Executive Summary
This report converts the current Battle Plan assessment into a structured pro forma for the three primary operating companies:
Iron Eagle Well Services, LLC, Environmental Solutions LLC, and Fortivus Fitness LLC.
These figures are management pro formas intended for decision-making, financing conversations, and execution planning.
They are not audited statements, tax returns, or GAAP financials.
Year 1 Revenue
$14.36M
Combined across the 3 companies.
Year 1 EBITDA
$3.90M
Driven primarily by Environmental Solutions and Iron Eagle.
Year 3 EBITDA
$17.85M
Before full Columbia premium-market upside.
Bottom line: Iron Eagle is the most lender-financeable business if contracts are signed before equipment is purchased.
Environmental Solutions has the largest EBITDA upside, especially if Columbia validates. Fortivus is smaller, but real estate-backed
and brandable if it hits membership targets.
Combined 3-Company Snapshot
| Company |
Year 1 Revenue |
Year 1 EBITDA |
Year 3 Revenue |
Year 3 EBITDA |
Primary Risk |
| Iron Eagle Well Services |
$6.45M |
$1.37M |
$19.35M |
$4.55M |
Contracts and utilization |
| Environmental Solutions |
$7.31M |
$2.56M |
$36.56M |
$12.80M |
Permitting, volume, site execution |
| Fortivus Fitness |
$600K |
($25K) |
$1.58M |
$500K |
Membership ramp and retention |
| Total |
$14.36M |
$3.90M |
$57.50M |
$17.85M |
Portfolio execution discipline |
Company 1
Iron Eagle Well Services, LLC
Contract-Backed Oilfield Services
Business model: Workover rig platform with future expansion into additional workover rigs, drilling rigs,
logistics, support equipment, and snubbing units.
Non-negotiable operating rule: No contract. No loan. No spend. The goal is cash flow on day one when equipment hits the ground.
Core Assumptions
| Revenue per fully utilized rig | $6.45M / year |
| Field EBITDA per rig before corporate load | ~$1.82M / year |
| Annual debt service per rig | ~$675K |
| Capital per rig package | ~$4.2M-$4.5M |
| Working capital per rig | ~$1.5M |
Leadership / Execution
- Shad Martin: Founder / Managing Partner, capital and control.
- Shane Carwin: Business development / potential leadership track.
- Filip Lazar: Operations lead / COO track.
- Ish: Field operations and labor support.
- Labor pipeline: Approximately 30 potential rig crew members via Filip and Ish.
Iron Eagle Pro Forma
| Line Item |
Year 1 |
Year 2 |
Year 3 |
| Average rigs operating | 1 | 2 | 3 |
| Revenue | $6,450,000 | $12,900,000 | $19,350,000 |
| Field EBITDA before corporate load | $1,817,000 | $3,634,000 | $5,451,000 |
| Corporate / executive overhead | ($450,000) | ($650,000) | ($900,000) |
| Adjusted EBITDA | $1,367,000 | $2,984,000 | $4,551,000 |
| Debt service | ($675,000) | ($1,350,000) | ($2,025,000) |
| Maintenance / cash reserve | ($250,000) | ($500,000) | ($750,000) |
| Cash flow before taxes / distributions | $442,000 | $1,134,000 | $1,776,000 |
Management note: The first rig should be treated as a proof-of-model year, not a distribution year.
Rig 2 should not be added until Rig 1 has 90-120 days of stable utilization, clean billing, clean collections,
intact working capital, and signed work for the second rig.
Company 2
Environmental Solutions LLC
Disposal + Resource Recovery
Business model: Hydrovac disposal and resource recovery. The company monetizes each load through tipping fees,
oil recovery and resale, water resale, and spoils / dirt resale.
Ownership
| Owner | Ownership |
|---|
| Malcolm Mulholland | 41% |
| Shad Martin | 41% |
| Zachary Kelsey | 18% |
Revenue Stack
- Tipping fees: typically $300-$800/load in standard markets.
- Premium upside: Columbia, South Carolina competitor pricing reported around $2,200/load.
- Oil reclamation and resale.
- Water resale.
- Spoils / dirt resale.
