ROOTED IN LEGACY. FOCUSED ON GROWTH.

OUR approach

Gray Capital Group was founded to support business owners and management teams as they consider a new chapter of ownership. Following acquisition, we prioritize protecting the company’s legacy, maintaining it’s reputation within the community, and fostering sustainable growth.

While every deal is unique, we focus on companies generating $1M – $3M in revenue. Companies that present sustainable growth opportunities through investments in people, processes, and systems are of interest based on our unique capabilities and access to working capital. We strive to collaborate with outgoing owners for up to 12 months post close to ensure continuity and success.

Matt Gray, mba

FOUNDER & MANAGING DIRECTOR

Matt Gray grew up in a small Southeast Texas town, where he learned the value of hard work, integrity, and lasting relationships. From a young age, he worked alongside his father–a local fireman and small business owner–experiences that shaped his deep respect for Main Street entrepreneurs and the legacies they build.

Over the next two decades, Matt has developed a broad and practical foundation in business leadership, holding key roles across operations, finance, sales, and human capital within both private and public companies. His experience enables him to quickly assess operational performance, unlock hidden value, and drive sustainable growth.

With a passion for preserving legacy and fueling long-term value creation, Matt transitioned into the world of private equity with a focus on investing in and scaling enduring small and mid-sized businesses. His ability to build trust with founders, align interests, and lead thoughtful transitions makes him a valuable partner to both investors and operators.

To sharpen his expertise in Strategy and M&A, Matt earned an MBA from the University of Virginia, Darden School of Business, with a focus on corporate strategy and acquisitions. He is known for his practical judgment, steady leadership, and ability to bridge the gap between financial stakeholders and operational teams.

John wood, CPA

SENIOR DIRECTOR, BAO CONSULTING GROUP | ACCOUNTING & TRANSACTION ADVISORY TO GRAY CAPITAL GROUP

John supports Gray Capital Group as a senior member of BAO's advisory team, working on accounting operations for the Fund I portfolio and on the firm's HVAC acquisition strategy across Texas. He brings more than nine years of accounting and financial leadership experience in construction, SaaS, health and fitness franchising, and other sectors. Much of that work has been for private equity sponsors and ownership groups that depend on timely, reliable financial results.

For Gray Capital, John focuses on building a finance function that keeps pace with the platform's growth. That means standardizing accounting operations across the Delta-branded operating companies, tightening the monthly close, and producing consistent reporting for Gray Capital's leadership and limited partners. On the acquisition side, he has led multiple buy-side diligence projects. In each, he managed the process from initial review through full integration of the target into the buyer's operations. Gray Capital applies the same approach as it evaluates and brings on new HVAC operators.

John understands how the finance function connects operations to ownership. He gives candid, respectful input on financial strategy, weighing what the operating teams can realistically execute against what the investment team needs to make decisions. This supports clear governance of the portfolio today and well-grounded evaluation of acquisition targets.

John earned Bachelor's and Master's degrees in Accountancy from the University of Mississippi and is a licensed Certified Public Accountant.

Shannon Hourin, CPA

MANAGER, BAO CONSULTING GROUP | FINANCIAL REPORTING & ACCOUNTING ADVISORY TO GRAY CAPITAL GROUP

Shannon supports Gray Capital Group as a member of BAO's advisory team, focused on financial reporting for the Fund I portfolio. She brings six years of audit and assurance experience with public and private clients, concentrated in the banking and capital markets and energy sectors. She spent the first five years of her career at PwC, where she advanced to Assurance Manager, before joining BAO Consulting Group.

For Gray Capital, Shannon brings the reporting discipline of a Big 4 background to a growing multi-company platform. Her work centers on consistent, well-supported financial statements across the Delta-branded operating companies and reporting that meets the expectations of Gray Capital's leadership and limited partners. She has managed financial reporting processes end to end, from drafting financial statements and footnotes through final delivery. She has also led international, multidisciplinary teams across time zones under demanding deadlines. That experience fits the platform's push toward a faster, more reliable monthly close.

Shannon takes a collaborative, solutions-focused approach and is skilled at bridging technical accounting and the operators who rely on it. For Gray Capital, that means translating what happens in the field into clean financial results and making those results useful to the people running the business.

