Investment Highlights Financial Performance Revenue Quality Operations Market & Growth Deal Terms
HVAC technician
Confidential  ·  Project Palmetto  ·  Tampa Bay, FL

Established. Profitable.

An HVAC Platform in the Heart of Tampa Bay

$4.74M Revenue  ·  $860K SDE  ·  1,300+ Maintenance Agreements  ·  13-Year Track Record

+23% YoY
$0M
2025 Revenue
$0K
2025 SDE
18.1% Margin
$0K
Adj. EBITDA
4.4x Multiple
$0M
Asking Price
3.6x SDE
0+
Maint. Agreements
72% Retention
4.7★
450+ Google Reviews
13 Yrs
Operating History
1,300+
Maintenance Plans
21 Team
Licensed & Certified
12 Vehicles
Fully Equipped Fleet
Investment Highlights
Six reasons Project Palmetto is a compelling acquisition — click any card to explore full analysis
01
1,300+ Active Maintenance Agreements
Proprietary recurring revenue base drives 72% retention and feeds the replacement pipeline naturally
$389K
Est. Annual Maintenance Revenue
See full analysis ↓
Maintenance Agreement Deep Dive
1,300+
Active Plans
72%
Renewal Rate
$279–$349
Plan Price/Yr
60%+
Gross Margin
  • Agreements fully transferable with standard customer notice — minimal closing risk
  • Each visit creates natural touchpoint for diagnostics, replacement, and IAQ upsells
  • Maintenance customers generate 3–5x higher LTV vs. one-time service callers
  • Adding 300 agreements at current pricing adds ~$90K recurring revenue with minimal incremental cost
  • 18–22% annual churn driven by movers and system replacements — not dissatisfaction
02
$4.74M Revenue, $860K SDE in 2025
Steady three-year revenue growth of 23% total with expanding EBITDA margins year over year
23%
Total Revenue Growth 2023–2025
See full analysis ↓
Three-Year Financial Summary
YearRevenueGross ProfitAdj. EBITDASDESDE Margin
2023$3,860,000$1,480,000$505,000$610,00015.8%
2024$4,310,000$1,630,000$590,000$730,00016.9%
2025$4,740,000$1,820,000$710,000$860,00018.1%
2026 YTD through April: $1.48M — tracking ahead of prior year pace. Peak season (May–September) has not yet started.
2025 SDE Add-back Schedule
Add-back ItemAmountRecurring?
Owner Salary$170,000Yes
Owner Vehicle (personal)$16,000Yes
Excess Family Payroll$24,000Partial
Website/Rebrand$32,000One-time
Owner Meals & Discretionary$12,000Yes
Recruiting/Sign-on$9,000One-time
Interest Expense$12,000Yes
Total Add-backs$275,000
03
Zero Single-Customer Risk
No customer exceeds 5% of revenue across 1,000+ active accounts — structurally diversified
<5%
Largest Customer as % of Revenue
See full analysis ↓
Revenue Concentration Analysis
AccountEst. Revenue% SalesContract
Property Manager A$228,0004.8%Yes
HOA Portfolio B$162,0003.4%Yes
Restaurant Group C$119,0002.5%Yes
Retail Plaza D$96,0002.0%Yes
Home Warranty Partner E$88,0001.9%No
  • Residential base is deliberately fragmented — structural moat against customer loss
  • Commercial accounts are covered by service agreements and represent expansion targets
  • No single relationship departure materially impacts annual revenue
04
Leadership Team Averages 6+ Years Tenure
GM, Service Mgr, and Office Mgr capable of running day-to-day operations independently post-close
6.4 yrs
Avg. Key Employee Tenure
See full analysis ↓
Organizational Overview
Owner / President
Transitioning
General Manager
Daily Operations
6 Years
Service Manager
Tech & Callbacks
8 Years
Office Manager
Dispatch & Admin
7 Years
RoleCompTenureRetention
General Manager$92K + bonus6 yearsVery Low Risk
Service Manager$86K + spiffs8 yearsVery Low Risk
Installation Lead$78K + bonus5 yearsLow Risk
Comfort Advisor$65K + comm.3 yearsLow Risk
Office Manager$62K7 yearsVery Low Risk
Licensing note: Owner holds the Florida CAC qualifying license. A buyer without an existing FL HVAC license will need a transition plan — seller available to remain as qualifier during handover period.
Employee Benefits & Culture
  • Health insurance contribution, PTO, and employee handbook in place
  • Technicians receive commissions/spiffs plus tool allowance and vehicle/fuel cards
  • Installation crew bonus tied to job completion metrics
  • Junior technicians trained via ride-alongs and vendor product training
  • Culture: practical, service-oriented, technician-led — several staff with 5+ years tenure
  • Outsourced: CPA/tax, payroll, legal, digital marketing, select electrical subcontracting
05
Florida's Climate = Structural Demand
Tampa Bay's population growth, aging housing stock, and 200+ hot days annually drive durable HVAC demand
4.7★
Google Review Rating  |  450+ Reviews
See full analysis ↓
Market Position & Competitive Landscape
1.1M+
Service Area Pop.
200+
Days >85°F / Yr
60%+
Homes Pre-2005
4.7★
450+ Reviews
CompetitorTypeTheir StrengthCompany Advantage
Large Regional Co. ARegionalAd budgetTrust & responsiveness
Local Contractor BIndependentLow pricingBetter process & capacity
Franchise Brand CNationalBrand recognitionLocal reputation & reviews
Small IndependentsIndividualLow costLicensed, insured, reliable
Seasonality Profile

