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Podcasts/Acquiring Minds
Acquiring Minds

Eta Unicorn 1 Billion In Revenue In 5 Years

with Steve Carroll · Kelso Industries

LenderHawk analysis. Not affiliated with or endorsed by Acquiring Minds.

The Deal

Business
Kelso Industries
Industry
Commercial and industrial mechanical, electrical, and plumbing (MEP) services, including installation, service, maintenance, and construction
State
AZ
Year
2021
Financing
SBA 7a
Revenue at Purchase
$1200.0M
Deal Source
proprietary

Financing Structure

SBA 7(a)
$5.0M
Investor Equity

Strategic Rationale

Consolidate fragmented MEP services market by acquiring regional operators, providing integrated mechanical-electrical-plumbing solutions that simplify customer coordination across construction lifecycle and maintenance services

Post-Acquisition Performance

Achieved $10 million EBITDA target in 1.5 years (vs. 5-8 year projection) through seven to eight acquisitions using partnership model; reached $1.2 billion revenue by November 2025 across 31+ acquired companies and 10,000 jobs serving 3,000 customers across continental US

The LenderHawk View

Real lenders that finance similar deals

Active Lenders
10
Median Spread
P + 4.15%
Top Lenders
JPMorgan Chase Bank, National Association133 deals
U.S. Bank, National Association127 deals
PNC Bank, National Association104 deals
Wells Fargo Bank National Association84 deals
Zions Bank, A Division of49 deals
See all matching lenders →

Key Takeaways

  • 1Passive business ownership is myth for first-time buyers without strong management layer; operator must be deeply involved initially
  • 2Partnership model with seller rollover equity (20-40%) and autonomous management is more successful than full acquisition and integration of add-ons
  • 3Raising institutional capital requires accelerating vision and targets but enables faster growth through coordinated M&A strategy
  • 4Platform CEO must transition from operator role to strategic acquirer role to scale beyond single business constraints
  • 5Earning stripes in target industry through years of hands-on experience and relationship building is prerequisite for successful multi-acquisition consolidation

Matched SBA Loan Records

SBA loan filings we matched to this deal

Zions Bank, A Division of85%
$25KP + 2.00%FY2012
Numerica CU85%
$25KP + 3.75%FY2010
Altra FCU85%
$1.8MP + 2.63%FY2010