In today's episode we have Steve Carroll, CEO and Co-Founder of Kelso Industries, join us to share his journey from a small-town construction background to leading a 25-acquisition HVAC roll-up. We dive into his Walmart days scaling EBITDA from $15M to $250M, his views on where PE firms get it wrong, and how Kelso’s long-term partnership model is flipping the script on traditional roll-ups.

[00:00] Steve Carroll joins to discuss Kelso Industries' growth from 1st to 25th acquisition

[00:27] Background: Walmart experience and scaling from $15M to $250M EBITDA

[00:54] Early years: rural Oregon, construction, MBA, and entrepreneurial itch

[01:50] Lessons from Walmart and foundation of Kelso

[02:21] Mistake PE firms make: copying each other, bidding up same assets

[03:05] Advice: PE should pursue untapped markets and take first-mover risks

[04:21] Kelso's differentiator: deep focus on one long-term strategy

[05:49] “All in” mindset and scaling Kelso as one big platform

[06:18] First acquisition story: moving to AZ, transition challenges

[07:46] Struggles, COVID, and lessons learned from initial takeover

[08:43] Pivot to partnership model after burnout and realization

[09:42] Defining partnership: skin in the game, shared long-term vision

[11:08] Case study: Pancho in Idaho becomes the blueprint for future deals

[13:03] Criteria for Kelso partnerships and alignment with long-term goals

[14:00] Integration learnings: then vs. now at deal #25

[14:50] Kelso now offers finance, legal, HR, recruiting, and systems support

[17:44] Operational push: MEP+ and one-call solution model

[18:43] Scale enabling better integration and centralized resources

[19:12] Raw Selection salary reports plug

[20:11] Top 3 learnings: partnership, finance investment, data center boom

[23:23] Walmart story: monetizing eyeballs, retail media, Sam’s Club success

[26:17] Building a $250M EBITDA business unit through creative thinking

[27:42] Why HVAC: passion, mission-critical systems, smartest people on site

[28:49] Key influence: Brad Jacobs and “How to Make a Few Billion Dollars”

Connect with Steve Carroll on LinkedIn. Thanks for tuning in.

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Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I’m joined by Scott Cook, an experienced Chief HR Officer with over 100 add-on acquisitions under his belt. We dig into what really drives successful integration—nailing culture, managing change, aligning roles, and avoiding the classic post-acquisition mistakes. If you want a no-nonsense guide to people, process, and performance in PE-backed services businesses, this episode is a must-listen.

[00:00] Over 100+ add-on acquisitions and integrations, with a focus on commercial and residential services.

[00:29] Private equity mistake: solving adaptive people problems with technical solutions.

[01:51] Example: pay plan integration fails without addressing pride, fear, and control among legacy staff.

[03:49] Change takes time, but skipping the adaptive side slows everything down.

[04:45] “Intervention without diagnosis is malpractice.”

[05:12] Change process: Transparency (what we know/don’t know), Humility (not always right), Authenticity (real conversations).

[07:38] Run changes in parallel to prove success before full implementation.

[08:33] Adaptive resistance often comes from fear of loss, not logic

[09:30] Key issue isn’t just communication—it’s the resistance behind it.

[10:55] Missed clarity of roles and vision derails integration.

[12:22] Diligence mistake: confusing deal confirmation with actual diligence.

[13:21] Integration failures often come from ignoring cultural misalignment.

[14:47] Early lesson: distinguish between necessary and unnecessary endings—prune what’s dying or holding growth back.

[17:08] Win trust early by changing non-critical items that don’t affect frontline staff or customers.

[19:30] Founders often don’t work out post-acquisition—PE firms struggle to make them fit.

[20:34] Sellers always experience some remorse—plan for it during diligence.

[22:00] Ask: “What does ending well look like for you?” Define success before they exit.

[24:23] CFOs and CEOs shouldn’t be in the weeds—define direction, context, and outcomes.

[26:44] Great CFOs provide context, not micromanagement. Great CEOs delegate integration to focus on growth.

[29:32] Former founders can still add value via advisory roles or special projects.

[32:24] Pest control and HVAC still hot—residential M&A picking up, commercial lagging due to government slowdown.

[35:20] Resi/commercial services sector is early in its PE wave. Tons of opportunity, but plagued by poor leadership and weak diligence.

[37:37] Rise in fractional execs to bridge early-stage post-acquisition gaps.

[38:39] Book recs:

• Why Should Anyone Be Led by You? – leadership authenticity
• Falling Upward – personal development and meaning
• Necessary Endings – pruning for growth

[40:30] Scott reflects on making work meaningful in the second half of life—impact over income.

[40:58] Falling Upward explores this journey.

[41:28] Connect with Scott Cook on LinkedIn. Thanks for tuning in.

Subscribe for more episodes on iTunes & Spotify

Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

Welcome to another episode of the Private Equity Podcast. Today, I’m joined by Andrew Towne, Partner at Olympus Pines. We break down what it really takes to grow a portfolio company—hiring the right team, aligning goals, building execution plans, and pulling the right levers for revenue and EBITDA growth. If you're after a practical playbook on scaling businesses in the lower mid-market, this episode delivers.

[00:00] Andrew Towne returns to discuss how to grow portfolio companies through team building, planning, and execution.

[00:28] Success in business = aligned goals, right people in the right seats, clear plans, and proper tools/incentives.

[01:55] Biggest failures come from misaligned goals. Everyone must row in the same direction.

[02:26] Use role charters and RACI charts to align responsibilities and decision-making across the org.

[04:22] Attracting top talent means clarity on role, expectations, comp, benefits, culture. Be transparent up front.

[07:06] Retention comes down to delivering on promises, offering development, paying fairly, and giving feedback.

[09:37] Managers should seek upward feedback – your team’s opinion matters more than your boss’s.

[11:32] Evaluate talent by hard skills (resume, technical test) and soft skills (learning ability, judgment, self-starting).

[14:53] Roadmaps keep execution on track – break down goals into sub-goals and timed milestones across the team.

[17:38] Regular team accountability meetings ensure goals stay on track and interdependencies are met.

[18:43] Training, tools, and incentives must align to role and company success – weight comp more to team wins.

[20:39] You don’t need fancy systems – role clarity and RACI charts can live in Word and Excel.

[22:07] Deal sourcing: pick a sector, build your own target list, run a disciplined, high-integrity outreach campaign.

[24:57] Be transparent with sellers – don’t hide your intentions. Build trust from the first call.

[26:16] Consider: can you build instead of buy? Sometimes starting from scratch is the better play.

[27:37] Avoid shiny object syndrome – write down what matters to you first, then find sectors that match it.

[30:37] Six top-line levers: optimize product mix, segment customers, fix pricing, retain the right customers, improve collections, manage working capital.

[35:33] Hire execs aligned with the thesis – if transformation is needed, bring in people who’ve done it before.

[38:56] Cost isn’t just headcount – optimize procurement, renegotiate vendors, rethink distribution, and energy use.

[41:58] Retooling and reskilling can outperform layoffs – invest in your people and slow unnecessary hiring.

[42:56] Thanks to Andrew for sharing his portfolio playbook and growth strategies.

[43:24] Subscribe for more episodes every week. Till next time – keep smashing it.

Connect with Andrew Here.

Subscribe for more episodes on iTunes & Spotify

Got feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!