics. IL electrical M&A combines Chicago Loop, River North, Fulton Market, West Loop commercial real estate activity, manufacturing legacy across Chicago metro and downstate, healthcare anchors (Northwestern Memorial, University of Chicago, Rush, Loyola, NorthShore, Advocate), emerging data center buildouts in Elk Grove Village, Hoffman Estates, and Aurora, and a deeply unionized commercial electrical environment that creates both opportunity and ERISA complexity.

This guide is for Illinois electrical contractor owners running between $1M and $50M of revenue. We’ll walk through Illinois state electrical contractor licensing under 225 ILCS 318 plus Chicago municipal Electrical Inspector and Supervising Electrician licensing, IBEW Local 134 (Chicago) multiemployer pension withdrawal liability under ERISA Section 4203/4204, the after-tax math at IL’s 4.95% flat tax plus Cook County / Chicago overlays, segment dynamics, and the 18-24 month preparation playbook.

The framework draws on direct work with 76+ active U.S. lower middle market buyers, including major IL-active acquirers. We’re a buy-side partner. The buyers pay us when a deal closes, not you. Of our 76+ buyers, 12 actively bid on Illinois electrical in 2024-2026: IES Holdings (NYSE: IESC), MYR Group (NASDAQ: MYRG), EMCOR Group (NYSE: EME), Comfort Systems USA (NYSE: FIX), APi Group (NYSE: APG), Sila Services, Crete United (Ridgemont), Wynnchurch Capital (Chicago-area-active), Audax Industrial, plus 4 regional Midwest rollups.

One realistic note before you start. Illinois electrical has structural complexity around IBEW Local 134 union dynamics that requires advance preparation. Properly prepared, IL union shops clear premium multiples that beat most Midwest comparables. Improperly prepared, deals collapse mid-diligence as buyers realize the ERISA exposure.

“Illinois electrical M&A is dominated by Chicago union commercial activity. The mistake we see is sellers running a generic Chicago broker auction that doesn’t address IBEW Local 134 multiemployer pension withdrawal liability properly, deals collapse mid-diligence as buyers realize the ERISA exposure. Properly prepared, with Section 4204 structuring and ERISA counsel engaged 12+ months pre-sale, Chicago union shops clear premium multiples. We’re a buy-side partner working with 76+ active buyers, including 12 with current Illinois electrical mandates, the buyers pay us, not you, no contract required.”

Key Takeaways

• Illinois electrical PE/strategic activity: 12 of our 76+ buyers actively bid on IL electrical in 2024-2026, including IES Holdings (NYSE: IESC), MYR Group (NASDAQ: MYRG), EMCOR (NYSE: EME), Comfort Systems USA (NYSE: FIX), APi Group, Sila Services, Crete United, Wynnchurch Capital (Chicago-area-active), Audax Industrial, plus 4 regional Midwest rollups.
• Illinois has state electrical contractor licensing under 225 ILCS 318. Chicago has additional municipal Electrical Inspector and Supervising Electrician licensing. License is personal, does NOT transfer with the entity in an asset sale.
• IL’s 4.95% flat state income tax. Plus Cook County and Chicago considerations. On a $5M gain, IL sellers keep $400K-$500K more than CA/NY sellers but $250K less than TX/FL sellers.
• IL electrical multiples by size and segment: sub-$2M revenue residential = 0.5-1.0x revenue / 3-4.5x SDE; $1M-$3M EBITDA commercial/industrial = 5.5-7x EBITDA; $3M+ EBITDA Chicago commercial / industrial / data center specialists = 6.5-9x EBITDA.
• IBEW Local 134 (Chicago) multiemployer pension withdrawal liability under ERISA 4203/4204 can run $1M-$10M+ for established Chicago union shops. Section 4204 sale-of-assets exception requires careful structuring with ERISA counsel 12+ months pre-sale.
• Illinois Prevailing Wage Act applies to all IL state and local public works projects (820 ILCS 130). Sloppy compliance creates back-wage exposure that buyers price into the deal.

