6-tech Trane Comfort Specialist, Sunbelt metro
§ 01 · Observed
What was documented in diligence.
Two W-2 master license holders on staff (neither the seller). 450 Comfort Club agreements at $429/yr average (91% trailing renewal rate verified by cohort). AOR attach rate 41% per ServiceTitan Membership Summary Report — organic growth without marketing dependency. Trane Comfort Specialist status: territory rep confirmed re-application process is 30-day standard; current volume (142 units/yr) exceeds TCS Prime threshold. Owner performing < 8 hrs/wk primarily in management/estimating role. A2L safety training current for all six field techs. R-410A inventory 7 months forward demand — within range. No IRA pull-forward detected: heat pump share consistent at 28–32% across trailing 36 months.
§ 02 · Outcome
What happened.
Buyer signed LOI at 4.8× on normalized SDE. DSCR 1.71× base case; 1.38× under concurrent stress (TCS status delay + 5% Comfort Club attrition spike). Closed at original price. Trane TCS re-application completed 22 days post-close.
§ 03 · Structural Pattern
How this deal fits the four-pillar framework.
Upper-band placement on all four pillars: Earnings Quality (two W-2 licenses, owner out of billable rotation), Pricing (verified cohort retention + AOR attach justify top-of-band multiple), Fundability (DSCR holds under stress), Transferability (W-2 license bench depth, no single-Qualifier fragility, AOR attach rate not owner-dependent). This is the structural template that justifies 4.5×–5.0× in the current HVAC market.
This is an anonymized composite drawn from observable structural patterns in the sample window. It is not a specific deal. The structural pattern, band placement, and outcome reflect commonly observed combinations; a future consented case study will replace this entry.
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