Carolina Stone Products — Acquisition by Capstone Holding Corp.
North Carolina-based stone products distributor acquired by Capstone Holding Corp., illustrating how established regional distribution relationships, premium stone and building-material brands, and strategic integration opportunities can support a valuation towards the upper end of the SME range.
Acquirer
Capstone Holding Corp.
Year
2025
Reported Purchase Price
$3.9m–$4.7m
Revenue
~$11m
Adjusted EBITDA
~$750k
Reported Acquisition Multiple
4.7×–5.2×
Industry
Stone & Tile Business
Transaction
On 22 August 2025, Capstone Holding Corp. completed its acquisition of Carolina Stone Products, a North Carolina-based stone products distributor. The acquired business generated approximately $11 million in trailing annual revenue and $750,000 in LTM EBITDA. Capstone reported a purchase price of $3.9 million–$4.7 million and an acquisition multiple of approximately 4.7×–5.2× EBITDA. The transaction expanded Capstone's distribution footprint in the southeastern United States and strengthened its portfolio of premium stone and building-material brands.
Why the Premium?
- Established regional stone distribution business
- Approximately $11 million in annual revenue
- Premium stone and building-material brands
- Existing contractor and distribution relationships
- Geographic expansion opportunities
- Potential purchasing and operational synergies
SME Takeaway
The Carolina Stone acquisition provides a relevant example of a completed transaction within the $1m–$50m SME revenue benchmark. At a reported 4.7×–5.2× EBITDA, the transaction sits toward the upper end of SME Multiples' indicative 2.5×–5× range, with the upper reported figure slightly exceeding it. The acquisition illustrates how established distribution relationships, regional market presence and strategic integration opportunities can support stronger valuations. However, this was primarily a stone-products distribution acquisition, rather than a specialist stone fabrication or installation business. Its valuation should therefore be interpreted in that context. The purchase-price range and acquisition multiple are reproduced as reported by the acquirer and should not be treated as an independently reconciled enterprise-value-to-historical-EBITDA calculation.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.