HVAC Businesses
Active
New Platform or Add-On: Commercial HVAC Platform — ~$7.2MM Adj. EBITDA
Pennsylvania, United States
Asking Price-
Revenue$53,500,000
EBITDA$7,200,000
Cash Flow$7,200,000
Description
New Platform or Add-On Opportunity: Commercial HVAC & Mechanical Contracting Platform — ~$7.2MM Adj. EBITDA
Founded in 2008 and headquartered in central Pennsylvania, the Company is a non-union, merit-shop commercial HVAC and mechanical contractor serving public-sector customers throughout the state. It contracts directly with public owners—never as a subcontractor to a general contractor—and self-performs sheet metal and piping installation across K-12 schools, state universities, and government facilities.
The Company is differentiated by its bonding capacity, prevailing-wage workforce, direct owner relationships, and nearly 20-year history. Its approximately 50-person organization includes 44 field technicians, four superintendents, an experienced management team, and in-house estimating and AutoCAD MEP coordination. Larger equipment is rented as needed, supporting an asset-light model.
For LTM June 2026, the Company generated $53.5 million of revenue and $7.2 million of Adjusted EBITDA, a 13.5% margin. Revenue grew 94.7% from FY2023, while Adjusted EBITDA increased from $1.9 million. Approximately $73.5 million of signed backlog—1.4x LTM revenue—plus more than $100 million of active contracts provides visibility through 2028 and into 2029.
Key KPIs
- $53.5 million LTM revenue
- $7.2 million LTM Adjusted EBITDA / 13.5% margin
- 94.7% revenue growth since FY2023
- $73.5 million contracted backlog / 1.4x LTM revenue
- $100+ million of active contracts
- $37.0 million largest contract / $12.2 million average won project
- Approximately 50 employees, including 44 field technicians
- 6.4 years average employee tenure
- 67% K-12 / 33% state-government revenue mix
Why the Project-Based Model Is Attractive
The project-based model is particularly attractive to a commercial MEP service acquirer. Projects are publicly awarded, bonded, and contracted before execution, and the $73.5 million backlog provides unusual forward visibility. The Company targets larger, multiyear projects, generating meaningful revenue from fewer jobs and concentrating management attention on high-value contracts. Direct-to-owner contracting also eliminates the general-contractor intermediary and strengthens customer relationships.
The project portfolio creates a built-in channel for recurring aftermarket revenue. Each completed installation expands the base of facilities requiring maintenance, repairs, replacement, emergency response, controls, and energy-efficiency work. The Company currently generates no service revenue, creating a significant cross-sell opportunity.
An acquirer could introduce plumbing, electrical, controls, commissioning, and facility-maintenance services into active projects, future bids, and existing customer relationships. This would increase revenue per customer and create a more balanced mix of contracted construction and recurring service revenue. A buyer would also acquire nearly two decades of history, an experienced management team, bonding capacity, a skilled workforce, direct-owner relationships, and tremendous backlog.
New Platform or Strategic Add-On
As a new platform, the Company offers meaningful EBITDA scale, retained leadership, self-performed capabilities, bonding capacity, in-house estimating and CAD, an asset-light model, and organic and acquisition growth opportunities. It could serve as a foundation for adding HVAC service, plumbing, electrical, controls, and other MEP businesses.
As an add-on, the Company would provide an established MEP or facilities-services platform with public-sector prime-contracting capabilities, skilled labor, Pennsylvania density, and substantial backlog. A buyer could cross-sell recurring services, add complementary trades, leverage centralized resources, and pursue larger projects through expanded capacity and bonding support.
Business listed by
Oliver Bogner
The Advisory IB
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