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

Selling an electrical contracting business in Massachusetts in 2026 is dominated by Boston commercial activity, Cambridge biotech, and IBEW Local 103 union dynamics. MA electrical M&A combines Seaport District / Back Bay / Financial District commercial real estate, Cambridge / Kendall Square biotech corridor (one of the largest biotech concentrations in the world), Route 128 and I-495 tech and life sciences, healthcare anchors (Mass General Brigham, Beth Israel Deaconess, Boston Children’s, Tufts Medical), and a deeply unionized commercial electrical environment that creates both opportunity and ERISA complexity.

This guide is for Massachusetts electrical contractor owners running between $1M and $50M of revenue. We’ll walk through MA Board of Electricians licensing under M.G.L. Chapter 141, IBEW Local 103 (Boston) multiemployer pension withdrawal liability, MA’s 5% flat tax plus 4% Millionaires Tax surcharge, segment dynamics across residential, commercial, biotech (Cambridge / Kendall), tech (Route 128 / I-495), healthcare, and the 18-24 month preparation playbook.

The framework draws on direct work with 76+ active U.S. lower middle market buyers, including major Northeast and MA-active acquirers. We’re a buy-side partner. The buyers pay us when a deal closes, not you. Of our 76+ buyers, 11 actively bid on Massachusetts 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 Eastern, Crete United (Ridgemont), Audax Industrial, plus 3 regional Northeast rollups.

One realistic note before you start. Massachusetts electrical has structural strength in biotech and tech that almost no other state can match. Cambridge / Kendall Square is one of the largest biotech concentrations in the world. Properly prepared MA electrical contractors with documented biotech facility experience clear premium multiples.

“Massachusetts electrical M&A is dominated by Boston commercial and Cambridge biotech demand. The mistake we see is sellers running a generic Boston broker auction that doesn’t address IBEW Local 103 multiemployer pension withdrawal liability properly. Properly prepared with Section 4204 structuring, MA biotech-adjacent or Boston commercial electrical contractors clear premium multiples that offset MA’s state tax compression. We’re a buy-side partner working with 76+ active buyers, including 11 with current Massachusetts electrical mandates, the buyers pay us, not you, no contract required.”

Key Takeaways

• Massachusetts electrical PE/strategic activity: 11 of our 76+ buyers actively bid on MA 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 Eastern, Crete United (Ridgemont), Audax Industrial, plus 3 regional Northeast rollups.
• MA Board of Electricians administers electrical contractor licensing under M.G.L. Chapter 141. Master Electrician (Class A), Journeyman, Specialty licenses. License is personal, does NOT transfer with the entity in an asset sale.
• MA’s 5% flat state income tax plus 4% Millionaires Tax surcharge on income above $1M = 9% combined effective rate on large gains. On $5M gain (above $1M threshold), MA sellers keep $300K-$400K more than CA/NY sellers but $200K-$300K less than TX/FL sellers.
• MA 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 Cambridge biotech / Boston commercial / data center specialists = 6.5-9x EBITDA.
• IBEW Local 103 (Boston) multiemployer pension withdrawal liability under ERISA 4203/4204 can run $1M-$8M+ for established Boston union shops. Section 4204 sale-of-assets exception requires careful structuring with ERISA counsel 12+ months pre-sale.
• MA Prevailing Wage Law (M.G.L. Chapter 149) applies to all MA state and local public works projects.

Why Massachusetts electrical contractor M&A is dominated by Boston commercial and Cambridge biotech

MA electrical contractor M&A combines Boston commercial real estate, Cambridge biotech, Route 128 / I-495 tech, healthcare anchors, and a deeply unionized commercial environment. Boston Seaport District, Back Bay, Financial District commercial activity drives sustained electrical demand. Cambridge / Kendall Square biotech corridor (Pfizer, Moderna, Biogen, Vertex, Takeda, Sanofi, Genzyme, plus dozens of biotech startups) creates one of the strongest specialty electrical demand environments in the country. Healthcare anchors (Mass General Brigham, Beth Israel Deaconess, Boston Children’s, Tufts Medical) drive recurring service work.

Active PE-backed and strategic Massachusetts electrical buyers. IES Holdings (NYSE: IESC), MYR Group (NASDAQ: MYRG), EMCOR Group (NYSE: EME), Comfort Systems USA (NYSE: FIX), APi Group (NYSE: APG) all active. PE platforms include Sila Services Eastern, Crete United (Ridgemont), Audax Industrial. Plus 3 regional Northeast consolidators.