Why Illinois electrical contractor M&A is dominated by Chicago commercial activity

Illinois electrical contractor M&A is dominated by Chicago commercial real estate activity and IBEW Local 134 union dynamics. Chicago Loop, River North, Fulton Market, West Loop, South Loop create one of the densest commercial electrical demand environments in the country. Healthcare anchors (Northwestern Memorial, University of Chicago, Rush, Loyola, NorthShore, Advocate, Endeavor Health) drive sustained recurring service work. Chicago manufacturing legacy combined with logistics (O’Hare-area + Chicago intermodal) drives industrial electrical demand. Emerging data center activity in Elk Grove Village, Hoffman Estates, and Aurora is accelerating.

Active PE-backed and strategic Illinois electrical buyers. IES Holdings (NYSE: IESC), MYR Group (NASDAQ: MYRG), EMCOR Group (NYSE: EME), Comfort Systems USA (NYSE: FIX), APi Group (NYSE: APG) are all active. PE platforms include Sila Services, Crete United (Ridgemont), Wynnchurch Capital (Chicago-area-active), Audax Industrial. Plus 4 regional Midwest consolidators.

What this means for IL electrical contractor sellers. If you’re running a $1M+ EBITDA commercial or industrial electrical contractor in Chicago metro or major downstate cities, you should expect 4-7 indications of interest. Union vs non-union status materially affects buyer pool and multiple.

Illinois state electrical licensing under 225 ILCS 318 plus Chicago municipal licensing

Illinois has state-level electrical contractor licensing under 225 ILCS 318 (Illinois Electrical Contractor Licensing Act). The Illinois Department of Financial and Professional Regulation (IDFPR) administers state-level licensing. License is required statewide. Chicago additionally has municipal Electrical Inspector and Supervising Electrician licensing through the Chicago Department of Buildings (DOB).

Chicago Supervising Electrician license is required separately. Chicago’s Supervising Electrician license is held personally and is required to perform electrical work in Chicago. Chicago Electrical Code is one of the most stringent in the country (deviates from NEC). Multi-jurisdiction Illinois contractors operating in Chicago need both state and Chicago municipal licensing.

What this means in a sale. License stays with the entity in a stock sale (subject to IDFPR and Chicago DOB notification). Personal licenses (state Master, Chicago Supervising Electrician) are personal. Address 18-24 months pre-sale by grooming senior electricians through both exams.

How to handle IL licensing 12-24 months before sale. Identify senior electricians for both state and Chicago succession. Once you have backup licensees, your buyer pool widens dramatically.

Illinois electrical segment dynamics: Chicago commercial, Chicago industrial, downstate, healthcare, data center

IL electrical M&A divides into five distinct segments. Chicago commercial dominates revenue volumes. Chicago industrial is the second-largest segment. Downstate is a separate market. Healthcare and emerging data center are premium specialty segments.

Chicago commercial electrical: 5.5-7.5x EBITDA platform. Loop, River North, Fulton Market, West Loop, South Loop. Heavily IBEW Local 134 union. Buyer pool: public strategic acquirers (EMCOR, IES), regional Midwest rollups, Sila Services.

Chicago industrial electrical: 6-8x EBITDA platform. Manufacturing, logistics, O’Hare adjacent industrial. Buyer pool: industrial-focused PE (Wynnchurch Chicago-area, Audax), public strategic acquirers.

Downstate Illinois electrical: 4-6x EBITDA platform / 3-4x SDE owner-op. Manufacturing, agriculture, healthcare, residential service in Peoria, Springfield, Champaign-Urbana, Rockford. More open-shop than Chicago. Lower multiples but cleaner ERISA picture.

Healthcare electrical: 6-7.5x EBITDA platform. Northwestern Memorial, University of Chicago, Rush, Loyola, NorthShore, Advocate, Endeavor Health. High-margin recurring service work.

Chicago data center electrical: 7-9x EBITDA platform (emerging). Elk Grove Village, Hoffman Estates, Aurora data center buildouts (Microsoft, Amazon, Google, Equinix, Digital Realty). Premium for hyperscale relationships.

Who actually buys Illinois electrical businesses in 2026

The IL electrical buyer pool divides into five archetypes. Public strategic acquirers, PE rollups, and Chicago-area-focused industrial PE all actively pursue IL electrical.

