aDymicdigital company
U.S. Waterproofingbacked byRotunda Capital Partners

case study · google local services ads

$451k of local services ads, $11.5m of pipeline

Google Local Services Ads turned $451,236 into 4,176 leads, 2,524 opportunities and $11.5M of pipeline across four markets for U.S. Waterproofing, at $108 a lead. 669 of those opportunities were won.

client
U.S. Waterproofing
sponsor
Rotunda Capital Partners
industry
Home services · basement waterproofing and foundation repair
period
Jan 1 – Oct 8, 2026
sources
Google Local Services Ads, GA4

the result that matters

booked three months out.

U.S. Waterproofing reports more demand than its crews can serve: booked three months ahead and unable to take on more leads. That’s backlog on the calendar, not a forecast.

Reported by U.S. Waterproofing, October 2026.

25.6x

Pipeline per $1 of ad spend across four markets · 669 won of 2,524 opportunities

  • $108

    Average cost per lead, across 4,176 leads

  • 60%

    Of leads became sales opportunities (2,524 of 4,176)

  • $11.5M

    Pipeline: opportunity value, not closed revenue

lsa_by_market_2026.xlsx
fx=YOY(U.S. WATERPROOFING)
A
B
C
D
E
F
G
1
market
ad spend
leads · charged for
cost per charged lead
opportunities · won
pipeline
pipeline per $1
2
Schaumburg
$225,240
2,847 · 1,721
$130.88
1,785 · 553
$8,271,616
36.7x
3
Valparaiso
$123,946
573 · 514
$241.14
312 · 48
$1,497,867
12.1x
4
Highland Park
$79,847
582 · 529
$150.94
339 · 56
$1,363,538
17.1x
5
Aurora
$22,203
174 · 155
$143.25
88 · 12
$406,115
18.3x
6
Total
$451,236
4,176 · 2,919
$154.59
2,524 · 669
$11,539,136
25.6x
  1. (01)

    the idea

    Local Services Ads put the company at the top of Google with its phone number, and Google charges per lead, not per click. The cost lines up with the thing a home services business actually wants: someone asking for a job.

  2. (02)

    what changed

    Spend sat where pipeline per dollar was highest: half of it in Schaumburg, the strongest market. And lead quality rose: the share of leads valid enough for Google to charge for went from 50–60% in January and February to 70–86% from June to September.

  3. (03)

    the result

    $108 a lead, six in ten leads turning into sales opportunities, 669 won, and $11.5M of pipeline from $451K.

what it's worth

25.6x pipeline per $1 of ad spend, with 669 won of 2,524 opportunities. Pipeline is opportunity value; the won count is the part that has closed.

The biggest share of spend sits where pipeline per dollar is highest: Schaumburg, at 36.7x. That’s capital allocation a sponsor can read market by market.

the company

U.S. Waterproofing fixes wet basements and cracked foundations around Chicago. It was founded in 1957. Rotunda Capital Partners invested in 2022, the first deal from its Fund III, as the platform for a buy-and-build. Since then, add-ons Crawl Space Brothers, Foundation Solutions 360 and Engineered Solutions of Georgia have joined.

notes on the numbers

  1. 1Pipeline is the value of the sales opportunities created, not revenue from closed sales. Pipeline per $1 is pipeline divided by ad spend; it isn’t a return or ROAS. Won counts are the opportunities that closed.
  2. 2Charged-for leads are the leads Google billed the company for. Leads Google didn’t charge for aren’t in that count.
  3. 3The client’s own totals ($11.69M of pipeline, 25.9x) include $147K from three markets where no Local Services Ads money was spent (Burlington, Fraser, Charlotte). We leave those out: the four markets that did spend produced $11,539,136 of pipeline on $451,236, or 25.6x pipeline per $1 of ad spend, with 669 won of 2,524 opportunities.

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