What this means for MA electrical contractor sellers. If you’re running a $1M+ EBITDA commercial or biotech-adjacent electrical contractor in Boston metro, Cambridge, Route 128, or I-495, you should expect 4-7 IOIs. Biotech specialty contractors clear premium multiples.

MA Board of Electricians licensing under M.G.L. Chapter 141

Massachusetts electrical contractor licensing is administered by the MA Board of State Examiners of Electricians under M.G.L. Chapter 141. MA has Master Electrician (Class A), Journeyman, and Specialty (low voltage, etc.) license categories. Master Electrician requires 8,000+ hours of supervised work plus exam pass. License is personal.

What this means in a sale: the Master Electrician is personal. License stays with the entity in a stock sale (subject to MA Board notification). Master Electrician is personal. Address 18-24 months pre-sale by grooming a senior journeyman through Master licensure.

How to handle MA licensing 12-24 months before sale. Identify a senior journeyman with 8,000+ hours of supervised experience. Support through MA Master Electrician exam. Once you have a second Master on staff, your buyer pool widens dramatically.

MA Board enforcement and complaint history. Buyers will pull the MA licensee record. Resolve any open matters before going to market.

Massachusetts electrical segment dynamics: residential, commercial, Cambridge biotech, tech, healthcare

MA electrical M&A divides into five distinct segments with materially different multiples. Cambridge biotech is the premium specialty. Boston commercial is the volume segment.

Residential service electrical: 4-5.5x EBITDA platform / 3-4x SDE owner-op. Buyer pool: regional residential rollups, search funders, SBA individuals.

Boston commercial electrical: 5.5-7x EBITDA platform. Seaport, Back Bay, Financial District commercial. Heavily IBEW Local 103 union. Buyer pool: public strategic acquirers (IES, EMCOR), PE rollups (Sila Eastern, Crete United).

Cambridge biotech electrical: 6.5-8.5x EBITDA platform, the premium specialty. Cambridge / Kendall Square biotech corridor. Specialty work includes biotech cleanroom MEP, lab facility electrical, GMP compliance. Buyer pool: specialty industrial PE, public strategic acquirers (IES with biotech capability), EPC partners.

Route 128 / I-495 tech electrical: 6-7.5x EBITDA platform. Tech corridor commercial and light industrial. Buyer pool: public strategic acquirers, regional PE rollups.

Healthcare electrical: 6-7.5x EBITDA platform. Mass General Brigham, Beth Israel Deaconess, Boston Children’s, Tufts Medical. High-margin recurring service work.

Who actually buys Massachusetts electrical businesses in 2026

The MA electrical buyer pool divides into five archetypes. MA has fewer total buyers than Texas or Florida (regulatory and union complexity), but the buyers who are present pay specialty premiums.

Archetype 1: Public strategic acquirers (IES, MYR, EMCOR, Comfort Systems, APi). All highly active in MA. Typical target: $2M-$20M EBITDA. Multiples: 6-9x EBITDA at platform scale (7-9x for Cambridge biotech). Close timeline: 90-180 days.

Archetype 2: PE-backed Northeast electrical consolidators. Sila Services Eastern, Crete United (Ridgemont), Audax Industrial. Plus 3 regional Northeast consolidators. Typical target: $1M-$10M EBITDA. Multiples: 5.5-8x EBITDA.

Archetype 3: Search funders pursuing MA commercial/biotech electrical. MA biotech specialty attracts search interest. Typical target: $750K-$3M EBITDA. Multiples: 4.5-6.5x EBITDA.

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

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

MA electrical buyer archetype	Typical multiple	Deal structure norms	Close timeline
Public strategic (IES, MYR, EMCOR, FIX, APi)	6-9x EBITDA (7-9x Cambridge biotech)	Cash-heavy	90-180 days
PE rollup (Sila Eastern, Crete United, 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 (residential)	2.5-4x SDE	10% buyer equity, 20-30% seller note	60-120 days
Family office / strategic MA 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 Massachusetts electrical multiples by size and segment

MA electrical multiples vary dramatically by segment. Cambridge biotech specialty premium versus generic commercial.

