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Full Editorial Writeup
This is a family-owned residential and commercial HVAC contractor founded in 1995, operating for more than 30 years as an authorized Carrier dealer with roughly 10 employees. The business has built long-standing customer relationships through consistent workmanship and dependable service, and it runs debt-free with owned real estate, fleet, and equipment included in the proposed transaction.
The financial story is one of steady growth followed by a sharp projected jump. Revenue climbed from about $2.9M in 2022 to $3.6M in 2025 with net profit rising from $725K to $900K over that span, a clean and believable trajectory. The seller then projects 2026 revenue of $5M to $6M and earnings of $1.25M to $1.5M, a step-change that leans heavily on converting a reported commercial pipeline rather than on historical run-rate.
The headline is the backlog: approximately $9.5M in reported signed contracts plus roughly $36M in additional LOIs and negotiations. At a $15M ask on a business that actually earned $900K last year, the entire valuation rests on whether that commercial pipeline is real, assignable, and executable with 10 employees. This is positioned for strategic HVAC consolidators, mechanical groups, or PE, and the number only makes sense if the backlog converts.
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