HVAC Businesses
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Add-On: Kane, PA Based / Commercial Refrigeration & HVAC / $3.1M Rev
Pennsylvania, United States
Asking Price-
Revenue$3,100,000
EBITDA$1,100,000
Cash Flow$1,100,000
Description
Add-On Opportunity: Kane, PA Based / Commercial Refrigeration & HVAC Services / $3.1M LTM Revenue / $1.0M Adj. EBITDA / 91% Commercial & Industrial
Company Overview
Founded in 1989 and headquartered in Kane, Pennsylvania, the Company is an exceptional add-on opportunity for an established commercial HVAC/R aggregator seeking to expand its refrigeration capabilities and geographic coverage across Pennsylvania, New York, and the broader Northeast.
The Company provides commercial and industrial refrigeration, HVAC, piping, fire-suppression, equipment reconditioning, warehousing, transportation, and crane services. It serves mission-critical grocery, industrial, energy, refining, food-distribution, hospitality, and institutional customers in an underserved regional market with limited scaled competition.
Approximately 91% of revenue is commercial and industrial, 70% is refrigeration-related, and 75% comes from service rather than installation or new construction. The Company performs all work with its own W-2 technicians and does not use subcontractors.
Key KPIs
• $3.1 million of LTM August 2026 revenue
• Approximately $994,000 of LTM adjusted EBITDA
• Approximately $1.1 million of pro forma adjusted EBITDA after normalizing project cutoff
• 32.2% LTM adjusted EBITDA margin
• $1.6 million of FY2025 adjusted EBITDA
• More than 600 active customer accounts
• Approximately 91% commercial and industrial revenue
• Approximately 70% refrigeration and 30% HVAC
• Approximately 75% service and 25% installation
• Approximately 30 grocery stores under active service
• Roughly 90% estimated customer retention
• Owner plus 11 employees
• Three field leaders with 15 to 26 years of tenure
• Zero subcontractors
• Approximately 40 vehicles and trailers, including a 125-foot crane
• No formal advertising in more than 10 years
The Company’s LTM results were affected by project timing rather than customer losses or a decline in service demand. At August 2026, two contracted energy and refining projects had purchase orders totaling approximately $420,000. Approximately $237,000 remained unbilled, while approximately $190,000 of materials had already been expensed.
Approximately $150,000 was subsequently invoiced in October, with the projects reported as 90% to 99% complete. Normalizing the cutoff mismatch would increase LTM adjusted EBITDA from approximately $994,000 to approximately $1.1 million.
Compelling Add-On Opportunity
The Company would immediately provide an existing HVAC/R aggregator with:
• A leading commercial refrigeration presence in northwestern Pennsylvania and western New York
• More than 600 customer relationships available for cross-selling additional HVAC, plumbing, electrical, controls, and facility services
• Approximately 30 grocery locations requiring recurring, mission-critical refrigeration service
• Direct relationships with major industrial, utility, refining, and multi-site commercial customers
• An experienced refrigeration technician base in a market where skilled labor is difficult to recruit
• Commercial piping, fire-suppression, crane, transportation, warehousing, and reconditioning capabilities
• A fleet and equipment base capable of supporting service and installation work across a dispersed geography
• Entry into an underserved market without building a new branch or technician team from the ground up
A larger aggregator could accelerate growth by implementing field-service software, formalizing preventative-maintenance contracts, improving recruiting, introducing centralized purchasing, adding sales resources, and cross-selling additional services across the customer base.
Business listed by
The Advisory IB
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