Sub-$1M revenue residential service: 0.4-0.7x revenue / 2.5-3x 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 commercial/biotech-adjacent: 5-7x EBITDA. Wider buyer pool. Multiples accelerate with Cambridge biotech adjacency, Boston commercial REIT relationships.

$10M-$30M revenue / $2M-$5M EBITDA Boston commercial/biotech: 6-8.5x EBITDA. Platform territory.

$30M+ revenue / $5M+ EBITDA Cambridge biotech / specialty: 7-10x EBITDA. Platform-of-the-platform deals.

MA electrical business profile	Revenue multiple range	SDE/EBITDA multiple range	Dominant buyer pool
Sub-$1M revenue residential	0.4-0.7x revenue	2.5-3x 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	0.8-1.4x revenue	6-8.5x EBITDA	PE rollup, public strategic
$30M+ / $5M+ EBITDA Cambridge biotech / specialty	1.0-1.6x revenue	7-10x EBITDA	Public strategic, PE platform-of-platform

Massachusetts state and Millionaires Tax: the after-tax math

MA imposes a 5% flat state income tax on capital gains. Plus 4% Millionaires Tax surcharge on income above $1M (Article 44 of MA Constitution amended 2022). Combined effective rate above $1M = 9%. On $5M gain (most of which is above $1M threshold), MA sellers face roughly 9% combined state rate. Keep $300K-$400K more than CA/NY sellers but $200K-$300K less than TX/FL sellers.

MA exit tax considerations. MA taxes residents on worldwide capital gains and non-residents on MA-source income. For MA-located electrical businesses, the gain is MA-sourced regardless of seller residency. Relocation pre-sale doesn’t fully eliminate MA exposure but can reduce some attribution.

Asset allocation for MA sellers. MA’s rate combined with Millionaires Tax means asset allocation matters. Engage tax counsel for typical $100K-$400K of optimization on mid-size deals.

IBEW Local 103 (Boston) and multiemployer pension withdrawal liability

IBEW Local 103 is one of the largest and most influential electrical unions in the Northeast. Local 103 dominates Boston commercial and industrial electrical work. Boston commercial work above small tenant fit-outs is overwhelmingly union. Local 103 has substantial influence on Boston project labor agreements.

Multiemployer pension withdrawal liability under ERISA Section 4203. Boston IBEW Local 103 union contractors participate in NEBF or regional NEBF-affiliated pension plans. Withdrawal liability on sale ranges from $1M to $8M+ for established Boston union shops.

Section 4204 sale-of-assets exception. Allows the buyer to assume the contribution obligation. Conditions: continued contributions, bond/escrow, 5-year contingent liability for seller, notice compliance. Engage ERISA counsel 12+ months pre-sale.

Open-shop MA electrical contractors. Less common in Boston metro for commercial work. More common in residential, light commercial, and Western/Central MA. Buyers pay 0.25-0.75x EBITDA premium for non-union vs union.

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. Document customer relationships dependent on union status.

Cambridge biotech and tech electrical: MA’s premium specialty

Cambridge / Kendall Square is one of the largest biotech concentrations in the world. Pfizer (Cambridge), Moderna (Cambridge), Biogen (Cambridge), Vertex (Boston Seaport), Takeda (Cambridge), Sanofi (Cambridge), Genzyme (Cambridge), plus dozens of biotech startups. Specialty electrical work includes biotech cleanroom MEP, lab facility electrical, GMP-compliant electrical systems.

What documented Cambridge biotech work commands. Electrical contractors with documented Cambridge biotech work clear 6.5-8.5x EBITDA at platform scale, with premium for direct biotech operator relationships and recurring construction pipeline. Document specific projects, GMP certifications, biotech facility experience.

Route 128 / I-495 tech electrical. Major tech/life sciences corridor extending out from Boston. Lower multiples than Cambridge proper but still premium versus generic commercial.

Service mix and recurring revenue in MA electrical

Recurring service revenue is the highest-leverage multiple driver in MA electrical M&A. 30%+ recurring service revenue trades at 0.5-1.0x EBITDA premium. MA-specific recurring opportunities: Boston commercial REIT property management agreements, Cambridge biotech facility maintenance, healthcare facility service contracts (Mass General Brigham, Beth Israel Deaconess, Boston Children’s), Route 128 tech facility service.

