How to Build a $30M HVAC HoldCo (4 Acquisitions and Next Goal $150M)

At 42, Sam Turner had the title, the pay, the lake view in Switzerland — but he was not happy. So he engineered his exit, just as COVID nuked his industry.Instead of crawling back, he jumped into buying gritty local businesses. His first deal nearly sank him — wrong sector, thin margins, the people piece ignored. Most would quit. Sam doubled down, bought better, and then built a division from scratch that hit $3.66m in year one with double-digit margins.Today it’s five companies, ~$30m revenue, and a clear target: $150m by 2033.This conversation is the real operator’s playbook:- how to know when it’s time to jump,- what to buy and why,- the hybrid non-integration model that actually works,- the communications cadence that calms teams and customers,- and the unsexy habits that compound.Capitalpad lets you co-invest deal by deal in curated, cash-flowing SMB acquisitions led by searchers and independent sponsors. Get a full deal room—financials, tax returns, sponsor profiles, and value-creation plans—then invest from $25k. These are long-term, illiquid investments and involve risk.Apply at: https://capitalpad.com/ - A deal-by-deal private equity investing platformWant brokers, operators, and investors to think of you first, or simply more customers? That’s why I partner with Spacebar Studios—they build and scale B2B newsletters. They’ll set up your newsletter, send your first few editions, and prove the channel works—no fees, zero risk.They’re offering three HoldCo Builders listeners a free two-week trial.Go to: https://www.spacebarstudios.co/inquireTimestamps:00:00 - Intro: who Sam Turner is (ex-CFO → UK SMB/HVAC acquirer)01:12 - Why leave a high-paying CFO job for blue-collar businesses?01:36 - Dissatisfaction: politics, travel, no autonomy, family priorities03:10 - How he made it happen: engineered exit & planning window04:54 - Choosing ETA/search over property (people-focused)05:49 - Didn’t pick an industry until after starting the search05:54 - Research approach: 15–30 sectors explored06:48 - Sponsor - CapitalPad07:52 - Acquisition criteria: large & fragmented, multiple arbitrage, non-tech09:54 - Capital model: deal-by-deal, retain majority equity10:43 - Strengths & weaknesses14:04 - Timeline & where the group is today (first deal Dec 2021; 4 buys + 1 organic; ~$30m rev; 2033 target $150m)17:31 - First acquisition story20:08 - Sponsor - Spacebar Studios23:39 - What he buys now: $3–12m revenue, ~10% EBITDA, commercial/built-environment25:14 - Why buy multiple quickly: diversify operational risk28:16 - Post-acq philosophy: no full integration; hybrid model, common tech32:51 - Why #2 and #3 worked: better margins, owner transition, heavy communication36:58 - Organic playbook: hire industry COO, spin up division, recruit A-players39:33 - Organic results: ~$3.66m year-1, double-digit margins, 20–22 engineers43:40 - Wrap-up & thanksSupport our Sponsors:CapitalPad: https://capitalpad.com/SpaceBar Studios: https://www.spacebarstudios.co/inquireSubscribe on Spotify:https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh?si=cP_nAarhRmep1lvnR6uk5gSubscribe on Apple Podcasts:https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724Follow PrivatEquityGuy/Mikk Markus on Twitter: ⁠⁠https://x.com/PrivatEquityGuyThis podcast is for informational purposes only and should not be relied upon as a bas