Executive Summary
This report combines the strategic investment memo with 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, internal accountability, and capital allocation. 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
Contract-Backed Oilfield Services
Iron Eagle Well Services, LLC
Business model: Workover rig platform with future expansion into additional 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 |
Company 2
Disposal + Resource Recovery
Environmental Solutions LLC
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.
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
| 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 |
Company 3
Fitness + Real Estate
Fortivus Fitness LLC
Business model: Eaton, Colorado gym operating company supported by a separate real estate layer.
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 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 |
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 |
Owner-Editable Assumptions
Recommendation: Let the owner change only the inputs below. Protect the rest of the model so formulas and structure do not get broken.
| Variable | Base Value | Why It Matters |
|---|---|---|
| Revenue per fully utilized rig | $6,450,000 | Main Iron Eagle revenue driver. |
| Average rigs operating | 1 / 2 / 3 | Controls Iron Eagle growth timing. |
| Debt service per rig | $675,000 | Impacts cash flow after financing. |
| Average tipping fee | $550/load | Core Environmental pricing assumption. |
| Add-on revenue per load | $75/load | Oil, water, and spoils resale contribution. |
| Loads per day | 45 / 112 / 225 | Primary Environmental volume driver. |
| Operating days per year | 260 | Annualizes Environmental throughput. |
| Environmental EBITDA margin | 35% | Controls site-level profitability. |
| Gym members | 300 / 500 / 700 | Primary Fortivus revenue driver. |
| Monthly membership fee | $125 / $130 / $135 | Pricing and membership revenue driver. |
| Training / add-on revenue | $150K / $250K / $450K | Upside beyond base memberships. |
| Payroll | $290K / $380K / $500K | Largest Fortivus controllable expense. |
Capital Required
| Company | Estimated Capital Need | Notes |
|---|---|---|
| Iron Eagle Well Services | ~$4.2M-$4.5M per rig | 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+ | Property purchase, remodel, equipment, opening payroll, and working capital. |
| Total Initial Capital Exposure | Likely $6M-$9M+ | Before aggressive multi-rig or multi-site expansion. |
Proposed Company Structure
Structure objective: Reduce cross-liability, keep major assets out of operating companies when possible,
improve lender collateral clarity, and lower the cash burden on any single entity.
| Entity | Purpose | Capital / Liability Benefit |
|---|---|---|
| Parent HoldCo | Owns membership interests in each operating company and receives distributions. | Centralizes control without directly operating risky activities. |
| Iron Eagle OpCo | Contracts with customers and manages field labor / operations. | Isolates oilfield operating risk. |
| Rig / Equipment AssetCo | Owns rigs, support equipment, and major assets; leases them to Iron Eagle OpCo. | Separates collateral from operational liability and allows equipment-specific financing. |
| Environmental OpCo | Runs disposal and resource recovery operations. | Isolates permitting, site, and operating risk. |
| Environmental SiteCos / JVs | Optional entity per site or market. | Allows outside capital or partners per site and avoids one site contaminating another. |
| Fortivus Fitness OpCo | Runs the gym business, members, staff, and programming. | Separates customer / payroll / premises operating risk. |
| Fortivus Real Estate LLC | Owns or controls the building and leases to Fortivus OpCo. | Protects real estate asset from operating company risk. |
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
Highest EBITDA upside. Columbia, South Carolina could change the entire company if premium pricing is validated.
2
Iron Eagle Well Services, LLC
Most financeable lender story if contracts are locked before equipment purchases and loan documents.
Most Financeable
Most financeable lender story if contracts are locked before equipment purchases and loan documents.
3
Fortivus Fitness LLC
Smaller business with real estate value and local brand potential. Must remain KPI-driven.
Brand / Real Estate
Smaller business with real estate value and local brand potential. Must remain KPI-driven.
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.