What MA electrical buyers value most. Recurring biotech / healthcare / commercial REIT contracts; Cambridge biotech relationships; specialty certifications; electrician retention; MA Master Electrician depth; IBEW Local 103 status.

How to reposition mix in 18-24 months pre-sale. Aggressively grow recurring contracts. 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 MA electrical buyers diligence: the checklist

MA electrical diligence is among the most thorough because of regulatory and union complexity. Standard diligence plus MA Board licensing, IBEW Local 103 / multiemployer pension, MA Prevailing Wage Law compliance.

Earnings quality and add-back validation. 24-36 months of P&Ls. MA Department of Revenue filings. CPA-prepared statements. MA-specific: MA sales tax compliance.

Revenue mix, customer concentration, MA-specific compliance. Service vs project breakdown. Cambridge biotech, Boston commercial, healthcare customer concentration disclosure. MA Prevailing Wage Law (M.G.L. Chapter 149) compliance for state/local public works.

Electrician headcount, productivity, retention, MA licensing. Electrician roster. MA-specific: MA Master Electrician documentation, IBEW Local 103 membership status if applicable, NEBF participation status.

License, prevailing wage, insurance, MA regulatory. MA Master/Journeyman/Specialty licenses. MA workers’ comp. MA Prevailing Wage Law compliance. Federal Davis-Bacon for federal projects (Hanscom AFB, Natick Soldier Systems Center). Multiemployer pension if union.

The 18-24 month preparation playbook for MA electrical sellers

MA electrical contractors who do real 18-24 month preparation routinely sell for 1.5-3x EBITDA more. MA has multiple structural risks that all take 12+ months to fix.

Months 24-18: financial cleanup and segment positioning. Move to monthly closes. CPA-prepared statements. Address MA tax compliance.

Months 18-12: MA licensing, customer diversification, multiemployer pension analysis. Identify a senior journeyman for MA Master Electrician succession. Diversify customer concentration. For IBEW Local 103 union shops: get current actuarial valuation 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 Cambridge biotech for IES, Boston commercial for EMCOR, healthcare for specialty platforms. Engage tax counsel.

MA electrical sale process timeline

MA electrical sale processes run 8-12 months for sub-$1M EBITDA and 11-15 months for $1M+ platform deals. Boston 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 Eastern, Crete United, Audax), search funders, SBA buyers.

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

Months 4-9: LOI, diligence, financing, MA licensing planning. Sign LOI. Buyer-side diligence: financial QoE; MA Master Electrician license review; IBEW Local 103 / multiemployer pension analysis if union; MA Prevailing Wage Law compliance review; Davis-Bacon for federal projects.

Months 9-11: definitive agreement and close. Negotiate purchase agreement. MA Board 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 Illinois · Sell Your Electrical Business in Ohio · Sell Your Electrical Business in Georgia

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 MA electrical sellers make

Mistake 1: ignoring MA Master Electrician succession until LOI. Address 18-24 months pre-sale.

Mistake 2: ignoring IBEW Local 103 multiemployer pension withdrawal liability. Boston union shops face $1M-$8M+ withdrawal liability. Engage ERISA counsel 12+ months pre-sale.

Mistake 3: not documenting Cambridge biotech work specifically. Cambridge biotech work commands 6.5-8.5x EBITDA. Document specific projects, GMP certifications, customer relationships.

Mistake 4: positioning as wrong segment. A Cambridge biotech-adjacent contractor positioned as residential gets 4-5x EBITDA. Positioned correctly: 7-8x EBITDA.

Mistake 5: not addressing MA Prevailing Wage Law compliance. MA public works compliance must be airtight.

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

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

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

Selling an electrical business in Massachusetts in 2026 is dominated by Boston commercial and Cambridge biotech demand. Cambridge / Kendall Square biotech corridor is one of the largest biotech concentrations in the world, creating premium specialty electrical opportunities. Boston commercial real estate and healthcare anchor activity drives sustained demand. Address MA Master Electrician succession 18+ months pre-sale. For IBEW Local 103 union shops, engage ERISA counsel for Section 4204 multiemployer pension structuring 12+ months pre-sale. Document Cambridge biotech work specifically. Realistic 2026 multiples: 2.5-3x SDE for sub-$1M residential; 5-7x EBITDA for $1M-$3M commercial; 6-8x EBITDA for Boston commercial; 6.5-8.5x EBITDA for Cambridge biotech specialists. Of our 76+ buyers, 11 actively bid on MA electrical contracting in 2024-2026.

