The Private Equity Podcast, by Raw Selection
From the first HVAC Services acquisition to the 25th with Steve Carroll
May 6, 2025
In this engaging conversation, Steve Carroll, CEO and Co-Founder of Kelso Industries, shares his inspiring journey from a small-town construction background to leading 25 acquisitions in the HVAC sector. He discusses his remarkable success scaling EBITDA at Walmart and reveals key lessons about private equity pitfalls, emphasizing the need for unique market pursuits. Steve elaborates on Kelso’s innovative partnership model, which fosters trust and long-term vision, and shares insightful integration strategies that have transformed the company.
31:33
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Quick takeaways
- Private equity firms often fail by mimicking each other instead of identifying untapped markets, which leads to rising asset prices and operational inefficiencies.
- Kelso Industries sets itself apart through a partnership model that fosters long-term collaboration with business owners, ensuring shared vision and sustained growth.
Deep dives
Navigating Private Equity Challenges
Many private equity firms make the mistake of imitating strategies employed by other firms, which often leads to bidding wars and inflated asset prices. This me-too approach can create unhealthy market conditions and complicate operations within the businesses acquired. To avoid these pitfalls, firms should seek untapped opportunities in less saturated industries and adopt innovative strategies. First-mover advantages can yield significant benefits when taking a unique approach to investment in fragmented markets.
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