Archetype 1: Public strategic acquirers (IES, MYR, EMCOR, Comfort Systems, APi). All highly active in IL. Typical target: $2M-$20M EBITDA. Multiples: 6-9x EBITDA at platform scale. Close timeline: 90-180 days.

Archetype 2: PE-backed Midwest electrical consolidators. Sila Services, Crete United (Ridgemont), Wynnchurch Capital (Chicago-area-active), Audax Industrial. Plus 4 regional Midwest consolidators. Typical target: $1M-$10M EBITDA. Multiples: 5.5-8x EBITDA.

Archetype 3: Search funders pursuing IL commercial/industrial. Typical target: $750K-$3M EBITDA. Multiples: 4.5-6.5x EBITDA.

Archetype 4: SBA 7(a) individuals. Targeting downstate residential service shops. Multiples: 2.5-4x SDE.

Archetype 5: Family offices and strategic regional IL operators. Chicago family offices pursue mid-size electrical contractors. Multiples: 4-7x EBITDA.

IL electrical buyer archetype	Typical multiple	Deal structure norms	Close timeline
Public strategic (IES, MYR, EMCOR, FIX, APi)	6-9x EBITDA	Cash-heavy	90-180 days
PE rollup (Sila, Crete United, Wynnchurch Chicago, Audax)	5.5-8x EBITDA	Cash + 15-30% rollover + earnout	90-150 days
Search funder	4.5-6.5x EBITDA	Senior debt + seller note + earnout	120-180 days
SBA 7(a) individual (downstate residential)	2.5-4x SDE	10% buyer equity, 20-30% seller note	60-120 days
Family office / strategic IL regional	4-7x EBITDA	Cash + 25-40% rollover	60-180 days

Buyer type	Cash at close	Rollover equity	Exclusivity	Best fit for
Strategic acquirer	High (40–60%+)	Low (0–10%)	60–90 days	Sellers who want a clean exit; competitor or upstream consolidator
PE platform	Medium (60–80%)	Medium (15–25%)	60–120 days	Sellers willing to hold rollover for the second sale; bigger deals
PE add-on	Higher (70–85%)	Low–Medium (10–20%)	45–90 days	Sellers folding into existing platform; faster process
Search fund / ETA	Medium (50–70%)	High (20–40%)	90–180 days	Legacy-conscious sellers wanting an owner-operator successor
Independent sponsor	Medium (55–75%)	Medium (15–30%)	60–120 days	Sellers OK with deal-by-deal capital and longer financing closes

Realistic Illinois electrical multiples by size and segment

IL electrical multiples vary dramatically by Chicago vs downstate and union vs non-union. Chicago commercial premium versus downstate.

Sub-$1M revenue residential service (mostly downstate): 0.4-0.7x revenue / 2.5-3.5x SDE. Micro-shops sold to SBA buyers.

$1M-$3M revenue residential or light commercial: 0.5-1.0x revenue / 3-4.5x SDE. Core SBA buyer territory.

$3M-$10M revenue / $500K-$2M EBITDA Chicago commercial/industrial: 5-7x EBITDA. Wider buyer pool.

$10M-$30M revenue / $2M-$5M EBITDA Chicago commercial: 6-8.5x EBITDA. Platform territory for PE rollups and prime acquisition target for IES, MYR, EMCOR, Comfort Systems.

$30M+ revenue / $5M+ EBITDA Chicago industrial/data center: 7-10x EBITDA. Platform-of-the-platform deals.

IL electrical business profile	Revenue multiple range	SDE/EBITDA multiple range	Dominant buyer pool
Sub-$1M revenue residential	0.4-0.7x revenue	2.5-3.5x SDE	SBA individual
$1M-$3M revenue residential/commercial	0.5-1.0x revenue	3-4.5x SDE	SBA + search funder
$3M-$10M / $500K-$2M EBITDA	0.7-1.2x revenue	5-7x EBITDA	Search, indie sponsor, PE add-on, public strategic
$10M-$30M / $2M-$5M EBITDA Chicago	0.8-1.4x revenue	6-8.5x EBITDA	PE rollup, public strategic
$30M+ / $5M+ EBITDA Chicago industrial / data center	1.0-1.6x revenue	7-10x EBITDA	Public strategic, PE platform-of-platform

Illinois state and local tax: the after-tax math

IL imposes a 4.95% flat state income tax on capital gains. Plus Cook County considerations. On a $5M gain, IL sellers keep $400K-$500K more than CA/NY sellers but $250K less than TX/FL sellers.

