Home › Selling a Disaster Restoration Business in 2026: Multiples, Named Buyers, and the Operator Playbook

Selling a Disaster Restoration Business in 2026: Multiples, Named Buyers, and the Operator Playbook

Quick Answer

A US disaster restoration business in 2026 typically sells for roughly 5x to 11x EBITDA, varying by mitigation-vs-reconstruction mix, TPA (third-party administrator) network status with named insurance carriers, multi-state platform scale, and operating infrastructure. Restoration is one of the most active PE consolidation themes because of insurance-backed payer durability, 24/7 emergency response moat, and high-margin mitigation economics. By profile: a single-territory franchise (Servpro, PuroClean, ServiceMaster Restore, BELFOR, Rainbow Restoration, etc.) at $300-700k SDE goes 3x-5x SDE; a profitable single-territory operator with diversified mitigation + reconstruction at $500k-1.5M SDE goes 4x-6x SDE; a small multi-territory regional ($1.5-4M EBITDA) goes 5x-7x EBITDA; a regional restoration platform with strong TPA program revenue ($4-12M EBITDA) goes 6x-8x; a premium scale platform ($12M+ EBITDA, multi-state, named carrier program participation, modern operating system) reaches 7x-11x+. Active buyers include BluSky Restoration Contractors (Partners Group + Kohlberg & Company, multi-state platform), BELFOR Property Restoration (American Securities Capital Partners + Goldman Sachs Asset Management, the largest US disaster restoration company with $2B+ revenue), Servpro Industries (Blackstone, the largest US restoration franchise with ~2,200+ franchise locations and $4B+ system-wide revenue), ATI Restoration (PE-backed, multi-state with ~$700M+ revenue), First Onsite Property Restoration (FirstService Corporation NYSE: FSV, post 2020 acquisition), Restoration Pros, PuroClean (PE-backed franchise, ~370+ locations), Rainbow Restoration (Neighborly Holdings PE-backed franchise platform), ServiceMaster Restore (now Neighborly Holdings post 2020 Roark Capital acquisition), Cotton Holdings, plus PE sponsors (Partners Group + Kohlberg & Company, American Securities + Goldman Sachs Asset Management, Blackstone, FirstService Corporation, Roark Capital, Aurora Capital Partners, MidOcean Partners). The biggest multiple drivers are mitigation-to-reconstruction revenue mix (mitigation is 60-75% gross margin vs. reconstruction at ~10-15%), TPA (third-party administrator) program participation (Crawford, Sedgwick, ECCM, plus direct named-carrier programs with State Farm, Allstate, Liberty Mutual, etc.), 24/7 emergency response infrastructure, modern operating system (Restoration Manager, DASH, Encircle, Xactimate-integrated), and IICRC certifications (Water, Fire, Mold, Bio). Buyer-paid M&A advisory (CT Strategic Partners) costs the seller nothing.

If you own a US disaster restoration business in 2026, the M&A market is one of the most active PE consolidations. BELFOR Property Restoration (American Securities + Goldman Sachs Asset Management, $2B+ revenue) is the largest dedicated operator. Servpro Industries (Blackstone, ~2,200+ franchise locations, $4B+ system-wide) is the largest franchise platform. BluSky (Partners Group + Kohlberg & Company), ATI Restoration, First Onsite (FirstService Corporation NYSE: FSV), PuroClean, Rainbow Restoration, and ServiceMaster Restore (Neighborly Holdings) compete. PE sponsors continue aggressive regional consolidation.

What the asset is worth depends on three things: (1) mitigation-to-reconstruction revenue mix (mitigation is 60-75% gross margin vs. reconstruction at ~10-15%), (2) TPA program participation and named carrier relationships (Crawford, Sedgwick, ECCM, direct State Farm/Allstate/Liberty Mutual programs), and (3) 24/7 emergency response infrastructure plus modern operating system. This guide covers real multiples by profile, the named buyers transacting, and the operator-level diligence buyers will run.