Sell Your Electrical Business in Massachusetts: Frequently Asked Questions

How much is my electrical business in Massachusetts worth?

Sub-$1M revenue residential: 0.4-0.7x revenue or 2.5-3x 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 Boston: 6-8.5x EBITDA. $30M+ Cambridge biotech / specialty: 7-10x EBITDA.

How does MA electrical contractor license transfer?

License under M.G.L. Chapter 141 stays with the entity in a stock sale (subject to MA Board notification). Master Electrician is personal. Buyers handle this three ways: designate an existing licensed employee, have a buyer’s qualifying party pass the MA exam, or seller remains as Master for 6-24 months. Address 18-24 months pre-sale.

How does multiemployer pension withdrawal liability work for Boston IBEW Local 103 union electrical contractors?

Boston IBEW Local 103 union shops participate in NEBF or regional NEBF-affiliated pension plans. Withdrawal liability under ERISA Section 4203 on sale ranges from $1M to $8M+ for established Boston union shops. Section 4204 sale-of-assets exception requires careful structuring with ERISA counsel 12+ months pre-sale.

What about Cambridge biotech electrical specifically?

Cambridge / Kendall Square hosts Pfizer, Moderna, Biogen, Vertex, Takeda, Sanofi, Genzyme, plus dozens of biotech startups. Specialty work includes biotech cleanroom MEP, lab facility electrical, GMP compliance. Documented work commands 6.5-8.5x EBITDA premium.

Who actually buys MA 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 Eastern, Crete United Ridgemont, Audax Industrial, regional Northeast rollups); search funders; SBA 7(a) individuals; family offices and strategic regional MA operators. Of our 76+ buyers, 11 actively bid on MA electrical in 2024-2026.

What about MA Prevailing Wage Law?

Massachusetts Prevailing Wage Law (M.G.L. Chapter 149) requires prevailing wage on all MA state and local public works projects. Buyers will request 4 years of certified payroll records. Cleanup typically takes 60-180 days.

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

MA imposes a 5% flat state income tax plus 4% Millionaires Tax surcharge on income above $1M = 9% combined effective rate above $1M threshold. On $5M gain, MA sellers keep $300K-$400K more than CA/NY sellers but $200K-$300K less than TX/FL sellers.

What’s the difference between residential, commercial, biotech, tech, and healthcare MA electrical multiples?

Residential: 4-5.5x EBITDA / 3-4x SDE. Boston commercial: 5.5-7x EBITDA. Cambridge biotech: 6.5-8.5x EBITDA (premium specialty). Route 128 / I-495 tech: 6-7.5x EBITDA. Healthcare: 6-7.5x EBITDA. Cambridge biotech is the highest segment.

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

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

Should I sell my MA 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 Eastern, Crete United, Audax) typically pay 5.5-8x EBITDA at platform scale with cash + 15-30% rollover + earnout.

What about union dynamics for MA electrical contractors specifically?

MA has very strong IBEW union penetration in Boston metro (Local 103 dominates), with moderate penetration in Worcester (Local 96), Springfield (Local 7), and other major metros. Open-shop is more common in Western/Central MA and on residential. Multiemployer pension exposure is heavier than most states.

What recurring revenue mix do MA electrical buyers want?

30%+ recurring service revenue is the threshold where multiples step up by 0.5-1.0x EBITDA. MA-specific recurring opportunities: Cambridge biotech facility maintenance, healthcare facility service (Mass General Brigham, Beth Israel Deaconess, Boston Children’s, Tufts Medical), Boston commercial REIT property management agreements, Route 128 tech facility service.

How is CT Acquisitions different from a MA 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 11 with active Massachusetts 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 Eastern, Crete United (Ridgemont), Audax Industrial, plus 3 regional Northeast 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.mass.gov/orgs/board-of-state-examiners-of-electricians
2. https://www.mass.gov/dor
3. https://www.mass.gov/prevailing-wage-program
4. https://investors.ies-co.com/
5. https://investors.emcor.net/
6. https://www.ibew103.org/
7. https://www.pbgc.gov/prac/multiemployer
8. https://investors.comfortsystemsusa.com/
9. Massachusetts Division of Professional Licensure
10. Massachusetts Department of Revenue
11. Massachusetts Census QuickFacts