Highest demand April–September. Off-peak provides natural capacity for commercial maintenance push.

06
Multiple Levers to $6M+ Revenue
Underinvested in marketing, commercial, and maintenance with clear low-capital growth vectors for new owner
$250K–$400K
Growth Capex to Unlock Next Phase
See full analysis ↓
Growth Initiative Roadmap
InitiativeTimeframeInvestmentRev. ImpactRisk
Expand maintenance agreements0–12 mo$35K+$90K recurringLow
SEO & Google Ads expansion0–6 mo$60K/yr+$200K+ inboundMedium
Add 2 service technicians6–12 mo$120K+$400K capacityMedium
Commercial maintenance push12–24 mo$50K+$250K B2BMedium
Add installation crew12–24 mo$175K+$600K replace.Medium
Financing integration0–3 mo<$10KHigher close rateLow
Strategic opportunity: Project Palmetto can serve as an entry point for bolt-on acquisition of independent operators in adjacent Hillsborough and Pasco Counties — a natural consolidation play for PE-backed platforms.
  • Current owner has intentionally limited growth to maintain lifestyle — upside available to a growth-oriented buyer
  • Existing 6,500 sq. ft. facility and fleet absorb moderate growth without new infrastructure
  • Digital marketing significantly underutilized — a buyer with SEO/SEM capability captures fast wins
Financial Performance
Three years of consistent, auditable growth — $3.86M to $4.74M with expanding margins
2023
$3.86M
SDE $610K  ·  Margin 15.8%
2024
$4.31M
SDE $730K  ·  Margin 16.9%
2025
$4.74M
SDE $860K  ·  Margin 18.1%
Gross margins held steady at 38–38.4% despite equipment cost inflation, reflecting disciplined pricing. SDE margin expanded from 15.8% to 18.1% over three years, driven by dispatch efficiency and maintenance plan growth.
Revenue by Service Line — 2025
Revenue Type
MetricValueSignal
Recurring / Repeat Revenue %58%Strong for residential HVAC
Under Written Contract12%Maintenance + commercial
Maintenance Plan Retention72%Above-average
Top Customer Concentration<5%Low risk
Avg. Customer Tenure3–5 yearsHealthy
Add-back Item2025 AmountRecurring?
Owner Salary$170,000Yes
Owner Vehicle (personal)$16,000Yes
Excess Family Payroll$24,000Partial
Website / Rebrand$32,000One-time
Owner Meals & Discretionary$12,000Yes
Recruiting / Sign-on$9,000One-time
Interest Expense$12,000Yes
Total Add-backs$275,000
Net Income (2025)$585,000
+ D&A (est.)$28,000
+ Interest Expense$12,000
+ Owner Comp$170,000
+ Non-recurring items$41,000
+ Other add-backs$52,000
Adj. EBITDA$710,000
+ Personal add-backs$150,000
SDE (all personal)$860,000
HVAC rooftop systems
$4.74M
2025 Revenue
$860K
Seller's Discretionary Earnings
18.1%
SDE Margin
3 consecutive years of margin expansion
Revenue Quality
Fragmented, recurring, and structurally resilient
Low Concentration Risk Recurring Base Intact Agreements Transferable No Customer >5%
Maintenance Agreement Revenue
72% customer retention, 60%+ gross margin
$389K
Repeat Customer Rate
Above-average for residential home services
58%
Google Review Profile
Primary organic lead generation driver — 550+ calls/year
4.7★
Avg. Customer Tenure
Multi-year relationships across all service lines
3–5 yrs
Contract Revenue
Maintenance plans + commercial service agreements
12%
Operations & Infrastructure
Documented, scalable, and transition-ready — 13 years of operational maturity
6,500
Sq ft Headquarters
12
Vehicles in Fleet
$428K
Tangible Asset Value
21
Team Members
HVAC operations facility
6,500 sq ft Lease to Mar 2029 $7,800/mo
Facility & Location
LocationPinellas County, FL
Size6,500 sq. ft. office + warehouse
Lease ExpiryMarch 2029 + 5-yr option
TransferLandlord consent required
After-HoursMaint. plans + commercial
Fleet — 12 Vehicles
Service Vans ×9
$225K
Install Trucks ×3
$135K
Tools & Equipment
$68K
Total Asset Value $428,000
Outstanding vehicle debt: $168K — retired at closing
