B2B Low-Voltage HVAC Controls Contractor, Western US

Full Editorial Writeup

This is a business-to-business low-voltage control systems contractor that installs and upgrades HVAC and building electronics for commercial and institutional facilities. It works as a specialty electrical subcontractor to general contractors, specialty contractors, and property developers across a diversified set of end markets including healthcare, education, research, corporate, residential, government, and military. Roughly 75% of 2025 project volume came from upgrades and retrofits of existing control systems, with the remaining 25% from new construction, a mix that skews toward the more recurring, less cyclical side of construction work.

The financial profile is unusually strong for a subcontractor. Revenue reached $12.1M with $1.26M of EBITDA, and the business grew revenue at a 22% CAGR and EBITDA at a 14.6% CAGR from 2023 through the TTM ending June 2026. The headline stat is that 99% of TTM revenue came from repeat clients, anchored by a master service agreement with its top customer, and there is roughly $7.6M of contracted backlog remaining to be billed as of June 2026.

What makes this notable is the combination of sticky institutional relationships, a retrofit-heavy revenue mix, and an asset-light footprint (a single leased 3,000 sq. ft. facility). The three owners run the business as president and project managers and all intend to stay post-close, which supports continuity but also flags meaningful key-person and margin dependency that a buyer must underwrite carefully.