A 100-Year Legacy. A 25% Cash-on-Cash Future.

At Sundial, we don’t chase trends—we acquire durable, cash-flowing businesses that compound over time. Johnstons Surveying is exactly that.

Founded over a century ago, Johnstons is a trusted name in Central Florida land surveying. The business has weathered every economic cycle from the Great Depression to COVID—not by luck, but by embedding itself as a critical infrastructure provider in a region that continues to grow. With consistent cash flow, low capex, and limited customer concentration, it fits squarely in our evergreen strategy: invest in firms that produce reliable yield, with multiple levers for long-term value creation.

This isn’t a typical private equity flip. We acquired Johnstons with the goal of generating 25%+ annual cash-on-cash returns, distributed quarterly. The model is simple: real cash flow, real assets, and real people—backed by operational discipline and strategic reinvestment.

We’re modernizing operations, tightening working capital cycles, and expanding the backlog with municipalities and repeat clients. At the same time, we’ve built a retention plan to ensure institutional knowledge stays in place, while grooming the next generation of leadership from within.

The return profile is strong. But more importantly, it’s sustainable. Our capital partners benefit not only from near-term cash distributions, but also long-term equity growth—anchored by real contracts, real property, and a reputation that money can’t buy.

Johnstons represents what Sundial does best: buy boring businesses that pay well, hold them forever, and make them exceptional.

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