Supply: 3 regional HVAC distributors. Parts stocked in warehouse + vehicles. Managed via field service software.
Technology Stack
Field Service Mgmt.
Dispatch, scheduling, invoicing, CRM, maintenance renewals
QuickBooks
Accrual-basis, job costing, AP/AR management
GPS Fleet Tracking
Real-time visibility, routing, time tracking
Google Workspace
Email, docs, customer comms, scheduling
Sales Engine
62%
Service Close Rate
34%
Replacement Close
$175–$250
Paid CAC
24–48 hrs
Estimate TAT
Primary channels: Google Business Profile · Referrals · Maintenance renewals. Digital marketing significantly underutilized — fast upside for new owner.
Workforce & Org Chart
CategoryCount
Full-Time16
Part-Time2
Subcontractors3
Total Team21
Owner
Transitioning
Gen. Mgr
6 yrs
Svc Mgr
8 yrs
Office Mgr
7 yrs
Capacity Utilization
Bottleneck: certified technician hiring. Adding 1–2 techs ($65K–$75K each) unlocks $350K–$500K additional annual capacity.
Tampa Bay cityscape
Market Position & Growth Strategy
Dominant local brand in a large, fragmented, climate-driven market with structural tailwinds
Mission: "To provide reliable, honest, and timely HVAC service to homeowners and small businesses across the Tampa Bay area." Brand strategy: local, clean, responsive — premium pricing justified by trust, not undercutting on cost.
Tampa Bay waterfront
Tampa Bay Market
Tampa Bay HVAC Market
  • Service area pop. 1.1M+ across Pinellas, W. Hillsborough, Pasco
  • 200+ days annually above 85°F — non-discretionary demand
  • 60%+ of homes built before 2005 — prime replacement cycle
  • Tampa Bay added 150K+ residents 2018–2024
  • Fragmented market — dominated by small owner-operated contractors
HVAC service team
Competitive Moat
Competitive Moat
  • 4.7★ / 450+ Google reviews — organic lead engine
  • 13-year operating history in Pinellas County
  • Documented diagnostic checklists and install scripts
  • Low CAC via referrals and maintenance plan base
  • Licensed, insured, certified — barriers most independents lack
  • Long-tenured technicians = service quality consistency
Business growth
Growth Tailwinds
Growth Tailwinds
  • Energy-efficient system demand (IRA tax credits driving upgrades)
  • Maintenance membership trend growing nationally
  • Florida population growth above US average — sustained
  • Home services consolidation wave — strategic buyer premium
  • Aging housing stock driving 15–20 year replacement cycles
Company Milestones
2012
Business founded in Pinellas County
2015
Dedicated install crew added
2018
Crossed $2M annual revenue
2020
Maintenance membership launched
2022
Field service software deployed
2024
2nd install crew + comfort advisor
2025
1,300+ active agreements
2026 →
Next owner's chapter
Growth Roadmap for New Owner
Phase 1  ·  0–12 Months
Quick Wins & Foundation
  • Expand maintenance agreements to 1,600+
  • Integrate financing into digital estimates
  • SEO/Google Ads optimization
  • Hire 1–2 additional service technicians
+$350K–$500K
Est. Revenue Impact
Phase 2  ·  12–24 Months
Scale & Commercial Push
  • Launch commercial maintenance sales process
  • Add full installation crew
  • Expand into western Hillsborough County
  • Formalize property manager outreach
+$500K–$800K
Est. Revenue Impact
Phase 3  ·  24–36 Months
Platform & Expansion
  • Expand into Pasco County
  • Consider bolt-on acquisition of small independent
  • Formalize B2B recurring contracts
  • Multi-location management infrastructure
$6.5M–$7.5M
Potential Revenue Target
HVAC rooftop unit
Transaction Overview
Asking Price: $3,100,000
3.6× SDE  ·  4.4× Adj. EBITDA  ·  Asset Sale  ·  Seller Financing Available
Transaction Overview
Asset sale · $3.10M asking price · Strong team continuity · 90-day seller transition included

