Confidential teaser

Project Sustain

Next-generation field feeding equipment for the U.S. military, with revenue up 33% this year

A sixty-year supplier to every branch of the U.S. military, at the start of its largest growth cycle.

Minority recapitalizationGrowth equitySeeking $12.5 million
Proven
platform
Next-generation
technology
Commercial
speed

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Company overview

The burners and kitchens the U.S. military cooks on, rebuilt for the next thirty years

60-year-old manufacturer of field feeding equipment broadly utilized by the U.S. military. Its patented FlexFire multi-fuel burner and the kitchens, heaters, and stoves built on it are the next-generation equipment the Army, Marine Corps, Air Force, Air National Guard, and DLA purchase today: the only common Single Fuel Concept (SFC) compliant field-feeding platform used across all branches.

Every product shares one burner, one set of parts, and one course of training. Patents issued and pending run to 2040. Facility (125,000 sq. ft.): manufacturing, engineering, testing, and service.

Growth and inflection point

Secure revenue today, and a step up already under way

+33%
Revenue growth, first nine months of 2026 against the same period of 2025
43%
Gross margin, 2026 to date, up four points on last year
1.9x
Contracted and awarded business as a multiple of 2025 revenue
2.8x
2027 forecast revenue as a multiple of 2025

Where today's revenue comes from. Contracted business sits under signed contracts, purchase orders, and appropriated program funding: a five-year sole-source supply contract, kitchen orders under a written multi-year requirement, and service agreements across the services. Commercial, disaster relief, and international sales add a steady base of about a quarter of revenue.

Why it is accelerating. The services are replacing field feeding equipment designed 25 to 50 years ago with equipment that burns a single fuel cleanly, runs on little power, and moves with small units. Congress has funded the next generation of that equipment, and the company holds the award to bring its burner to production. A fleet-wide kitchen program is in development with the company as prime contractor.

Traction

Adoption by one service has multiplied adoption by the next

  • The whole Department is moving to commercial solutions. Acquisition reform directs the services to buy proven commercial products first and to cut procurement from years to months. After two decades of in-house development, field feeding is one of the first fleets going through that change, and the company's equipment already exists, has been tested, and can be fielded now.
  • Modular and scalable. One burner and one appliance set scale from a squad stove to a battalion kitchen, in a container, on a trailer, in a tent, or on a soldier's back.
  • Collaborative development. The company develops its next-generation systems with the Army's Combat Capabilities Development Command and with the services' own user evaluations, which shortens the path from requirement to order.
Air National GuardDisaster relief kitchens since 2011; expeditionary kitchens since 2022, under a written requirement
Air ForceExpeditionary kitchen fielded for agile combat employment
Marine CorpsField kitchen upgrade funded; heat-on-the-move systems in evaluation
ArmyPrime contractor on the kitchen and sanitation trailer program now in development; squad stoves and small-unit systems in evaluation

The market, quantified

LayerWhat it isValue
Ordering or shipping nowCompany products under contract or on order across the services and allied customers$65MM
In quote, test, or prototypeCompany products the services and allied customers are evaluating or pricing$366MM
Fleet-wide trailer programs at system priceThe Army's replacement of its legacy kitchen trailers, with the company as prime, plus the Marine Corps, Air Force, and allied requirements$854MM

Management's estimates from the company's program-by-program valuation. The first layer is contracted; the second is company equipment in a customer's hands; the third is the Army program the forecast carries from 2029.

Contract pipeline. Beyond contracted and awarded business, the company tracks pending contracts and funded programs of about $53 million: the balance of the five-year supply contract, further Guard kitchen orders under the written requirement, a funded Marine Corps upgrade, an allied order moving through foreign military sales, and the FY2027 congressional request for the Army program.

Forecast

From $8 million to $40 million in three years, on orders in hand, a written requirement, and funded programs

ActualForecast
Revenue, $ millions: 2024 7.7, 2025 8.4, twelve months to September 2026 10.3, 2027 forecast 23.7, 2028 forecast 40.1
$23.7MM
2027 revenue forecast; adjusted EBITDA $5.2MM, a 22% margin
$40.1MM
2028 revenue forecast; adjusted EBITDA $11.8MM, a 29% margin
2029+
The Army trailer program enters the forecast with the company as prime; revenue passes $100MM by 2030 on the company's schedule

Revenue visibility and security. The 2027 and 2028 figures rest on orders in hand, a written Guard requirement, a funded Marine Corps program, and the Defense Logistics Agency contract. The Army program sits beyond those years, as upside rather than inside the anchor.

Competitive position. First mover on the single-fuel platform the services now require; the legacy installed base across every branch; sixty years of relationships; and development done with the Army's own labs, with the company as prime on the next fleet program.

Transaction

The partner we are looking for

We are not seeking passive minority capital. The company is looking for a partner who can help drive multiplication: someone who knows government contracting and federal acquisition timelines, has scaled defense manufacturing, and knows that when traction is obtained, returns can be significant. The management team keeps running the company; the partner brings capital, experience, and relationships for the next stage.

Raise
Seeking $12.5 million in a minority recapitalization.
Use of proceeds
Hiring, working capital, and the first production systems for 2027; production tooling, equipment, and factory improvements; repayment of one short-term loan at closing.
Indications of interest
Due Friday, 4 December 2026.
Advisor
Asomis Partners. Jeff Sasakura, Managing Partner.

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