Southern Star Inc
How we got $42.7M
Based on its 441 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Unlikely to sell soon
- Headcount down 50% since 2020 (retirement plan filings)
From public records and the company's website, not a statement that it's for sale.
Ownership & transactions
- Majority investment from Morgan Stanley Infrastructure Partners · Aug 2012Morgan Stanley Infrastructure Partners acquired full ownership of Southern Star Central Corp, per a press release dated August 23, 2012.Source
Estimated value over time
▲ 23% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▼ 64% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 441 | $112.7M |
| 2020 | Form 5500 | 317 | $81.0M |
| 2021 | Form 5500 | 267 | $68.3M |
| 2022 | Form 5500 | 202 | $51.6M |
| 2023 | Form 5500 | 212 | $54.2M |
| 2024 | Form 5500 | 158 | $40.4M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| SOUTHERN STAR INC this business | $114.7M | — |
| BLAKE CONSTRUCTION Howe · 2 employees | $666K | 5.0 mi |
| SCARBROUGH'S ENTERPRISES, LLC. Howe · 6 employees | $1.1M | 5.2 mi |
| JETT TRUCKING AND EXCAVATION, LLC Howe · 8 employees | $2.3M | 6.1 mi |
| J.E.T.T. TRUCKING AND EXCAVATION LLC Howe · 14 employees | $5.0M | 6.1 mi |
| ELWOOD CONSULTING, LLC Howe · 2 employees | $479K | 6.9 mi |
| JB'S DOZER SERVICE LLC Leflore · 1 employees | $208K | 18.9 mi |
The full calculation
| Employees reported to the SBA | 441 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $139.1M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $94.7M |
| Estimate: the two combined (geometric mean) | $114.7M |
| EBITDA margin (industry, adjusted for size) | 8% |
| EBITDA = revenue × margin | $8.7M |
Brought up to date: prices are 10% higher than in the benchmark's year and Oklahoma employment in this industry has fallen 1% since 2020, both included above.
| Estimated value = EBITDA × typical sale multiple | $42.7M |
| Multiple for this size and industry | 4.9× |
| Value range | $25.6M – $66.7M |
| Revenue range | $86.1M – $149.2M |
| EBITDA range | $6.5M – $11.3M |
| Industry (NAICS) | All Other Specialty Trade Contractors (238990) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
Leadership
- SGStephanie GallantCFO · From a web search · source
- JBJosh BhatiaCOO · From a web search · source
- JFJeremy FieldsCEO & Shareholder · From a web search · source
Advisors
- AccountingFrazier & Deeter, LLCAudits its 401(k) plan (2023 filing)
- BankingBank of America, National AssociationPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| Bank of America, National Association PPP 2020 | All 1,034 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/10/2020 | first | $2.1M | 349 |
| 4/13/2020 | first | $566K | 60 |
| 4/15/2020 | first | $3.5M | 441 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Southern Star Inc
Southern Star Inc is a fencing, siding & exterior company in Poteau, Oklahoma, in business since 2024. It is owned by Johnathan Wilson (Business Owner). Its estimated annual revenue is about $114.7M, with roughly $8.7M of EBITDA. It has about 158 employees. Its estimated business value is $42.7M (likely range $25.6M–$66.7M).
Common questions
- Who owns Southern Star Inc?
- Southern Star Inc is owned by Johnathan Wilson (Business Owner), according to public sources such as the company's website or filings.
- How much revenue does Southern Star Inc make?
- SeeBITDA estimates Southern Star Inc's annual revenue at about $114.7M (likely between $86.1M and $149.2M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Southern Star Inc worth?
- About $42.7M, roughly 4.9× its estimated EBITDA of $8.7M, typical for a fencing, siding & exterior company its size. Likely range: $25.6M–$66.7M.
- How many employees does Southern Star Inc have?
- About 158, from its 2024 retirement-plan filing.
- When was Southern Star Inc founded?
- Southern Star Inc has been in business since 2024.