Base-Case Assumptions
| Mature site loads per day | 75 |
| Operating days per year | 260 |
| Average tipping fee | $550 / load |
| Oil / water / spoils add-on revenue | $75 / load |
| Total revenue per load | $625 |
| Mature revenue per site | ~$12.19M |
| Base EBITDA margin | ~35% |
| Estimated capital per site | ~$800K-$2M |
Environmental Solutions Base Pro Forma
| Line Item |
Year 1 |
Year 2 |
Year 3 |
| Average sites operating | 1 ramping | 2 ramping | 3 mature |
| Blended loads / day | 45 | 112 | 225 |
| Revenue / load | $625 | $625 | $625 |
| Operating days | 260 | 260 | 260 |
| Revenue | $7,312,500 | $18,281,250 | $36,562,500 |
| Site operating costs | ($4,753,125) | ($11,882,813) | ($23,765,625) |
| EBITDA | $2,559,375 | $6,398,438 | $12,796,875 |
| Debt / lease / capital recovery | ($900,000) | ($1,900,000) | ($2,800,000) |
| Maintenance / reserve | ($300,000) | ($800,000) | ($1,200,000) |
| Cash flow before taxes / distributions | $1,359,375 | $3,698,438 | $8,796,875 |
Columbia, South Carolina Upside
Columbia should be treated as a premium-pricing opportunity until permit path, customer demand, and competitor dynamics are verified.
With a reported incumbent price around $2,200/load, avoid resetting the market too low.
| Scenario |
Loads / Day |
Revenue / Load |
Annual Revenue |
EBITDA Margin |
Annual EBITDA |
| Conservative Columbia Case |
40 |
$1,775 |
$18,460,000 |
45% |
$8,307,000 |
| Strong Columbia Case |
75 |
$1,775 |
$34,612,500 |
45% |
$15,575,625 |
Management note: This is the highest-upside business in the current portfolio.
Zachary Kelsey's access to approximately 30 employees who can run dewatering and disposal equipment is a major operational advantage,
but it needs crew structure, pay bands, and site-level accountability.
Company 3
Fortivus Fitness LLC
Fitness + Real Estate
Business model: Eaton, Colorado gym operating company supported by a separate real estate layer.
Justin Erickson and Alexandria Deveros operate the business. Shad Martin provides capital, financing, real estate acquisition support,
equipment funding, remodel funding, and working capital.
Recommended Structure
- Real Estate Entity: Owned or controlled by Shad Martin.
- Fortivus Fitness LLC: Operating gym company.
- Justin Erickson: Operator, currently on payroll at $120,000/year.
- Alexandria Deveros: Operations and member experience support.
Core Assumptions
| Assumption | Year 1 | Year 2 | Year 3 |
|---|
| Average members | 300 | 500 | 700 |
| Average monthly membership | $125 | $130 | $135 |
| Add-on revenue | $150K | $250K | $450K |
| Internal rent | $120K | $132K | $144K |
Fortivus Fitness Operating Pro Forma
| Line Item |
Year 1 |
Year 2 |
Year 3 |
| Membership revenue | $450,000 | $780,000 | $1,134,000 |
| Training / classes / add-ons | $150,000 | $250,000 | $450,000 |
| Total revenue | $600,000 | $1,030,000 | $1,584,000 |
| Payroll | ($290,000) | ($380,000) | ($500,000) |
| Rent to real estate entity | ($120,000) | ($132,000) | ($144,000) |
| Utilities / insurance / software | ($85,000) | ($105,000) | ($125,000) |
| Marketing | ($60,000) | ($72,000) | ($90,000) |
| Cleaning / repairs / supplies | ($50,000) | ($70,000) | ($95,000) |
| Other G&A | ($20,000) | ($51,000) | ($130,000) |
| EBITDA | ($25,000) | $220,000 | $500,000 |
Fortivus Real Estate Layer
| Line Item |
Year 1 |
Year 2 |
Year 3 |
| Rent paid by Fortivus OpCo | $120,000 | $132,000 | $144,000 |
| Estimated real estate debt service | ($110,000) | ($110,000) | ($110,000) |
| Maintenance / taxes / insurance reserve | ($25,000) | ($30,000) | ($35,000) |
| Real estate cash flow | ($15,000) | ($8,000) | ($1,000) |
Fortivus Consolidated View
| Line Item |
Year 1 |
Year 2 |
Year 3 |
| Operating EBITDA | ($25,000) | $220,000 | $500,000 |
| Real estate cash flow | ($15,000) | ($8,000) | ($1,000) |
| Combined cash flow before taxes | ($40,000) | $212,000 | $499,000 |
Management note: Fortivus should not be judged on Year 1 profit. Year 1 is a launch and membership-ramp year.