Deal Structure

Transaction TypeAsset sale (preferred)
Asking Price$3,100,000
Valuation Basis3.6x 2025 SDE  /  4.4x Adj. EBITDA
Min. Cash at Closing~$2,750,000
Seller FinancingUp to $300,000 (10% of price)
EarnoutPossible — maint. agreement retention
Closing Timeline3–6 months
Real EstateLeased, not included, transferable
Seller Transition90 days included + 3–6 mo consulting

Debt Schedule

Debt TypeBalanceTreatment
Vehicle Loans$168,000Retired at closing
Line of Credit$95,000Retired at closing
Equipment Financing$38,000Negotiable
Total Debt$301,000

About the Seller

Founder (age 61) started the business after working as a senior HVAC technician and installation supervisor. Built the company from residential service calls to a full-service HVAC platform over 13 years. Sale is retirement-driven — not financial distress. Owner works 30–40 hours/week (lower outside peak season) and is committed to a structured 90-day transition plus 3–6 months of consulting availability. No urgency to timeline.

Assets Included in Sale

Tangible Assets
  • 12-vehicle fleet (9 vans + 3 trucks, ~$360K est. value)
  • Tools & field equipment (~$68K est. value)
  • Parts inventory (warehouse + vehicle stock)
  • Office equipment and furnishings
Intangible / IP Assets
  • Trade name & brand (used in commerce — no federal TM)
  • Website domain (owned) + all digital marketing assets
  • Customer database (1,300+ active accounts)
  • Maintenance plan agreements (transferable)
  • Service checklists, install scripts, quoting templates
  • Social media handles + Google Business profile
  • Field service software account + data

Insurance Coverage

Policy TypeStatus
General LiabilityActive
Workers CompensationActive
Commercial AutoActive
PropertyActive
UmbrellaActive
Employment Practices Liability (EPLI)Limited coverage
Cyber InsuranceNot currently held

Key Diligence Items

Contractor License Transition
Buyer must secure Florida CAC license or arrange temporary qualifying arrangement with seller
Vehicle Debt (~$168K)
To be addressed in deal structure — retired at or before closing
Maintenance Plan Transfer
1,300+ agreements are transferable with customer notice — minimal closing risk
Team Retention
GM, Service Mgr, and Office Mgr all expected to stay post-close
No Litigation
No pending or threatened legal matters — clean legal profile
Customer Concentration
No single customer exceeds 5% of revenue — structurally diversified
Compliance — All Clean
No known issues across environmental, employment, data privacy, or tax. No pending regulatory notices.
Employment Documentation
Employee handbook exists. Some employment contracts and non-solicitation agreements in place. No known labor disputes.
Refrigerant Compliance
All technicians hold refrigerant-handling certifications. Used refrigerant and scrap materials handled via approved vendors. No environmental concerns.
Request Data Room Access
Qualified buyers receive access to the full data room including 3 years of financials, tax returns, customer lists, and lease documents.
1
Submit buyer profile and sign NDA
2
Advisor reviews qualification — response within 24 hrs
3
Data room access granted with full financials + diligence docs
4
Management intro call and site visit scheduled
info@coastalmap.com
Coastal M&A Partners — Exclusive Sell-Side Advisor
All inquiries held in strict confidence.
This Confidential Information Memorandum has been prepared for informational purposes only. It is not an offer or solicitation to purchase. All information should be independently verified by prospective buyers and their advisors. Unauthorized distribution is prohibited.
Full Analysis