Rae Corporation
How we got $105.3M
Based on its 355 employees and its payroll, both reported for PPP in 2020 and brought up to date.
Estimated value over time
▲ 59% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▲ 103% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 355 | $104.3M |
| 2020 | Form 5500 | 372 | $109.3M |
| 2021 | Form 5500 | 547 | $160.7M |
| 2022 | Form 5500 | 519 | $152.4M |
| 2023 | Form 5500 | 547 | $160.7M |
| 2024 | Form 5500 | 720 | $211.5M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
What we know
Signs of a sale Unlikely to sell soon
- In business 55 years (since 1971)
- No family successor named on its website
- Acquired by Toledo Gearmotor Company
From public records and the company's website, not a statement that it's for sale.
What they do
RAE Corporation is an industrial and commercial HVAC manufacturer based in Pryor, Oklahoma, engineering and assembling its products entirely in Oklahoma.
From the company's website. Industry: Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing.
Ownership & transactions
- Acquired by Toledo Gearmotor CompanyA LeadIQ profile states that Toledo Gearmotor Company acquired Rae Corp. and expects the acquisition of RAE Corporation to strengthen its position, though the result gives no date and does not specify the location.Source
Customers & suppliers
Customers
- Federal Aviation Administration · federal contracts $1.4M
- Department of the Air Force · federal contracts $30K
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| RAE CORPORATION this business | $146.2M | — |
| Century Refrigeration Pryor | $2.0M | 0.1 mi |
| ACME MANUFACTURING CORP Claremore · 29 employees | $13.6M | 24.0 mi |
| Mistop Claremore | $3.0M | 24.0 mi |
| C & L SUPPLY INC Vinita · 143 employees | $58.2M | 27.9 mi |
| OK FILTER CO,, INC. Tulsa · 80 employees | $24.6M | 30.1 mi |
| Greenheck Group Tulsa | $1.9M | 31.3 mi |
The full calculation
| Employees reported to the SBA | 355 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $127.5M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $129.0M |
| Estimate: the two combined (geometric mean) | $146.2M |
| EBITDA margin (industry, adjusted for size) | 9% |
| EBITDA = revenue × margin | $13.3M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $105.3M |
| Multiple for this size and industry | 7.9× |
| Value range | $55.4M – $144.1M |
| Revenue range | $96.2M – $166.7M |
| EBITDA range | $8.8M – $15.2M |
| Industry (NAICS) | Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
History & advisors
“RAE Corporation has been family owned and operated for the entire existence of the company.”
Advisors
- AccountingCurzon Cumbey & Kunkel PLLCAudits its 401(k) plan (2024 filing)
- BankingVast Bank, National AssociationPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| Vast Bank, National Association PPP 2020 | All 359 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/6/2020 | first | $3.8M | 355 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Rae Corporation
Rae Corporation is a family-owned air-conditioning and warm air heating equipment and commercial and industrial refrigeration equipment manufacturing company in Pryor, Oklahoma, in business since 1971. It is owned by Eric Swank (President). Its estimated annual revenue is about $146.2M, with roughly $13.3M of EBITDA. It has about 720 employees. Its estimated business value is $105.3M (likely range $55.4M–$144.1M).
Common questions
- Who owns Rae Corporation?
- Rae Corporation is owned by Eric Swank (President), according to public sources such as the company's website or filings.
- How much revenue does Rae Corporation make?
- SeeBITDA estimates Rae Corporation's annual revenue at about $146.2M (likely between $96.2M and $166.7M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Rae Corporation worth?
- About $105.3M, roughly 7.9× its estimated EBITDA of $13.3M, typical for a air-conditioning and warm air heating equipment and commercial and industrial refrigeration equipment manufacturing company its size. Likely range: $55.4M–$144.1M.
- How many employees does Rae Corporation have?
- About 720, from its 2024 retirement-plan filing.
- When was Rae Corporation founded?
- Rae Corporation has been in business since 1971.