Introduction and History:
Founded in the spring of 2022, Grey Scope Labs (GSL) was established to fill a critical need for reliable, efficient, and client-centric environmental testing services. Built on over two decades of experience in the field, founder Andrew Konopacki, together with a lifelong microbiologist, created GSL with the mission of providing superior service at competitive costs. GSL evolved from serving primarily as an in-house laboratory for its sister inspection company, VM3 Environmental, to now offering services to a growing list of external clients.
Accreditations and Market Position:
Grey Scope Labs is distinguished by its dual accreditation status. As of July 2024, GSL is accredited by NVLAP for asbestos analysis, and in June 2023, we achieved AIHA's EMLAP (Environmental Microbiology Laboratory Accreditation Program) for mold analysis. These accreditations demonstrate our commitment to excellence and set us apart from competitors. With mold and asbestos testing, GSL has positioned itself as a top-tier provider in a highly specialized market.
Business Model and Clientele:
GSL serves a variety of clients, including environmental testing companies, industrial hygienists, and insurance professionals. These partners rely on us for mold, asbestos, and soon bacteria (E. coli/Total Coliform) analysis, particularly in cases of water loss or black water contamination. With 48 signed clients, including 24 core clients, we are consistently growing our market share in Southern California and beyond. In addition, our proprietary LIMS (Laboratory Information Management System) ensures efficiency and customization, providing a competitive advantage in the client experience.
Team and Operations:
Our team consists of three full-time analysts, one support professional, and a dedicated sales specialist. We are currently achieving monthly revenues in the mid-$50,000s. Asbestos analysis via PLM and PCM, alongside mold analysis, has fueled our growth, and we anticipate further expansion with the introduction of bacteria testing in November 2024.
Growth and Future Outlook:
Our immediate focus is on scaling our existing service offerings and opening a second lab location within an hour's drive of our current location in San Diego. This expansion, combined with a projected $1 million in annual revenue, positions us as a leading regional player with plans for national growth. By 2025, we aim to have $2 million in revenue from two labs, each with a 40% EBITDA margin.
Additionally, we plan to further automate and expand the capabilities of our proprietary LIMS system, enabling centralized QC and reporting across multiple locations. This will not only drive efficiency but also enhance the client experience by offering real-time, customizable reporting options.
Investment Opportunity:
We are seeking an investment of $800,000 to $1 million in either debt or equity (no more than 15%) to accelerate our expansion. These funds will support our next phase of growth, including opening new labs, hiring additional staff, and scaling marketing efforts. Our valuation is based on a 6x EBITDA multiple, and we are on track to hit key milestones that will drive increased profitability. With your investment, GSL will be well-positioned to dominate the market in California and expand nationwide.
Conclusion:
Grey Scope Labs is poised to become a national leader in environmental testing, with the flexibility, expertise, and vision needed to succeed. We invite you to join us in this exciting journey as we continue to grow, innovate, and lead with integrity and customer service at the forefront of everything we do.
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