The Company is a full-services heating, air conditioning (HVAC), mechanical contracting, and service company that has been serving residential and commercial customers in the Baltimore-Annapolis area for many years.

This business offers a variety of service contract options to fit customers’ needs and provides emergency on-call service 24 hours a day. They are specialists in installing Carrier, Trane, Water Furnace, Aprilaire, Weil McLain, and Mitsubishi equipment. Their on-site shop will design and custom fabricate duct systems to meet customers’ specialized needs.

Over the past four years, sales have been fairly steady as the company has not really tried to grow but rather has focused on obtaining very profitable work. Gross margins jumped to over 45% in 2014 and over 42% in 2015 while management kept a tight rein on expenses. As a result, the margin of Adjusted EBITDA grew to 13-14 percent.

Purchase price includes assets (including working capital) needed to operate the business (minus cash) on an interest-bearing debt free basis.

Reason for Sale: Two of owners wish to leave, after a transition period, to pursue other non-related career interests.

Proposed Transaction: The owners wish to sell the entire company and will entertain offers of varying financial and legal structures. Each offer will be evaluated on its own merits and in relation to other offers.

To ensure a successful transition period, the two owners who want to leave are willing to work with a new owner, post-closing but wish to leave as soon as they are no longer necessary. A third owner in charge of all operations, wishes to stay long-term, at least 2 to 3 years.

Posted Jul 19, 2016

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