Gray Capital Group builds a Texas HVAC platform, anchored by Delta Air Conditioning.

Gray Capital Group, a Dallas-based private equity firm, has built a growing Texas HVAC platform anchored by Delta Air Conditioning — a Beaumont-based heating and cooling company established in 1985 that has served residential, commercial, and light industrial customers across Southeast Texas for more than four decades. Beginning in late 2024, Gray Capital has combined four independent operators across two Texas markets under the Delta name, providing the capital, systems, and strategic support to scale while retaining the local teams and reputations its customers already know.

The platform.

The platform came together through a sequence of four acquisitions over roughly eighteen months. It began in November 2024 with Dodd Air Conditioning, a residential and light commercial HVAC provider established in 1981 and serving customers across Southeast Texas. Delta Air Conditioning followed in April 2025, and its name now anchors the broader platform. In April 2026, the group added Dominick Faraci Air Conditioning — a family-owned Beaumont business established in 1974 — which now operates as Faraci, A Delta Company. Most recently, in May 2026, the platform acquired TDAC Heating & Air, established in 2003 and serving Arlington, Fort Worth, Mansfield, and Dallas; operating as TDAC, A Delta Company, it anchors Gray Capital's entry into the Dallas–Fort Worth market. Combined, the four businesses span two distinct Texas markets — the Beaumont–Golden Triangle region of Southeast Texas and the DFW Metroplex.

The thesis.

Gray Capital's stated approach targets established, sub-market operators with strong local reputations and loyal customer bases — businesses that often fall below the radar of larger private equity firms but represent compelling consolidation opportunities. The firm focuses on companies generating $1 million to $3 million in revenue, and emphasizes preserving each company's legacy and community reputation, working closely with outgoing owners for up to twelve months post-close to ensure continuity. Each acquired company is integrated into the Delta platform — sharing operational infrastructure, technology, and leadership — while maintaining the local service relationships that define its customer experience. The model follows a now-familiar pattern in residential trades consolidation: scale and resources at the platform level, continuity and trust at the customer level.

What it signals.

For owners of independent HVAC businesses across Texas, the Delta platform is another data point in a steadily consolidating market — and a reminder that consolidation is no longer confined to the large, nationally backed roll-ups. Smaller, regionally focused sponsors are increasingly assembling platforms out of sub-$3 million operators that the bigger funds tend to pass over, retaining founder-built brands and local leadership rather than rebranding them away. For a seller in that revenue range, it widens the field of potential buyers beyond the handful of national platforms — and makes understanding the difference between those buyers, and what each is really offering, more important than ever.