29 Year Utah Apparel Business With 2 Stores

Utah-based specialty intimate apparel retailer with three retail locations, 29 years of continuous operation, offered by a retiring founder. Represents a rare multi-unit specialty retail platform with both mature cash-flowing operations and material unpriced strategic upside. Financial profile (2025, accountant-reviewed): · Revenue: $1.415M (3-yr CAGR ~11%) · Adjusted EBITDA: $181,233 (12.8% margin) · Adjusted SDE: $208,883 · Gross margin: 59.1% (~11 pts above specialty boutique benchmark) · Inventory: $481,202 at cost (transfers at close) · Long-term debt: $0 · Owner hours: ~10/week (semi-absentee, on-site managers) Location structure: two mature Wasatch Front locations (approximately 81% of consolidated revenue) plus a Southwestern Utah location opened 2024, still in active ramp. Two-store mature standalone earnings basis of approximately $210K after backing out partial-year ramp drag. Category position: category-leading independent specialty fitting brand in Utah’s extended-sizing intimate apparel segment (band sizes 28-48, cup sizes A-O). Estimated 10-15% share of the addressable Utah extended-sizing specialty market. Only one named specialty competitor identified across all three trade areas. Deal composition ($1,875,000 total): · Two-store mature operating business at 5.0x: $1,050K · Inventory at cost: $481K · Growth-store option (Location C, ramping): $200K · Brand + 20+yr customer database + multi-unit template: $144K Unpriced strategic upside (NOT in the base ask): · DME channel reactivation. Company was previously a CMS-accredited DMEPOS provider for post-mastectomy bras, compression garments, and prosthetic breast forms. Channel dormant since ACA rule changes. Reactivation requires CMS re-accreditation; operating knowledge and fitting infrastructure resident. · Plastic surgeon referral channel. Historically active referral network for post-surgical compression fitting. Reactivation requires network rebuild; operating model, product knowledge, and fitting protocols resident. Both channels create direct strategic fit for buyers with an existing DME footprint, post-mastectomy specialty focus, or medical device retail thesis. For those buyers, the reactivation opportunity meaningfully compresses effective payback. Target buyer profile: · Strategic acquirers in specialty retail, intimate apparel, post-mastectomy, or DME · Family offices with consumer/retail platform thesis · Well-capitalized individual buyers ($500K+ liquid equity) · Independent sponsors and search fund operators with a specialty-retail vertical Not SBA-financeable as single-buyer transaction. Strategic and cash-heavy buyer profiles preferred. Transaction structure: Asset Purchase Agreement, all cash preferred, 5% earnest money at LOI, up to 10% seller carry available as flexibility lever, no earnouts (owner retiring). 2-week transition support included. NDA required to receive the CIM. Contact FCBB Utah for the qualifying call. M&A Advisor: First Choice Business Brokers Utah (FCBB Summit) — Lynn Lee