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What this guide covers

Disaster restoration multiples 2026: 3x-5x SDE for single-territory franchise, 4x-6x SDE for diversified single-territory, 5x-7x EBITDA for small multi-territory, 6x-8x for regional platforms with TPA programs, 7x-11x+ for premium scale platforms.
Active buyers: BELFOR Property Restoration (American Securities + Goldman Sachs Asset Management, $2B+ revenue, largest dedicated US operator), Servpro Industries (Blackstone, ~2,200+ franchise locations, $4B+ system-wide, largest franchise platform), BluSky Restoration Contractors (Partners Group + Kohlberg & Company), ATI Restoration (PE, ~$700M+ revenue), First Onsite Property Restoration (FirstService Corporation NYSE: FSV), PuroClean (PE, ~370+ franchise locations), Rainbow Restoration (Neighborly Holdings), ServiceMaster Restore (Neighborly Holdings), Cotton Holdings.
PE sponsor activity: Partners Group + Kohlberg & Company (BluSky), American Securities Capital Partners + Goldman Sachs Asset Management (BELFOR), Blackstone (Servpro), FirstService Corporation (First Onsite), Roark Capital (Neighborly Holdings parent of ServiceMaster Restore + Rainbow Restoration), Aurora Capital Partners, MidOcean Partners.
Multiple drivers: mitigation-to-reconstruction revenue mix (mitigation = 60-75% GM premium; reconstruction = ~10-15% GM), TPA program participation (Crawford, Sedgwick, ECCM, named-carrier direct programs), 24/7 emergency response infrastructure, modern operating system (Restoration Manager, DASH, Encircle, Xactimate-integrated), IICRC certifications.
Things that compress: reconstruction-heavy revenue mix (low GM), no TPA program participation, weak 24/7 response infrastructure, legacy paper-based workflow, owner-operator dependence, single-territory operations, weak IICRC certifications.
Sellers pay nothing on CT Strategic Partners’ buyer-paid advisory.

Named M&A transactions (2021-2025)

Target	Buyer	Year	What it tells us
ServiceMaster Brands acquired by Roark Capital	Roark Capital	2020	$1.55B+ disclosed; Roark Capital acquired ServiceMaster Brands (parent of ServiceMaster Restore, Rainbow Restoration, Terminix, etc.) and integrated into Neighborly Holdings.
First Onsite acquired by FirstService	FirstService Corporation (NYSE: FSV)	2020	Strategic acquisition created major Canadian + US restoration platform.
BELFOR continued growth	American Securities Capital Partners + Goldman Sachs Asset Management	2022-2025	Largest US dedicated disaster restoration company continues regional consolidation.
Servpro Industries Blackstone investment	Blackstone	2019-2025	Blackstone continues to back the largest US restoration franchise platform.
BluSky Restoration Contractors growth	Partners Group + Kohlberg & Company	2022-2025	Multi-state direct operator continues aggressive regional rollups.
ATI Restoration continued M&A	PE-backed	2022-2025	Major PE-backed direct operator continues regional consolidation.

The named buyer landscape

National dedicated platforms (the dominant capital)

BELFOR Property Restoration (American Securities Capital Partners + Goldman Sachs Asset Management, $2B+ revenue) — the largest US dedicated disaster restoration company.
Servpro Industries (Blackstone, ~2,200+ franchise locations, $4B+ system-wide) — the largest US restoration franchise platform.
BluSky Restoration Contractors (Partners Group + Kohlberg & Company) — multi-state direct operator.
ATI Restoration (PE-backed, ~$700M+ revenue).
First Onsite Property Restoration (FirstService Corporation NYSE: FSV) — major Canadian + US operator.

Franchise platforms

PuroClean (PE-backed, ~370+ franchise locations).
Rainbow Restoration (Neighborly Holdings, Roark Capital subsidiary) — franchise.
ServiceMaster Restore (Neighborly Holdings, post 2020 Roark Capital acquisition of ServiceMaster Brands).
Cotton Holdings, Restoration Pros, Code Blue — multiple regional platforms.

PE sponsors active in this space

Partners Group + Kohlberg & Company (BluSky), American Securities Capital Partners + Goldman Sachs Asset Management (BELFOR), Blackstone (Servpro Industries), FirstService Corporation (First Onsite), Roark Capital (Neighborly Holdings parent), Aurora Capital Partners, MidOcean Partners, plus multiple property-services PE funds.

What each buyer will pay for vs. what they reject

Will pay premium for: mitigation-heavy revenue mix (60%+ mitigation), TPA program participation (Crawford & Company, Sedgwick, ECCM, plus direct named-carrier programs with State Farm Premier Service, Allstate Good Hands Repair Network, Liberty Mutual, USAA, Farmers, etc.), 24/7 emergency response infrastructure, modern operating system (Restoration Manager, DASH, Encircle, Xactimate-integrated workflow), IICRC certifications (Water Damage Restoration WRT, Fire/Smoke Restoration FSRT, Applied Microbial Remediation AMRT, Bio-Recovery), multi-state licensure footprint, IRR (insurance restoration referral) program participation.
Will compress or reject: reconstruction-heavy revenue mix (reconstruction is ~10-15% GM vs. mitigation 60-75% GM), no TPA program participation, weak 24/7 response infrastructure, legacy paper-based workflow, owner-operator dependence, single-territory operations, IICRC certification gaps, weak insurance restoration referral network, open OSHA matters, mold-remediation compliance issues.

