HVAC Distribution Company, Two-Location Miami Wholesaler

Full Editorial Writeup

This is a two-location HVAC parts and equipment distributor operating out of the Miami-Dade market, doing $33M in annual revenue on roughly 10% net margins for $3.3M of EBITDA. The business functions as a wholesale supply channel for local HVAC contractors, holding inventory across two warehouse hubs and getting product into installers' hands quickly. It runs lean with 21 full-time employees and a warehouse-and-delivery infrastructure that includes forklifts, order pickers, dock equipment, delivery vehicles, and inventory tracking software.

The value proposition is being the just-in-time warehousing backbone for contractors who do not want to carry deep inventory themselves. Distribution is a real business model with genuine switching friction: contractors buy where they can get parts today, and relationships plus stocking depth create stickiness. The listing leans hard on the A2L refrigerant transition, a regulatory mandate phasing out R-410A that is forcing an equipment replacement cycle and pushing average unit prices up, which should be a near-term tailwind for volume and dollar-per-order.

The framing is aggressively PE-pitched, positioning the business as a roll-up anchor or bolt-on for a national consolidator. What matters more is the underlying math. At a $30M ask on $3.3M EBITDA, this is a 9.1x multiple, which looks rich on paper, but the ask includes the real estate for the two distribution hubs, so the effective multiple on the operating business is lower once you carve out the property value. The story is fine; the price, and how it splits between real estate and the business, is the whole conversation.