The likely break-even target is approximately 350-400 members depending on final rent, debt service, equipment cost, payroll,
and utility load.
Consolidated Pro Forma
Revenue
| Company | Year 1 | Year 2 | Year 3 |
|---|
| Iron Eagle Well Services | $6,450,000 | $12,900,000 | $19,350,000 |
| Environmental Solutions | $7,312,500 | $18,281,250 | $36,562,500 |
| Fortivus Fitness | $600,000 | $1,030,000 | $1,584,000 |
| Total Revenue | $14,362,500 | $32,211,250 | $57,496,500 |
EBITDA
| Company | Year 1 | Year 2 | Year 3 |
|---|
| Iron Eagle Well Services | $1,367,000 | $2,984,000 | $4,551,000 |
| Environmental Solutions | $2,559,375 | $6,398,438 | $12,796,875 |
| Fortivus Fitness | ($25,000) | $220,000 | $500,000 |
| Total EBITDA | $3,901,375 | $9,602,438 | $17,847,875 |
Cash Flow Before Taxes / Distributions
| Company | Year 1 | Year 2 | Year 3 |
|---|
| Iron Eagle Well Services | $442,000 | $1,134,000 | $1,776,000 |
| Environmental Solutions | $1,359,375 | $3,698,438 | $8,796,875 |
| Fortivus Fitness / Real Estate | ($40,000) | $212,000 | $499,000 |
| Total Cash Flow | $1,761,375 | $5,044,438 | $11,071,875 |
Capital Required
| Company | Estimated Capital Need | Notes |
|---|
| Iron Eagle Well Services |
~$4.2M-$4.5M per rig |
Includes equipment package, support equipment, mobilization, and working capital. |
| Environmental Solutions |
~$800K-$2M per site |
Depends on land, permitting, equipment, tanks, processing system, and site layout. |
| Fortivus Fitness |
TBD, likely $1M-$2.5M+ |
Depends on property purchase, remodel, equipment package, opening payroll, and working capital. |
| Total Initial Capital Exposure |
Likely $6M-$9M+ |
Before aggressive multi-rig or multi-site expansion. |
Cash Discipline Rules
Iron Eagle: Do not add Rig 2 unless Rig 1 has signed work, clean collections, stable operations, and intact working capital reserves.
No factoring. No buying rigs hoping for work.
Environmental Solutions: Do not open multiple sites at once unless each site has a clear permit path, committed truck volume,
site management, equipment plan, and cash reserve.
Fortivus: Do not let the gym become a lifestyle payroll drain. Track pre-sales, opening members, churn, monthly recurring revenue,
and EBITDA every month.
Priority Ranking
1
Environmental Solutions LLC
Highest EBITDA upside. Columbia, South Carolina could change the entire company if premium pricing is validated.
Highest Upside
2
Iron Eagle Well Services, LLC
Most financeable lender story if contracts are locked before equipment purchases and loan documents.
Most Financeable
3
Fortivus Fitness LLC
Smaller business with real estate value and local brand potential. Must remain KPI-driven.
Brand / Real Estate
Final Assessment
The combined 3-company model can realistically become a portfolio producing approximately
$14.36M in Year 1 revenue and $3.90M in Year 1 EBITDA, scaling to approximately
$57.50M in Year 3 revenue and $17.85M in Year 3 EBITDA under the assumptions used in this assessment.
This does not include full Columbia, South Carolina premium-market upside. If Columbia performs even under the conservative case,
it could add approximately $18M+ in revenue and $8M+ in EBITDA.
Strategic rule: Iron Eagle scales by contracts. Environmental Solutions scales by permitted sites and truck volume.
Fortivus scales by memberships. Do not let any of them consume cash ahead of proof.