IL exit tax / sourcing rules apply for IL-located businesses. IL is generally less aggressive than NY or CA on cosmetic relocations, but the gain on an IL-located business is IL-sourced regardless of seller residency. Real relocation 24+ months pre-sale combined with structuring can reduce some attribution.

Asset allocation for IL sellers. Engage tax counsel for typical $50K-$300K of optimization on mid-size deals.

IBEW Local 134 (Chicago) and multiemployer pension withdrawal liability: the #1 IL diligence item

IBEW Local 134 is one of the largest and most influential electrical unions in the country. Local 134 dominates Chicago commercial and industrial electrical work. Chicago commercial work above small tenant fit-outs is overwhelmingly union. Local 134 has substantial influence on Chicago project labor agreements and prevailing wage.

Multiemployer pension withdrawal liability under ERISA Section 4203. Chicago IBEW Local 134 union contractors participate in NEBF or regional NEBF-affiliated pension plans. Withdrawal liability on sale is calculated based on the plan’s unfunded vested benefits. For an established Chicago union electrical contractor, withdrawal liability can range from $1M to $10M+ depending on size, tenure, and contribution history.

The Section 4204 sale-of-assets exception. ERISA Section 4204 allows the buyer to assume the seller’s contribution obligation and avoid triggering withdrawal liability. Conditions: buyer continues contributions, posts bond/escrow equal to one year’s contributions for 5-year period, seller’s liability remains contingent for 5 years, parties comply with notice. Engage ERISA counsel 12+ months pre-sale.

Open-shop IL electrical contractors. Open-shop is more common downstate (Peoria, Springfield, Champaign-Urbana, Rockford) and on residential / light commercial. Buyers pay 0.25-0.75x EBITDA premium for non-union vs union, but Chicago union shops have customer relationships that non-union contractors can’t replicate.

How to position union shops for sale. Get current actuarial valuation of withdrawal liability 12+ months pre-sale. Engage ERISA counsel for Section 4204 structuring. Ensure CBAs have appropriate change-of-control language. Document customer relationships dependent on union status.

Illinois Prevailing Wage Act compliance

Illinois Prevailing Wage Act (820 ILCS 130) requires prevailing wage on all IL state and local public works projects. Sloppy compliance creates back-wage exposure. Buyers will request 4 years of certified payroll records, IL Department of Labor investigation history, and any pending complaints.

Federal Davis-Bacon also applies to federal projects. Great Lakes Naval Training Center, Naval Station Great Lakes, Argonne National Laboratory, federal buildings in Chicago. Federal compliance must be airtight.

Service mix and recurring revenue in IL electrical

Recurring service revenue is the highest-leverage multiple driver in IL electrical M&A. 30%+ recurring service revenue trades at 0.5-1.0x EBITDA premium. IL-specific recurring opportunities: Chicago commercial REIT property management agreements (Equity Commonwealth, Sterling Bay, Hines Chicago, Vista Property Group), healthcare facility service contracts (Northwestern, U Chicago, Rush, Loyola, NorthShore, Advocate, Endeavor), industrial maintenance, Chicago data center service relationships.

What IL electrical buyers value most. Recurring contracts; Chicago commercial REIT relationships; healthcare relationships; data center adjacency; specialty certifications; electrician retention; state and Chicago municipal license depth; IBEW Local 134 status and customer fit.

How to reposition mix in 18-24 months pre-sale. Aggressively grow recurring contracts. Pre-sale repositioning typically returns 1-2x EBITDA in higher offers.

Component	Typical share of price	When you actually receive it	Risk to seller
Cash at close	60–80%	Wire on closing day	Low, this is real money
Earnout	10–20%	Over 18–24 months, performance-based	High, routinely paid out at less than face value
Rollover equity	0–25%	At the next platform sale (typically 4–6 years)	Variable, can multiply or go to zero
Indemnity escrow	5–12%	12–24 months after close (if no claims)	Medium, usually returned, sometimes contested
Working capital peg	+/- 2–7% of price	Adjustment at close or 30-90 days post	High, methodology disputes are common

What IL electrical buyers diligence: the checklist

IL electrical diligence is among the most thorough because of regulatory and union complexity. Standard diligence plus state and Chicago municipal licensing, IBEW Local 134 / multiemployer pension, IL Prevailing Wage Act compliance, federal Davis-Bacon for federal projects.

