Essential buildings don't clean themselves.

Fragmented, recurring, and largely uncontested

Venture capital has crowded into legal, accounting and contact-center roll-ups, where the work being automated is the work being sold. Facilities services stayed fragmented: thousands of owner-operated companies, contracted revenue that renews on multi-year cycles, and in credentialed niches like healthcare, structural protection from the price erosion that undoes cost-synergy stories.

What we will and won't buy

• A credentialed specialty — healthcare, data centers, cleanrooms, manufacturing, corporate HQ, large retail or airports — that the platform can then extend across every existing opco.
• Contracted revenue — recurring janitorial agreements rather than one-off construction cleanup.
• Owner-operated — a founder whose judgment is documented in the P&L and who is motivated to stay through the handover.
• Commodity-only books are passed, or priced as ballast rather than as platform.

Shared services + AI operating layer

• Finance, payroll, AP/AR — invoice processing, reconciliation and consolidated reporting across every opco; one CFO at the holdco instead of twelve bookkeepers.
• HR & credentialing — recruiting, badging, background checks and training records tracked centrally, with turnover prediction so a retention conversation happens before a crew walks, not after.
• Scheduling & labor fill — callouts, unfilled shifts and overtime are where janitorial margin dies; software absorbs the supervisor hours spent fighting them.
• Supply & procurement — standardized SKUs and consolidated purchasing leverage across every site; per-site consumption tracking flags waste before it compounds.
• Compliance reporting — inspection records, training logs, certification upkeep, generated once and audited centrally.

Win rate, price, and national accounts

• Bid accuracy — productivity data per square foot, by building type and compliance scope, pooled across every building the group cleans. Underbidding is the industry's silent killer; this is the antidote.
• National account capture — a twelve-metro footprint can bid REIT, health-system and enterprise portfolios no single-market operator can touch.
• Specialty transfer — each acquisition adds a credentialed niche — hospital protocols, cleanroom certification, data center clearance, manufacturing safety, airport badging — to a shared library every opco can then bid against. One company's qualification becomes the whole portfolio's market access.
• Protocol standardization — the audited, portfolio-wide standard national owners actually want to buy.

The automation is pointed at the office, so the crews get better jobs

Every hour a supervisor spends rebuilding a schedule after a callout, or re-keying an inspection log, is an hour not spent on the floor with a crew. Janitorial turnover runs punishingly high across the industry, and turnover is expensive twice over: rehiring cost, and the service failures that cost contracts.

Consolidating the paperwork is what makes better pay, real training and reliable schedules affordable at 10% margins. Crew retention is the operating metric the model is most sensitive to, which is the rare case where the decent thing and the underwritten thing are the same thing.

The market GM keeps the relationships

• Crews, supervisors and their schedules stay with the operating company and its GM.
• Customer relationships stay local; building managers keep the same phone number they've always called.
• The brand can stay too. Fifty-year local reputations are worth keeping.

Conservative on purpose, in three places

• Margin — 10% at exit, roughly where well-run janitorial businesses live today. No synergy stack is required to clear the debt.
• Multiple — benchmarked to a listed operator's five-year median rather than to a peak print.
• Pace — two to three closes a year. Integration capacity is the binding constraint, so the model treats it as one.

The risks we underwrite against

• Customer attrition at handover — addressed in structure: seller notes and rollover equity that only pay if the book stays.
• Integration outrunning the platform — addressed in pace, and in a shared back office built before the second close rather than after the fifth.
• Multiple compression at exit — the reason entry discipline, not exit optimism, carries the return.

Every number in this model is somebody's opinion

Which add-backs are real. Which supervisors are load-bearing and which are fat. What a hospital contract actually costs to service once infection-control protocol is priced in. What a national account will demand in year two that it never mentioned in the RFP.

None of those are visible in a data room. They are pattern recognition built on the operating side of exactly those calls, in exactly the buildings this thesis concentrates in.

Transactions, turnarounds, and the shop floor

• As General Partner of Mederossa LLC, scaled companies past $75M in revenue, reorganized distressed businesses, and structured M&A and joint ventures — the exact toolkit a roll-up runs on.
• Negotiates in English, Spanish and Portuguese, which matters in an industry whose workforce and ownership are heavily Latino.
• Has sat on both sides of the table an acquirer meets: the founder selling a family company, and the national contractor absorbing one.