Kelso Industries, the Draper, Utah-based commercial building services platform backed by Peterson Partners, has welcomed Randall Construction to its group of operating companies. Randall is a self-performing mechanical, electrical, plumbing, fire protection, and architectural metals contractor based in Apopka, Florida, outside Orlando. Founder Jeff Condello will continue as President. Terms were not disclosed.
The asset.
Kelso says Randall began in 1986 as a plumbing business launched from Condello's apartment. It has grown into one of Florida's leading self-performing MEP contractors, with fire protection and architectural metals alongside the core trades. It runs a 100,000-square-foot prefabrication facility in Apopka and has in-house Building Information Modeling (BIM) capabilities, and it works on complex projects across the Southeast, from themed entertainment to mission-critical, space, and defense markets.
That is a contractor built for big, technical jobs: Central Florida's theme parks and the Space Coast are demanding customers, and prefab plus BIM is how a self-performer wins and delivers that kind of work.
The buyer.
Kelso Industries was founded in 2021 and is backed by Peterson Partners. Its operating companies provide HVACR, mechanical, industrial, plumbing, electrical, low voltage, modular, prefabrication, and other critical building services across the United States. We covered Kelso's continuation vehicle with Peterson Partners and its summer adds of Gaddy Electric & Plumbing, All Electric, and Clearwater Construction. Randall continues that pace.
Prefab and self-perform as a moat.
Most commercial MEP contractors subcontract some trades and build on site. Randall self-performs across mechanical, electrical, plumbing, and fire protection, and it fabricates in a dedicated plant. That gives it control over schedule and quality on the kinds of projects where both are scrutinized, and it gives a buyer like Kelso a capability it can put to work for other companies in the group.
The trade-off buyers weigh is construction exposure. Project work is lumpier than service, and valuations reflect that. But large platforms are still paying for scaled, specialized contractors with strong customer relationships in growing markets. Florida's commercial and mission-critical build-out is one of them. For another recent commercial deal, see Frontenac's investment in Hayes Commercial.
What it means.
If you own a commercial MEP contractor, capabilities like prefabrication, BIM, and self-performing multiple trades are things buyers will pay for, especially when they serve sectors with long-term demand such as data centers, defense, and healthcare. Be ready to show backlog quality, margin by project type, and how much repeat work comes from your top customers. Founders who stay on, as Condello is, give buyers confidence that those relationships carry over.
Own a commercial mechanical or electrical contractor?
Schryver & Co. advises trades owners with roughly $5 million to $100 million of revenue. If a platform like Kelso has called, or you want to understand how buyers will view your project and service mix, reach Will at will@schryverco.com.
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