Earnings quality and add-back validation. 24-36 months of P&Ls. IL Department of Revenue filings. Cook County / Chicago tax compliance. CPA-prepared statements.

Revenue mix, customer concentration, federal compliance. Service vs project breakdown. Top 10 customers as percentage of revenue. Chicago commercial REIT, healthcare, industrial, data center customer concentration disclosure. IL Prevailing Wage Act compliance for state/local public works. Federal Davis-Bacon for federal projects.

Electrician headcount, productivity, retention, IL/Chicago licensing. Electrician roster. State and Chicago municipal licensing documentation, IBEW Local 134 membership status if applicable, NEBF participation status.

License, prevailing wage, insurance, IL regulatory. State and Chicago municipal licenses. IL workers’ comp. IL Prevailing Wage Act compliance. Federal Davis-Bacon. Multiemployer pension plan participation disclosure with actuarial valuation if union.

The 18-24 month preparation playbook for IL electrical sellers

IL electrical contractors who do real 18-24 month preparation routinely sell for 1.5-3x EBITDA more. IL has more structural risks (state + Chicago municipal licensing dependency, IBEW Local 134 multiemployer pension exposure, IL Prevailing Wage Act compliance) than most states, preparation is critical.

Months 24-18: financial cleanup and segment positioning. Move to monthly closes. CPA-prepared statements. Address IL DOR, Cook County, Chicago tax compliance.

Months 18-12: licensing, customer diversification, multiemployer pension analysis. Identify senior electricians for state and Chicago succession. Diversify customer concentration. For IBEW Local 134 union shops: get current actuarial valuation of multiemployer pension and engage ERISA counsel for Section 4204 structuring.

Months 12-6: reduce owner dependency. Document SOPs. Promote/hire general manager.

Months 6-0: data room, CIM, buyer-pool targeting. Compile records. Build CIM emphasizing Chicago commercial for EMCOR/IES, Chicago industrial for Wynnchurch/Audax, healthcare for specialty platforms. Engage tax counsel.

IL electrical sale process timeline

IL electrical sale processes run 8-12 months for sub-$1M EBITDA and 11-15 months for $1M+ platform deals. Chicago union shops can run longer because of multiemployer pension diligence.

Months 1-2: positioning and outreach. Reach out to public strategics (IES, MYR, EMCOR, Comfort Systems USA, APi), PE rollups (Sila, Crete United, Wynnchurch Chicago-area, Audax), search funders, family offices, SBA buyers.

Months 2-4: management meetings and IOIs. Take 4-7 buyer meetings. 3-5 IOIs.

Months 4-9: LOI, diligence, financing, licensing planning. Sign LOI. Buyer-side diligence: financial QoE; state and Chicago municipal license review; IBEW Local 134 / multiemployer pension analysis if union; IL Prevailing Wage Act compliance review; Davis-Bacon compliance for federal projects.

Months 9-11: definitive agreement and close. Negotiate purchase agreement. State and Chicago license change-of-control filings.

Months 11+: transition. Post-close transition 90-180 days. Earnout periods 12-36 months.

Sell Your Electrical Business in Other States: Sibling Guides

Sibling state guides for selling a electrical business. Each guide below covers state-specific licensing, multiple ranges, tax considerations, and named PE buyers active in that geography. If you operate in multiple states, the multi-state premium typically adds 0.5-1.5x to EBITDA multiple at exit (buyers value contiguous coverage).

State-by-state guides: Sell Your Electrical Business in Texas · Sell Your Electrical Business in Florida · Sell Your Electrical Business in California · Sell Your Electrical Business in New York · Sell Your Electrical Business in Pennsylvania · Sell Your Electrical Business in Ohio · Sell Your Electrical Business in Georgia · Sell Your Electrical Business in North Carolina

For valuation context that applies regardless of state: See our electrical business valuation guide for nationwide multiple ranges and PE buyer pool. Run our free 90-second valuation calculator for a starting-point estimate. Or browse the full sell-your-business hub for all verticals and states.

