RAW Ventures
Operator-led acquisition & investment
Home Services · Texas
Texas HVAC owners are sitting on some of the most valuable home-service businesses in the country. Recurring maintenance plans, replacement demand from extreme summers, and trained technicians create real, transferable enterprise value. We acquire established HVAC companies and partner with owners on full or partial exits.
Valuation
Quality HVAC companies in Texas typically trade on Adjusted EBITDA. Residential service-and-replacement businesses with a strong maintenance agreement base and clean financials command the upper end. Predominantly new-construction work or heavy owner dependency pulls multiples lower.
EBITDA Multiple
3.5x – 6.5x Adjusted EBITDA
Revenue Multiple
0.6x – 1.2x trailing revenue
Educational ranges based on RAW Ventures' active Texas deal flow. Your business will be valued on its specific financials and risk profile.
What Drives Value
Common Detractors
Acquisition Criteria
Revenue
$2M – $30M
EBITDA
$500K – $6M
Geography
Texas-headquartered (DFW, Houston, Austin, San Antonio, or surrounding metros) strongly preferred; nationwide operators welcome.
Notes
Residential, light commercial, or mixed. TACLA / TACLB license in good standing.
Succession & Structure
Not every HVAC owner wants the same exit. We structure transactions around your timeline, your tax picture, and your relationship with the team.
Explore Succession Hub →Anonymized Texas Case Studies
Dallas–Fort Worth
$8.4M revenue / $1.6M EBITDA
Full acquisition + 12-month consulting agreement
Second-generation owner ready to retire. We closed in 71 days, retained all 38 technicians, and the founder stayed on as a paid advisor through the first cooling season.
Greater Houston
$14.2M revenue / $2.1M EBITDA
70% recapitalization, founder retained 30%
Owner wanted liquidity but loved the business. Structured a partial recap so he kept meaningful equity and continued running operations with new capital behind him.
Frequently Asked
From first conversation to close, most deals run 60–120 days. Cleaner financials and an organized customer / agreement list compress timeline materially.
Yes — a reasonable Texas-enforceable non-compete is standard. Scope, duration, and geography are negotiated based on your transition role.
Retention is central to our thesis. We typically keep the full team, honor tenure, and preserve benefits where we can.
Not to talk to us. Many sellers come direct; some bring an M&A advisor or attorney. Either path is welcome.
Confidential Inquiry
Principal-to-principal. No fees. NDA on request. We reply within one business day.
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