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
🎙️ Guest
Steve Carroll (Kelso Industries)
💼 Partners
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