Temperature-Controlled Trucking Company, Cold-Chain Carrier (Relocatable, CA)

$3.2M

Revenue

$533K

SDE

3.9x

Multiple

Subscribe Free

Read the full deal writeup

Get Free Access

Already a member? Sign in

Full Editorial Writeup

This is a temperature-controlled trucking operation hauling food-grade and cold-chain freight for recurring customers. The fleet runs 10 trucks and 13 refrigerated 53-foot trailers with Thermo King Precedent S600 units, staffed by a 12-person team of 10 full-time and 2 part-time employees plus one owner-operator. The business is described as owner-operated virtually, meaning it functions with trained drivers, dispatch systems, and customer relationships in place rather than as a job the owner performs day to day.

Revenue has climbed sharply from roughly $1.75M in 2023 to $2.59M in 2024, $2.79M in 2025, and about $3.15M on a trailing basis into 2026, a stated 42% year-over-year jump in the most recent period. Growth has come primarily from existing customer demand and referrals rather than paid marketing, which suggests real pull-through demand from anchor accounts. Cash flow (SDE) is reported at $532,542, putting the $2.1M asking price at a 3.94x multiple.

What makes this notable is the mix of essential end-market demand (cold-chain food logistics is non-discretionary) with a semi-absentee operating model and clear near-term capacity expansion levers. The seller frames the business as demand-constrained rather than customer-constrained, meaning added trucks convert directly to revenue. That thesis, if it holds up in diligence, is the entire investment case.

Why we like it

Cash flow of $532,542 on $3.15M revenue is a roughly 17% SDE margin, which is healthy for asset-heavy trucking where margins often run thin. The 3.94x multiple sits in a reasonable range for a refrigerated carrier with recurring accounts, and the price is anchored by real hard assets in the fleet that provide downside collateral.
Cold-chain and food-grade freight is genuinely recession-resistant demand. People eat in every economy, and temperature-controlled transport is a regulated, non-optional link in the food supply chain, so this is not discretionary volume that evaporates in a downturn. Reefer capacity also carries pricing power that dry van does not.
The market backdrop favors reefer capacity as food distribution networks continue expanding and shippers increasingly demand reliable temperature integrity. The business has grown 42% year over year on referrals and existing customer expansion without paid acquisition, which signals durable relationships and unmet demand from anchor customers.
This is described as running with trained drivers, operating systems, and dispatch already in place rather than as an owner-operator job. That semi-absentee structure means an operator with capital can plug in and scale capacity rather than rebuild the business, and newly secured interstate authority opens additional regional lanes.

How to improve it

Implement a proper TMS immediately to tighten dispatch efficiency, reduce deadhead miles, and improve margin control. The listing flags this as an open lever, and even a single-digit percentage improvement in loaded-mile ratio drops meaningfully to the bottom line given the fixed cost base.
Add 1 to 2 trucks in the first 90 days to capture the stated excess load demand from anchor customers. Since the business is described as demand-constrained rather than customer-constrained, each incremental truck should convert to revenue quickly, though you must confirm driver availability before ordering equipment.
Formalize dedicated agreements with the top anchor customers to lock in volume and pricing. Converting referral-driven, informal freight into contracted dedicated lanes raises revenue predictability and materially increases the enterprise value multiple at your eventual exit.
Activate the newly secured interstate authority to open regional lanes and reduce dependence on a narrow geographic footprint. This diversifies both the customer base and the lane mix, lowering the risk that one lost anchor account craters the business.
Audit the fleet financing structure, because 4 tractors are leased from Penske and 4 are owned older units from 2014 to 2017. Build a capital replacement schedule now so aging owned tractors do not force a large unplanned capex hit that the reported SDE does not reflect.
Introduce fuel surcharge discipline and freight rate reviews to protect margin against diesel volatility. In trucking, fuel and driver pay are the two swing costs, and formalized surcharge pass-throughs preserve spread when diesel spikes.
Reduce customer concentration risk by pursuing 2 to 3 new food-grade shippers using the referral engine that already works. Growth through referrals is efficient but can leave the book concentrated, so proactively broadening the base de-risks the cash flow.

Diligence notes

Verify the 42% year-over-year growth and the revenue ramp from $1.75M to $3.15M with tax returns and monthly P&Ls, because the trailing figure runs to April 2026 which is a forward-looking window. Confirm whether the growth is annualized run-rate or actual booked revenue, since the distinction changes the multiple math significantly.
Scrutinize the SDE bridge line by line, particularly how owner compensation, the single owner-operator arrangement, and Penske lease payments are treated. Asset-heavy trucking SDE can flatter true owner earnings if lease obligations, driver replacement costs, and maintenance capex are understated or added back aggressively.
Examine customer concentration and contract status closely, because the business grows on referrals and existing customer expansion with few or no formal dedicated agreements mentioned. If one or two anchor accounts drive the majority of revenue and volume is handshake-based, that is the single largest risk to the thesis.
Inspect fleet condition and remaining useful life on the 4 owned Freightliner tractors from 2014 to 2017, plus the 13 reefer trailers and their Thermo King units. Reefer units are expensive to repair and replace, so quantify near-term maintenance and replacement capex that the reported cash flow may not capture.
Confirm driver retention, wage rates, and the classification of the owner-operator unit, since driver turnover is the chronic constraint in trucking. Validate that the semi-absentee, systems-in-place framing is real by checking whether operations continue smoothly without the owner and who actually manages dispatch.
Verify the newly secured interstate authority, safety and DOT compliance scores, insurance history, and any accident or cargo claims record. A poor safety rating or claims history can spike insurance costs and disqualify you from anchor shipper contracts, directly threatening the growth case.

Source

Originally listed on BizBuySell. View original listing →