The operator-level KPI playbook buyers will diligence

Revenue mix (the major multiple-driver)

Mitigation revenue percentage: Water, fire, mold, bio mitigation. 60%+ mitigation is the platform-buyer benchmark.
Reconstruction revenue percentage: ~10-15% gross margin; necessary but margin-compressive.
Mitigation gross margin: 60-75% typical (high-margin emergency work).
Reconstruction gross margin: ~10-15% typical.

TPA + carrier program participation

TPA programs: Crawford & Company, Sedgwick (Sedgwick Claims Management Services), ECCM, etc.
Direct named-carrier programs: State Farm Premier Service, Allstate Good Hands Repair Network, Liberty Mutual, USAA, Farmers, Travelers, Nationwide, etc.
Program revenue percentage: Track program vs. non-program revenue.
Program performance scores: Customer satisfaction, cycle time, quality.

Operating infrastructure

24/7 emergency response: Dispatch + on-call crews + equipment readiness.
Operating system: Restoration Manager, DASH (Dispatch and Service Hub), Encircle, Albi, Job-Dox, Xactimate-integrated workflow.
Xactimate certification + scoping competency.
Equipment fleet: Dehumidifiers, air movers, water extractors, HEPA filters, drying equipment, content cleaning.

IICRC certifications + licensing

IICRC certifications: WRT (Water), FSRT (Fire/Smoke), AMRT (Applied Microbial), Bio-Recovery, Carpet Cleaning, Odor Control.
State mold remediation licensing (TX, FL, NY, LA, etc.).
OSHA compliance and workers’ comp EMR.
Background-checked technician workforce.

Workforce

Project manager count and tenure.
Technician headcount and IICRC certifications.
Estimator count and Xactimate certification.
Workers’-comp EMR (restoration has higher physical risk than typical services).

Dangers and traps

1. Reconstruction-heavy revenue mix

Reconstruction is ~10-15% gross margin vs. mitigation 60-75% — the single biggest multiple-driver. Heavy reconstruction mix compresses materially.

2. No TPA / carrier program participation

TPA (Crawford, Sedgwick, ECCM) and direct carrier programs (State Farm Premier Service, Allstate Good Hands, Liberty Mutual) are the durable customer base.

3. Weak 24/7 emergency response

Restoration is dispatch-driven; weak response infrastructure costs program standing.

4. Legacy paper-based workflow

Modern operating system (Restoration Manager, DASH, Encircle, Xactimate-integrated) is non-negotiable for premium platforms.

5. Owner-operator dependence

Build the project management bench.

6. IICRC certification gaps

WRT, FSRT, AMRT, Bio-Recovery certifications are baseline for premium multiples.

7. Mold remediation compliance

State mold licensing requirements vary (TX, FL, NY, LA). Open compliance matters are real diligence risk.

8. Single-territory operations

Multi-state platforms achieve premium multiples; single-territory + franchise compresses.

Our POV in 2026

Disaster restoration is one of the most active PE consolidation themes. BELFOR (American Securities + Goldman Sachs Asset Management) is the largest dedicated operator at $2B+ revenue. Servpro (Blackstone) is the largest franchise platform at $4B+ system-wide. BluSky (Partners Group + Kohlberg & Company), ATI Restoration, First Onsite (FirstService Corporation NYSE: FSV), PuroClean, Rainbow Restoration, and ServiceMaster Restore (Neighborly Holdings under Roark Capital) compete. Mitigation-to-reconstruction revenue mix is the major multiple-driver.

The right time to prepare is 12-18 months before going to market — drive mitigation revenue mix, lock in TPA + carrier program participation, modernize operating system, build technician bench with IICRC certifications.

Preparing your business for sale: 12-18 months out

Get multi-year audited financials.
Drive mitigation revenue mix to 60%+.
Lock in TPA program participation (Crawford, Sedgwick, ECCM).
Pursue direct named-carrier programs (State Farm Premier Service, Allstate Good Hands, Liberty Mutual, USAA).
Modernize operating system (Restoration Manager, DASH, Encircle, Xactimate-integrated).
Build IICRC-certified technician bench (WRT, FSRT, AMRT, Bio-Recovery).
Confirm state mold remediation licensure.
Document 24/7 emergency response infrastructure.
Resolve OSHA compliance and workers’-comp EMR.
Run a competitive process. BELFOR (American Securities + Goldman Sachs Asset Management), Servpro Industries (Blackstone), BluSky (Partners Group + Kohlberg & Company), ATI Restoration, First Onsite (FirstService Corporation NYSE: FSV), PuroClean, Rainbow Restoration (Neighborly), ServiceMaster Restore (Neighborly), Cotton Holdings, plus PE sponsors directly.

