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TROLLEY BUS MANUFACTURER New England US #68424 BUSINESS HIGHLIGHTS Founded in 1981, this New England headquartered company produces an all‐aluminum constructed trolley serving customers throughout the United States. The company's vehicles, mulple models, built during the 1980s and 1990s are sll in operaon and maintain value in the used market. The Company serves a wide range of customer markets, with its trolleys used for various transportaon needs. These include scheduled municipal routes, ghost and private tours, bachelor and bacheloree pares, nursing home and hospital transportaon, and corporate oungs. Addionally, their trolleys are popular for school field trips, hop‐on/hop‐off tours, guided history tours, and wedding charters. They are also frequently used for parking lot transportaon, parades, and celebratory events. The Company offers a range of addional and customizable features aimed at enhancing both passenger comfort and operator convenience, providing addional value to its customers. They also offer addional products compable with their line of trolleys. Jeff Carignan Senior M&A Advisor Email: jcarignan@generational.com Phone: 413‐537‐3079 INVESTMENT BANK OF THE YEAR 2016 - 2017 - 2018 DISCLAIMER: All informaon contained in this document has been provided by the subject company to Generaonal Equity and while believed to be correct has not been verified. Accordingly, Generaonal Equity makes no representaons or warranes as to the accuracy and truthfulness of such informaon. The recipient hereof acknowledges that Generaonal Equity shall not be liable for any loss or injury suffered by said recipient in any way connected to the delivery by Genera‐ onal Equity of this document. At all mes Generaonal Equity and/or its affiliate network members are agents for the seller and not for the buyer. Generaonal Equity's fees are paid by the seller. REVENUE / EBITDA INVESTMENT APPEAL Superior Name and Reputaon. The Company enjoys a long‐standing reputaon (43+ years) for supplying quality trolleys and superior customer support. A reflecon of their reputaon within the industry is its approximate 85% rate of repeat customers. Strong Customer Relaonships. The Company has built an extensive customer list and good industry relaonships since its incepon. The customer base is loyal, which allows the Company to save on markeng costs compared to competors. Naonal Reach. The Company's customer base and operaons are naonal in scope, allowing it to service clients wherever they may be located and easily expand into new geographic markets. Aracve Market Demographics. Trackless trolleys can operate using different power sources, including electric, diesel, or hybrid systems, making them adaptable to cies with different energy preferences or infrastructure. Unlike rail‐based systems, trackless trolleys don't require the costly and me‐consuming installaon of tracks, reducing inial infrastructure costs for municipalies. Established Niche. Trackless trolleys serve niche markets such as tourism, historical districts, or specialty transportaon services, where tradional charm and aesthecs are valued. High Barriers‐to‐Entry. Barriers to entry in the transportaon manufacturing industry are high due to strict regulatory requirements, significant start‐up costs for facilies and skilled labor, and the need for compeve pricing, brand reputaon, and technological innovaon. Addionally, despite automaon, labor costs remain high for quality control and R&D, making it difficult for new entrants to compete. Generaonal Equity 125 Park Avenue , 25th Floor New York, NY 10017 SIGN NDA ► $2.3M 2024 Revenue (PROJ) $363K 2024 EBITDA (PROJ) REVENUE SOURCES New Trolley 81% Parts and Repairs 15% Other 4% GEOGRAPHIC MARKETS Northeastern US 50% Southeastern US 33% Western US 9% Midwest US 8% CUSTOMER RETENTION RATE 2023 85% EXPERIENCED TEAM Management 1 Fabricaon 3 Paint/Administraon 1