Sam Turner explains how he moved from professional football and corporate finance into buying three HVAC companies, building £17m in annual revenue, and using focused deal flow to scale toward a larger acquisition group.
Listen to the EpisodeEpisode 226 | Runtime: 34:21 | Audio Episode
Hear how Sam Turner bought three HVAC businesses in 15 months, protected local brand equity, approached sellers, and built a buy and build platform with recurring revenue at the centre.
Episode
226
Runtime
34:21
Topic
HVAC buy and build acquisitions
Format
Founder interview and acquisition case study
Three acquisition lessons from a founder scaling a fragmented services group through multiple SME purchases.
Sam refined his criteria through dozens of conversations before focusing on HVAC, a large service market with local operators, recurring maintenance income, and room for multiple acquisitions.
In smaller service businesses, the name, reputation, contracts, culture, and people are part of the value being acquired. Rebranding too quickly can damage trust with customers and staff.
Sam explains why buyers must negotiate enough cash into the business, especially when scaling through acquisitions and avoiding unexpected funding pressure after completion.
Jonathan Jay speaks with Sam Turner, a former Luton Town footballer who built a senior corporate career in finance, travel, private equity-backed integration, and commercial leadership before moving into SME acquisitions. Sam explains why he left corporate life, how he defined what he wanted to build, and why a group of independently managed businesses became his preferred model.
The discussion focuses on Sam's HVAC acquisition strategy, including how he researched multiple sectors, spoke with around 120 companies in his chosen market, and completed three acquisitions in 15 months. He outlines why fragmented service markets, recurring maintenance revenue, asset-light operations, and resilient demand made heating, ventilation, and air conditioning a strong fit for a buy and build plan.
Sam also covers practical post acquisition decisions that affect value, including when not to integrate, why local brands often need protection, how back office consolidation can become a distraction, and why working capital negotiation is critical. The episode gives buyers a clear view of how disciplined seller outreach, sector focus, cash management, and repeatable acquisition rhythm can support a move from first deal to a £17m revenue group.
Sam wanted a large, fragmented, understandable market with resilient demand, recurring or repeat service revenue, low capital intensity, and enough independent operators to support a buy and build acquisition strategy.
Sam argues that smaller service companies often derive value from their local reputation, customer relationships, contracts, people, and culture. Keeping the existing brand can protect goodwill while an umbrella group identity signals scale and stability.
He used a broad funnel that included direct outreach, brokers, referrals, customers, trade shows, industry presence, and a maintained target list. Around 120 sector conversations helped create opportunities and sharpen his acquisition criteria.
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