Hi all — excited to share three new deals this week. It’s been great to see real engagement on last week’s deals, including several introductions I was able to help coordinate. This community is now 5,000+ strong, and I’m looking forward to sharing more of the projects I am working on behind the scenes!
Also, don’t miss today’s candid conversation with Zach Morrison, CEO of Tinuiti, at 11:30am ET. If you’re curious what life is actually like as a PE-backed CEO, you can RSVP here.
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1. Multisite Outpatient Therapy and Assessment Service Provider (Project Prism)
🔗 Access Deal Materials
Interested in learning more? Contact Jacob at [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal: Scaled, clinician-led behavioral health platform with strong payer relationships, high utilization, and regional density across one of the fastest-growing U.S. metros. Ideal fit for acquirers experienced in multi-site healthcare services looking for a platform for regional roll-up of independent practices.
2025E Revenue: $14,000,000
Deal Type: Majority recap
Headquarters: North Carolina
🔎 What They Do
The company provides outpatient therapy and psychological assessment services, offering cognitive, emotional, and somatic treatments.
Core Services: Individual and group therapy, DBT, EMDR, and psychological testing.
Payer Mix: ~95% in-network with national payers including BCBS, Aetna, and Cigna.
Clinicians: ~80 W-2 therapists.
Regional Presence: 10 leased offices operating in a high-growth metro anchored by major universities and healthcare institutions.
Recruiting: Active partnerships with top universities for internship and clinician pipelines (UNC, Duke, NC State).
💼 Recent Private Equity Deal Comps
Acquirer | Target | Date | Notes |
|---|---|---|---|
Clearview Capital | Advantage Behavioral Health | Apr 2025 | Recapitalization of an outpatient mental-health provider across nine states. |
Oceans Healthcare (backed by Webster Equity Partners) | Haven Behavioral Healthcare | Jan 2025 | Acquisition of seven behavioral-health hospitals + outpatient services across five new states, expanding platform footprint. |
Tenex Capital Management | Behavioral Innovations | Jun 2024 | Acquisition of an applied behavior analysis (ABA) therapy provider (77 centers across TX, OK, CO) from Shore Capital Partners. |
2. Hot Water Heating Mechanical Services &
Wholesale Parts Distributor
🔗 Access Deal Materials
Interested in learning more? Contact John at [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal: A 20-year regional mechanical services company specializing in hot water heating systems, boiler service, hydronic heating, and solar thermal integration — supported by a wholesale parts distributorship serving plumbing and HVAC contractors. Combination of recurring, specialized commercial service work, long-tenured staff, and loyal clients across hospitality, healthcare, and commercial.
2024A Revenue: $5,300,000
2024A SDE: ~$615,000
Deal Type: Owners looking to retire
Headquarters: Southern California
🔎 What They Do
This company provides high-urgency mechanical services focused on hot water and thermal systems, including:
Commercial hot water heating and boiler repair
Water heater installation & replacement
Hydronic heating
Solar thermal integration
Alongside service work, the company operates a wholesale parts and equipment distributorship for the plumbing and HVAC trades, adding a diversified revenue line.
11 trained, long-tenured technicians, many factory-certified
Technicians identify upgrade opportunities and initiate proposals — no sales reps or commissions needed
Digital dispatch systems, digital job tickets, and structured same-day proposal follow-ups
Key verticals include hotels, hospitals, restaurants, property managers, and commercial facilities
💼 Recent Private Equity Deal Comps
Acquirer | Target | Date | Notes |
|---|---|---|---|
CCMP Growth Advisors | Airo Mechanical | Aug 2025 | Acquisition of an HVAC & plumbing installation services provider focused on multifamily and light-commercial projects across the Southeast U.S. |
Citation Capital | Gallo Mechanical, | Jun 2025 | Majority stake in a mechanical contractor specializing in HVAC and plumbing services across the Southern U.S. |
AE Industrial Partners | United Building Solutions | Feb 2025 | Investment establishing a national commercial HVAC services platform through the combination of multiple regional mechanical service providers. |
3. Structural Steel Erector and Specialty Construction contractor
🔗 Access Deal Materials
Interested in learning more? Contact AJ at [email protected] to receive the full deal details.
📝 Deal Overview
Why this deal:
A lean specialty contractor operating with minimal fixed assets and a subcontractor-flexible model. Strong margins and a compelling thesis to target the rapidly growing Texas data center market.
2025E Revenue: $2,750,000
2025E EBITDA: $550,000
Deal Type: Majority sale
Headquarters: Texas
🔎 What They Do
This contractor has QMS certification from the American Institute of Steel Construction (AISC) — giving them preferential access to contracts and streamlined bid qualification across:
Structural steel erection
Specialty install packages for complex commercial builds
Fabrication-ready field operations with safety-certified crews
Key verticals: K-12, higher education, light industrial, and commercial projects
Have a deal to share with RTC readers? Email me at [email protected]
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Disclaimer: Information presented herein is derived from publicly available sources and third-party materials believed to be reliable. It is provided solely for educational and informational purposes and does not constitute investment advice or a solicitation. Road To Carry is not affiliated with, nor does it represent, the seller, broker, or any other party to the referenced transactions.
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