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This Brentwood Growth podcast features John Bartlett interviewing Dave Lewis, who leads acquisitions at PipeDreams, a home services roll-up targeting residential HVAC, plumbing, and electrical businesses. Dave explains that PipeDreams has acquired over 10 companies in four years, operating nationwide under six primary brands. They typically seek businesses with $4M+ in annual revenue or $1-3M for tuck-in acquisitions, with strong local reputations and minimal new construction exposure.
Dave discusses their acquisition approach, emphasizing the preservation of local brands and employee retention. He outlines deal structures, explaining rollover equity as an opportunity for sellers to “take a second bite at the apple” during future liquidity events. The due diligence process generally takes 60-90 days, with transitions lasting about 3-6 months when owners exit.
Post-acquisition, PipeDreams implements growth strategies through increased marketing investment, service line additions, and tuck-in acquisitions, citing examples where businesses have tripled in size. Dave concludes with advice for owners: focus on consistency in operations and financials, develop strong management teams, set realistic valuation expectations, and carefully consider post-sale plans before transitioning.
