Medical courier with a specialty-pharmacy cooler beside a delivery van at dawn
De 15:6 Capital AdvisoryDeal Brief · November 2026

Medical Transport · Raleigh, North Carolina · Est. 2008

Semi-Absentee Medical Courier with a Strong GM

18-year specialty-pharmacy and medical delivery operator. 31-person team, statewide same-day capability, $1.0M stated cash flow on $2.4M revenue.

Asking
$5.0M
Multiple
5.0x
Cash Flow
$1.0M
Preliminary View
Pursue to LOI

Prepared by De 15:6 Capital Advisory | Julius Brown III, Managing Partner | November 2026 | STRICTLY CONFIDENTIAL

01

Deal at a Glance

Asking Price
$5.00M
5.0x stated cash flow
2025 Cash Flow
$1.00M
Seller-stated; basis not specified
2025 Revenue
$2.40M
Accountant-prepared financials
2026 YTD Revenue
$2.60M
Jan–Aug; $3.9M annualized run-rate
Cash-Flow Margin
41.7%
2025 cash flow ÷ revenue
FF&E (FMV)
$0.30M
~16 vehicles + 27-ft truck
Team
31
18 W-2 · 13 1099
Owner Time
10–15 hrs/wk
Bookkeeping & oversight
Note: All figures are seller-provided listing data and have not been verified against tax returns or bank statements. Treat them as the starting point for diligence, not conclusions.
02

Financial Performance

$1.2M
2023
$1.7M
2024+41.7%
$2.4M
2025+41.2%
$2.6M
2026 YTD8 months
$3.9M
2026 Run-rateannualized
Revenue CAGR '23–'25
41.4%
2025 cash-flow margin
41.7%
Implied multiple on run-rate*
~3.2x

*Assumes 2025 margin holds on the $3.9M 2026 annualized run-rate (≈$1.6M cash flow). Illustrative only; requires a 2026 YTD P&L.

03

Business Strengths

Owner-independent operations

GM runs recruiting, routing, training and discipline; assistant manager covers the warehouse. Owner at 10–15 hrs/wk.

Compounding growth

Revenue doubled 2023→2025 and 2026 YTD already exceeds full-year 2025 with four months left.

Healthcare specialization

Specialty-pharmacy and medication delivery with scan-based chain of custody and digital proof of delivery. Customers pay for accountability, not low prices.

Recurring route density

Scheduled weekday pharmacy pickups and recurring mail routes create repeat volume.

Untapped growth levers

$0 ad spend today. Website refresh, formal business development and further North Carolina territory expansion are all still available.

04

Key Considerations

🔴Customer concentration undisclosedRevenue is 100% commercial and concentrated in healthcare. No revenue-by-customer data provided; a single pharmacy client could dominate.
🔴Cash-flow basis unverified$1.0M is described as "cash flow" (likely SDE). Not yet reconciled to tax returns or a recast EBITDA; GM and owner replacement costs unknown.
🟡Worker classification13 workers are 1099 for their first six months. Mis-classification exposure under federal and NC tests needs counsel review.
🟡Short transitionSeller support is 1–2 months. Key pharmacy relationships may sit with the owner; GM retention agreement is essential.
🟡Fleet & leaseVehicle financing, replacement cycle and warehouse lease term / assignment are not disclosed.
05

Required Actions Before LOI

  1. 01

    Obtain 3 years of tax returns, accountant-prepared P&Ls and the 2026 YTD P&L; reconcile the $1.0M cash flow to EBITDA.

  2. 02

    Obtain Trailing 24-month revenue by customer and current AR aging to test concentration.

  3. 03

    Execute A retention / incentive agreement with the GM as a closing condition.

  4. 04

    Reconcile Debt schedule, vehicle notes and the warehouse lease (term, renewal, assignment rights).

  5. 05

    Advance An employment-counsel review of the 1099-to-W-2 practice and any pharmacy contract or HIPAA obligations.

Preliminary Verdict

At $5.0M and 5.0x stated cash flow, the deal is defensible if the $1.0M survives reconciliation and the GM is retained. It is not yet clean: customer concentration and earnings quality remain unverified.