Over the last five years, Steve Carroll scaled Kelso Industries from zero to $1.1–$1.2B top line with 3,500+ employees across mechanical, electrical, and plumbing (MEP) — powered by 29 acquisitions and an “empowered, decentralized” operating model. In this wide-ranging conversation, Steve and John unpack the Kelso flywheel (construction ➜ retrofit ➜ maintenance ➜ service), how to choose what to centralize vs. decentralize, why leadership pipelines matter more than playbooks, and the realities of integrating owner-led companies at scale. We also dig into data center demand, non-union strategy, and the “survival mode” moments that nearly derailed the journey.

If you’re thinking about multi-location expansion, commercial/industrial MEP, or acquiring while operating, this one’s a blueprint.

What You’ll Learn
-The Kelso flywheel: use construction as an entry point, expand into retrofit, sell maintenance, earn lifetime service

-29 acquisitions without breaking culture: partnering with operators, light-touch integrations, and when to standardize

-Centralize vs. decentralize: cash & risk centralization; empower branches on P&L, customers, and ops

-Building leadership pipelines (trades & military) to keep growth from stalling

-Data centers & industrial demand: where the growth is and what capabilities matter
- How a billion-dollar platform still treats growth like survival

🎙️ Host

John Wilson

🎙️ Guest

Steve Carroll (Kelso Industries)

💼 Partners

💼 Extra Special Thanks to Service Scalers!

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John Wilson, CEO of Wilson Companies
Jack Carr, CEO of Rapid HVAC

📌 Disclaimer: Some links may include UTM parameters or affiliate relationships, meaning we may earn a commission if you make a purchase. Episodes may feature sponsors, but all opinions expressed are our own.

#247 LEGENDS | The $1.2B Contractor: How Kelso Built a Billion-Dollar Empire

Owned and Operated - A Plumbing, Electrical, and HVAC Business Growth Podcast