Mid-South Mechanical Contractor, Federal Set-Aside HVAC & Piping, Est. 2008

Full Editorial Writeup

This is a commercial and industrial mechanical contractor based in the Mid-South, doing HVAC, mechanical piping, chiller and cooling-tower replacement, boilers and pumps, controls upgrades, retrofit work, and emergency repairs. Jobs range from same-week service calls to multi-million-dollar mechanical construction contracts across the Southeast. Customers span federal agencies, healthcare and institutional facilities, universities, general contractors, and private commercial clients. Founded in 2008, it did $18.5M in FY2025 revenue with roughly $1.64M in normalized EBITDA and posted 48% revenue growth from FY2023 to FY2025.

The real differentiator here is the federal channel. The company holds small-business set-aside certification and sits on two multiple-award task-order contract vehicles with five-year option structures, giving a buyer a standing pipeline of government work. It carries $21.7M of awarded backlog across 37 projects, about 1.18x trailing revenue, which is unusually strong visibility for a contractor this size. Field operations run through an operations manager, three superintendents, and four foremen, while the two co-owners handle estimating, project selection, and senior customer relationships.

The business is asset-light on real estate: crews mobilize from a base with no leased premises and no property in the deal, and only about $250k of equipment and vehicles is included. Management reports $6M single-project bonding capacity and up to $20M subject to surety approval, though that capacity is tied to current ownership and not represented as transferable. The stated growth constraint is estimating and project-management bandwidth, not demand, since the company passes on public bids weekly and turns away readily available MRO and emergency-service work.