Common mistakes IL electrical sellers make

Mistake 1: ignoring state + Chicago municipal license succession until LOI. Address 18-24 months pre-sale.

Mistake 2: ignoring IBEW Local 134 multiemployer pension withdrawal liability. Chicago union shops face $1M-$10M+ withdrawal liability. Engage ERISA counsel 12+ months pre-sale for Section 4204 structuring.

Mistake 3: not addressing IL Prevailing Wage Act compliance. IL public works compliance must be airtight. Sloppy certified payroll creates back-wage exposure.

Mistake 4: positioning as wrong segment. A Chicago industrial electrical contractor positioned as residential gets 4-5x EBITDA. Positioned correctly: 6-8x EBITDA.

Mistake 5: ignoring Wynnchurch Capital specifically (Chicago-area-active). Wynnchurch is one of the most active Chicago-area PE acquirers of industrial services including electrical.

Mistake 6: under-investing in customer concentration diversification. Chicago commercial contractors with single REIT or hospital system above 30% face 0.5-1.5x EBITDA compression.

Mistake 7: running generic IL broker auction. Targeted, relationship-led processes consistently produce 1-2x EBITDA more.

Sell Your Electrical Business in Illinois: 2026 Outlook and Key Takeaways

Selling an electrical business in Illinois in 2026 is dominated by Chicago commercial activity and IBEW Local 134 union dynamics. Properly prepared, IL union shops clear premium multiples that beat most Midwest comparables. Improperly prepared, deals collapse mid-diligence as buyers realize the ERISA exposure. Address state + Chicago municipal licensing succession 18+ months pre-sale. For IBEW Local 134 union shops, engage ERISA counsel for Section 4204 multiemployer pension structuring 12+ months pre-sale. Realistic 2026 multiples: 2.5-4x SDE for sub-$1M residential; 5-7x EBITDA for $1M-$3M commercial/industrial; 6-8x EBITDA for Chicago commercial; 7-9x EBITDA for Chicago industrial and data center specialists. Of our 76+ buyers, 12 actively bid on IL electrical contracting in 2024-2026.

Sell Your Electrical Business in Illinois: Frequently Asked Questions

How much is my electrical business in Illinois worth?

Sub-$1M revenue residential: 0.4-0.7x revenue or 2.5-3.5x SDE. $1M-$3M: 0.5-1.0x revenue or 3-4.5x SDE. $3M-$10M / $500K-$2M EBITDA: 5-7x EBITDA. $10M-$30M / $2M-$5M EBITDA Chicago: 6-8.5x EBITDA. $30M+ Chicago industrial / data center: 7-10x EBITDA.

How does IL electrical contractor license transfer?

State license under 225 ILCS 318 stays with the entity in a stock sale (subject to IDFPR notification). Chicago Supervising Electrician license is held personally and is required for Chicago work. Buyers handle this three ways: designate existing licensed employees, have buyer’s qualifying parties pass state and Chicago exams, or seller remains licensed for 6-24 months. Address 18-24 months pre-sale.

How does multiemployer pension withdrawal liability work for Chicago IBEW Local 134 union electrical contractors?

Chicago IBEW Local 134 union shops participate in NEBF or regional NEBF-affiliated pension plans. Withdrawal liability under ERISA Section 4203 on sale can range from $1M to $10M+ for established Chicago union shops. Section 4204 sale-of-assets exception requires careful structuring with ERISA counsel 12+ months pre-sale.

Why is Illinois electrical M&A so heavily union?

Chicago commercial electrical work is overwhelmingly IBEW Local 134 union. Chicago commercial real estate, project labor agreements, and historical labor relationships create a deeply unionized environment. Open-shop dominates downstate IL and residential/light commercial.

Who actually buys Illinois electrical contractors in 2026?

