Gray Capital Group continues expanding its Texas HVAC platform with acquisition advisory support from L&H CPAs & Advisors, following four completed acquisitions since fall 2024, two of which closed this quarter. As consolidation activity accelerates across the HVAC services industry, the partnership has supported Gray Capital Group’s disciplined strategy for sourcing, evaluating, and integrating established operators throughout the region.
The continued acquisition activity reflects broader consolidation trends across the HVAC services industry, particularly throughout Texas and the Sun Belt region where the market remains highly fragmented. As many independent HVAC business owners approach retirement, demand for residential and commercial HVAC services continues to rise across fast-growing markets. Gray Capital Group has responded with a disciplined acquisition strategy focused on partnering with established operators and expanding its Texas HVAC platform through strategic acquisitions.
“Gray Capital Group has built a disciplined acquisition strategy in a market that continues to present strong opportunities, and we are proud to support their growth across the Texas HVAC platform,” said Grant Heckenkemper, Director of Advisory Services at L&H. “From transaction planning and financial due diligence to deal structuring and post-acquisition guidance, our role is to help clients like Gray Capital move with both speed and confidence.”
For Gray Capital Group’s leadership, having that infrastructure in place has been central to the company’s growth strategy.
“As we continue growing our HVAC platform across Texas, having the right financial and acquisition advisory support has been important to maintaining discipline throughout the process,” said Matt Gray, Founder and Managing Director of Gray Capital Group. “L&H has been a valuable partner in helping us evaluate opportunities, structure transactions, and continue executing on our long-term growth strategy.”
Beyond transaction execution, L&H continues supporting Gray Capital Group through financial planning and business advisory services as the company expands its regional HVAC presence. The firm also works with acquisition-focused businesses on financial analysis, deal structuring, integration planning, and operational decision-making as companies continue growing through acquisitions across regional markets.
As consolidation activity continues across the Texas HVAC market, the partnership between Gray Capital Group and L&H reflects the increasing role financial and acquisition advisory firms play in supporting regional platform growth. By combining acquisition expertise with financial advisory support, both organizations remain focused on sustainable growth and long-term value creation.
About Delta Air Conditioning & the Texas Expansion
Gray Capital Group’s operating platform is anchored by Delta Air Conditioning, a multi-market HVAC services company serving residential and commercial customers across Texas. Since late 2024, the Delta platform has grown to four companies spanning two distinct markets: Dodd Air Conditioning, Delta Air Conditioning, Faraci Air Conditioning (serving Southeast Texas and the Beaumont area), and TDAC Heating & Air, anchoring Gray Capital Group’s entry into the Dallas–Fort Worth market.
The roll-up strategy targets established, sub-market operators with strong local reputations and loyal customer bases — businesses that are often below the radar of larger private equity firms but represent compelling consolidation opportunities. Each acquired company is integrated into the Delta platform, sharing operational infrastructure, technology, and leadership while maintaining the local service relationships that define their customer experience.
The Texas expansion reflects Gray Capital Group’s thesis that the HVAC services industry remains one of the most attractive, fragmented sectors for disciplined buy-and-build strategies. With significant owner-operator retirement tailwinds, rising demand driven by Texas’ population and housing growth, and limited institutional competition at the sub-$3M revenue level, the Delta platform is positioned for continued regional scale.
To learn more about Delta Air Conditioning and its services across Texas, visit deltaairpro.com.
To learn more about L&H and its acquisition advisory support for growing operators and regional platforms, visit lhcpafirm.com.
About L&H CPAs & Advisors
L&H CPAs & Advisors provides comprehensive accounting, tax planning, CFO services, business consulting, and wealth advisory services tailored to support growing businesses and acquisition-focused platforms. The firm combines deep financial expertise with transaction advisory capabilities designed to strengthen operational and financial decision-making. Based in Dallas, the financial advisory and acquisition support firm serves regional and emerging companies across Texas and surrounding markets.
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Media Contact
L&H CPAs & Advisors
10000 North Central Expressway, Suite 710, Dallas TX 75231
gheckenkemper@lhcpafirm.com
https://www.lhcpafirm.com/
newsroom: news.38digitalmarket.com
Source: 38 Digital Market News
Release ID: 2469401