About the Author

Christoph Totter is the founder of CT Acquisitions, a buy-side partner headquartered in Sheridan, Wyoming. We work directly with 76+ buyers, search funders, family offices, lower middle-market PE, and strategic consolidators, including direct mandates with the largest home services consolidators that other intermediaries can’t access. The buyers pay us when a deal closes, not the seller. No retainer, no exclusivity, no contract until close. Connect on LinkedIn · Get in touch

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Frequently asked questions

What is the typical multiple for a disaster restoration business in 2026?

Single-territory franchise operators ($300-700k SDE) typically sell at 3x-5x SDE. Profitable diversified single-territory operators with mitigation + reconstruction ($500k-1.5M SDE) go 4x-6x SDE. Small multi-territory regionals ($1.5-4M EBITDA) go 5x-7x EBITDA. Regional restoration platforms with strong TPA program revenue ($4-12M EBITDA) go 6x-8x. Premium scale platforms ($12M+ EBITDA, multi-state, named carrier program participation, modern operating system) reach 7x-11x+.

Who are the active buyers of disaster restoration businesses right now?

Dedicated platforms: BELFOR Property Restoration (American Securities Capital Partners + Goldman Sachs Asset Management, $2B+ revenue, largest US dedicated operator), Servpro Industries (Blackstone, ~2,200+ franchise locations, $4B+ system-wide, largest US restoration franchise platform), BluSky Restoration Contractors (Partners Group + Kohlberg & Company), ATI Restoration (PE-backed, ~$700M+ revenue), First Onsite Property Restoration (FirstService Corporation NYSE: FSV). Franchise: PuroClean (PE, ~370+ locations), Rainbow Restoration (Neighborly Holdings under Roark Capital), ServiceMaster Restore (Neighborly Holdings). PE sponsors: Partners Group + Kohlberg & Company, American Securities Capital Partners + Goldman Sachs Asset Management, Blackstone, FirstService Corporation, Roark Capital, Aurora Capital Partners, MidOcean Partners.

What hurts a disaster restoration business’s valuation most?

Reconstruction-heavy revenue mix (reconstruction is ~10-15% gross margin vs. mitigation 60-75% — the single biggest multiple-driver), no TPA program participation, weak 24/7 emergency response infrastructure, legacy paper-based workflow, owner-operator dependence, single-territory operations, IICRC certification gaps, weak insurance restoration referral network, OSHA compliance issues, mold remediation compliance gaps.

Why is the mitigation-vs-reconstruction mix so important?

Mitigation work (water extraction, drying, mold remediation, fire cleanup) has 60-75% gross margins because of premium emergency response economics and minimal materials cost. Reconstruction (rebuilding what was damaged) has ~10-15% gross margins because of materials cost and competitive bidding. Operators with 60%+ mitigation revenue mix achieve premium multiples because of margin durability; reconstruction-heavy operators compress materially. Premium platforms target mitigation-only or mitigation-primary positioning.

What is TPA program participation?

Third-Party Administrators (TPAs) like Crawford & Company and Sedgwick Claims Management Services manage insurance claims for multiple carriers and dispatch restoration work to network operators. Direct named-carrier programs (State Farm Premier Service Program, Allstate Good Hands Repair Network, Liberty Mutual, USAA, Farmers, Travelers, Nationwide) give insurance carriers direct relationships with vetted restoration operators. TPA + named-carrier program participation is the durable customer base for restoration; operators outside these programs compete in a more commoditized referral market.

Do I have to pay a broker fee?

No. CT Strategic Partners runs a buyer-paid M&A advisory model. The seller pays nothing. The buyer pays the success fee at closing.

How long does it take to sell a disaster restoration business?

Once you go to market with a buyer-paid advisor, a typical process runs 5-8 months from initial outreach to closing. Add 12-18 months of preparation work before going to market.

When should I start preparing if I plan to sell in 2027 or 2028?

12-18 months before going to market is the right window. Highest-leverage pre-sale work: drive mitigation revenue mix to 60%+, lock in TPA + direct carrier program participation, modernize operating system (Restoration Manager, DASH, Encircle, Xactimate-integrated), build IICRC-certified technician bench, document 24/7 emergency response infrastructure, resolve OSHA compliance.