Shannon earned a Master of Accounting and Data Analytics and a Bachelor of Accountancy from the University of Mississippi and is a licensed Certified Public Accountant.

what we do

Legacy Driven Approach

Gray Capital Group was founded to support business owners and management teams as they consider new ownership. We believe that decades of dedication, community impact, and quality work can be preserved and enhanced simultaneously. We prioritize protecting the company’s legacy, maintaining its reputation within the community, and fostering sustainable growth.

Ownership–Driven Transition

Our transitions are partnerships, prioritizing the preservation of company legacy, culture, and community reputation. To ensure continuity, and long-term success, we work closely with outgoing owners, often up to 12 months post close, to create a seamless and supportive handoff.

Sustainable Scaling

Our focus is unlocking sustainable and strategic growth. We achieve this by capital investment in people, processes, and systems. We believe in investing back in the business, including expansion in new markets, and product or service offerings that benefit the customers we proudly serve.

PORTFOLIO aquisitions

Delta Air Conditioning, Texas Platform

Founded in 1985, Delta Air Conditioning has spent over four decades earning the trust of homeowners and businesses across Southeast Texas. Built on a reputation for quality workmanship, honest service, and deep community ties, Delta is the kind of company Gray Capital was built to partner with—one where the legacy is just as valuable as the business itself.

Under Gray Capital's stewardship, Delta continues to honor its roots while expanding its reach across Texas. We provide the capital, systems, and strategic support to strengthen what Delta has always done best, while carefully extending its platform into new markets and service lines. From residential to commercial and light industrial, Delta remains a name synonymous with reliability, now with the resources to grow and support Texas families and business owners for decades to come.

Dodd Air Conditioning

HVAC - Residential, Commercial & Light Industrial
Established in 1981, Dodd Air Conditioning is a residential and light commercial HVAC provider serving customers across Southeast Texas. For more than four decades, the company has delivered system design, installation, maintenance, and repair services to homeowners and small businesses throughout the region, building a strong reputation for consistent service and long-standing customer relationships.
Acquired November, 2024
Delta Air Conditioning

HVAC - Residential, Commercial & Light Industrial
Established in 1985, Delta Air Conditioning has been a trusted name in Southeast Texas for over 40 years. Serving residential, commercial, and light industrial customers across the Beaumont area, Delta built its reputation the old-fashioned way through quality workmanship, dependable service, and relationships that span generations. What started as a local HVAC company has grown into one of the region's most respected names in the trades, and the foundation upon which Gray Capital's HVAC platform is built.
Acquired April, 2025
Dominick Faraci Air Conditioning

HVAC - Residential, Commercial & Light Industrial
Established in 1974, Dominick Faraci Air Conditioning has served Beaumont and the surrounding Southeast Texas region for more than 50 years. As a family-owned and operated business, Dominick Faraci Air Conditioning has earned a reputation for honesty, dependable service, and long-standing customer relationships across residential and light commercial clients. The company is known for the same standards that have defined it from the beginning: showing up when called, doing the job right, and treating every customer like a neighbor. Now operating as Faraci, A Delta Company, the business joins Gray Capital Group's growing platform under Delta Air Conditioning, carrying its 50-year legacy of service forward into its next chapter.
Acquired, April 2026
TDAC Heating & Air

HVAC - Residential, Commercial & Light Industrial
Established in 2003, TDAC Heating & Air has spent over two decades earning the trust of homeowners and businesses across Arlington, Fort Worth, Mansfield, and Dallas. Built on a reputation for quality workmanship, dependable service, and genuine care for the communities it serves, TDAC is exactly the kind of company Gray Capital was built to partner with — one where the legacy is just as valuable as the business itself.
Beyond its strong residential base, TDAC brings a well-established commercial revenue channel to the platform — expanding Gray Capital's service capabilities across the DFW Metroplex and opening new avenues for growth in commercial and light industrial markets.
Now operating as TDAC, A Delta Company, the business joins Gray Capital Group's growing HVAC platform as its DFW market anchor, carrying its 20-year legacy of service forward into its next chapter.
Acquired May, 2026