This company had four owners of this second-generation residential HVAC business with over 10,000 service contracts. There were a lot of issues with the financials since all profits were distributed every year. The adjusted EBITDA was made up completely of owner add-backs, resulting in a stressful Quality of Earnings process. Adding a significant amount of complexity were the desires of the four owners, completely unique to everyone. We were able to achieve a double-digit multiple on the adjusted EBITDA with a cash at close that satisfied each owner and today the brand continues to excel in the market providing exceptional security and upward growth opportunities for the employees.
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