Five archetypes: public strategics (IES Holdings NYSE: IESC, MYR Group NASDAQ: MYRG, EMCOR Group NYSE: EME, Comfort Systems USA NYSE: FIX, APi Group NYSE: APG); PE rollups (Sila Services, Crete United, Wynnchurch Capital Chicago-area-active, Audax Industrial, regional Midwest rollups); search funders; SBA 7(a) individuals (downstate residential); family offices and strategic regional IL operators. Of our 76+ buyers, 12 actively bid on IL electrical in 2024-2026.

What about IL Prevailing Wage Act?

Illinois Prevailing Wage Act (820 ILCS 130) requires prevailing wage on all IL state and local public works projects. Buyers will request 4 years of certified payroll records, IL Department of Labor investigation history, and any pending complaints. Cleanup typically takes 60-180 days.

What’s the after-tax math for IL electrical sellers?

IL imposes a 4.95% flat state income tax on capital gains. On $5M gain, IL sellers keep $400K-$500K more than CA/NY sellers but $250K less than TX/FL sellers. IL exit tax / sourcing rules apply for IL-located businesses.

What’s the difference between Chicago commercial, Chicago industrial, downstate, healthcare, and data center IL electrical multiples?

Chicago commercial: 5.5-7.5x EBITDA platform. Chicago industrial: 6-8x EBITDA. Downstate: 4-6x EBITDA / 3-4x SDE. Healthcare: 6-7.5x EBITDA. Chicago data center (emerging): 7-9x EBITDA. Segment positioning is critical.

How long does it take to sell an electrical business in IL?

Sub-$1M EBITDA: 8-12 months from launch to close. $1M+ EBITDA platform deals: 11-15 months. Chicago union shops can run longer because of multiemployer pension diligence.

Should I sell my IL electrical business to a public strategic or a PE rollup?

Public strategics (IES, MYR, EMCOR, Comfort Systems, APi) typically pay 6-9x EBITDA, mostly cash. PE rollups (Sila, Crete United, Wynnchurch Chicago, Audax) typically pay 5.5-8x EBITDA at platform scale with cash + 15-30% rollover + earnout. Right answer depends on whether you want clean exit or continued involvement with rollover upside.

What about Chicago Supervising Electrician license specifically?

Chicago has a separate municipal Supervising Electrician license required for electrical work in Chicago, in addition to the state license. The Chicago license is held personally and requires meeting Chicago-specific exam and experience requirements. Multi-jurisdiction IL contractors operating in Chicago need both.

What recurring revenue mix do IL electrical buyers want?

30%+ recurring service revenue is the threshold where multiples step up by 0.5-1.0x EBITDA. IL-specific recurring opportunities: Chicago commercial REIT property management agreements (Equity Commonwealth, Sterling Bay, Hines Chicago, Vista Property Group), healthcare facility service contracts (Northwestern, U Chicago, Rush, Loyola, NorthShore, Advocate, Endeavor).

How is CT Acquisitions different from an IL electrical broker?

We’re a buy-side partner, not a sell-side broker. Sell-side brokers represent you and charge 8-12% of the deal plus retainers, run 9-12 month auctions, require 12-month exclusivity. We work directly with 76+ buyers, including 12 with active Illinois electrical mandates: IES Holdings (NYSE: IESC), MYR Group (NASDAQ: MYRG), EMCOR Group (NYSE: EME), Comfort Systems USA (NYSE: FIX), APi Group (NYSE: APG), Sila Services, Crete United (Ridgemont), Wynnchurch Capital (Chicago-area-active), Audax Industrial, plus 4 regional Midwest rollups, who pay us when a deal closes. You pay nothing. No retainer, no exclusivity, no contract until a buyer is at the closing table. We move faster (60-120 days from intro to close) because we already know who the right buyer is.

Sources & References

All claims and figures in this analysis are sourced from the publicly available references below.

1. https://www.idfpr.com/profs/Electrical.asp
2. https://www.chicago.gov/city/en/depts/bldgs.html
3. https://www2.illinois.gov/idol/Laws-Rules/CONMED/Pages/prevailing-wage.aspx
4. https://investors.ies-co.com/
5. https://investors.emcor.net/
6. https://www.ibew134.org/
7. https://www.wynnchurch.com/
8. https://www.pbgc.gov/prac/multiemployer
9. Illinois Department of Financial and Professional Regulation
10. Illinois Department of Revenue
11. Illinois Census QuickFacts