SeeBITDAOklahoma

Thermal Specialties, LLC

Metal Heat Treating
  • 6314 E. 15TH ST, Tulsa, OK
  • 3 locations
  • Since 1981
Estimated valueMedium confidence
$23.1M
$12.2Mlikely range$31.6M
About 5.8× its yearly profit, typical for a company this size in its industry.
Revenue
$37.4M
a year
Profit (EBITDA)
$4.0M
11% of revenue
Employees
111
reported in 2020
Mitch Myers
Owner · source · LinkedIn
Some signs of a sale
thermalspecialties.comLinkedIn
Contact
Find Mitch Myers on RocketReach Request removal or correction

How we got $23.1M

Based on its 111 employees and its payroll, both reported for PPP in 2020 and brought up to date.

111 employees × $303K each$33.6M
PPP payroll ÷ payroll's usual share of revenue$32.0M
Shown toward the top of its range×1.14
Revenue$37.4M
× 11% profit margin$4.0M
× 5.8 sale multiple = value$23.1M

· Own this business? Correct these figures

What we know

PPP loan, 2020
401(k) filing, 2022
No reported financials
Company website
Owner named
3 locations found
Trucking registration (FMCSA)

Signs of a sale Some signs of a sale

  • In business 45 years (since 1981)
  • Family in the business (Christy Myers, HR Manager)

From public records and the company's website, not a statement that it's for sale.

What they do

Thermal Specialties provides heat treating, industrial furnace design and services, refractory, and insulation supply, with support available 24 hours a day. It serves industrial customers that need high-temperature thermal processing solutions.

Products & services
Heat treating servicesIndustrial furnace solutionsNew Furnace Design, Construction and InstallationCalibration and CertificationBurner and combustion systems parts and servicesRefractory design and installationRefractory materialsCombustion and control upgradesTemperature Uniformity SurveysTroubleshootingInsulation SupplyInsulation products
Markets served
Commercial heat treatingIndustrial furnaces
Service area
Tulsa, OKOklahoma City, OKLongview, TXFort Worth, TXDallas Ft Worth
Certifications
AS9100ISO9001

From the company's website. Industry: Metal Heat Treating.

Customers & suppliers

Possible customers nearby

The largest businesses within about 60 miles in the markets its website says it serves.

Plumbing, heating & air

Estimated value over time

▲ 24% since 2020
$0$13.3M$26.6M2020202120222026

Today'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

▼ 21% since 2020
010020020202021202211188
401(k) / retirement-plan participantsEmployees reported for PPP
Show as table
YearSourceEmployeesEst. revenueEst. EBITDA
2020PPP loan111$35.3M$3.8M
2020Form 550074$23.6M$2.5M
2021Form 550082$26.1M$2.8M
2022Form 550088$28.0M$3.0M

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.

Compared with similar businesses nearby

BusinessEst. revenueEst. profitDistance
THERMAL SPECIALTIES, LLC
this business
$37.4M$4.0M—
CUSTOM CRAFT AWARD LLC
Tulsa · 4 employees
$857K$158K0.5 mi
CUSTOM CRAFT AWARDS LLC
Tulsa · 3 employees
$677K$125K0.5 mi
MODERN PLATING CO, INC.
Tulsa · 14 employees
$4.0M$515K0.5 mi
ON PAR ENTERPRISES, LLC
Tulsa · 2 employees
$404K$75K1.6 mi
HUBERT SLUSHER
Tulsa · 18 employees
$2.9M$417K2.9 mi
POWDER BLUE OF OKLAHOMA
Tulsa · 10 employees
$1.9M$269K2.9 mi

The full calculation

Employees reported to the SBA111
Revenue from headcount (employees × revenue per employee for companies this size)$33.6M
Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size)$32.0M
Estimate: the two combined (geometric mean)$37.4M
EBITDA margin (industry, adjusted for size)11%
EBITDA = revenue × margin$4.0M

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$23.1M
Multiple for this size and industry5.8×
Value range$12.2M – $31.6M
Revenue range$24.6M – $42.6M
EBITDA range$2.6M – $4.5M
Industry (NAICS)Metal Heat Treating (332811)

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. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology

People & advisors

Founded 1981 by Robert (Bob) & Paula Caffey
“In 1981, Thermal Specialties, Inc. (TSI) was founded by Robert (Bob) & Paula Caffey.”

Leadership

  • KC
    Kent Charles
    Vice President of Development · Company website · source
  • LA
    Lisa Adams
    Controller · Company website · source
  • CM
    Christy Myers
    HR Manager · Company website · source
  • AB
    Alvin Bruce
    General Manager, Heat Treating · Company website · source
  • AL
    Ashley Lopez
    General Manager, Insulation Supply · Company website · source
  • JP
    Josh Pickle
    General Manager, Construction Services · Company website · source
  • WA
    Wes Adams
    Service Manager Service Wizards · Company website · source
  • LM
    Lindsay Merchant
    Office Manager · Company website · source
  • DW
    Dale Wagoner
    Field Services Manager · Company website · source
  • CC
    Chris Caffey
    Engineer / Estimator · Company website · source

Advisors

  • AccountingMorse & Co., PLLCAudits its 401(k) plan (2022 filing)
  • BankingRCB BankPPP / 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

RCB Bank
PPP 2020, PPP 2021
All 1,690 borrowers →

From PPP and SBA loan records, which name the bank but not the individual banker.

PPP loans

ApprovedDrawAmountForgivenJobsLender
4/7/2020first$1.3M$1.3M111RCB Bank
1/21/2021second$1.3M$1.3M74RCB Bank

3 locations

6314 E. 15TH STTulsaThis listing
5001 SW 20th St Ste 200Oklahoma CityView
8181 S 88th W AveTulsaView

Revenue, profit and value are for the whole company.

Public records

DOT motor carrier
USDOT 702894
Trucks (power units)7
Drivers2
Miles (2023)16,830
Registered with DOT1997

Matched to this business by name and address from public government data; a match can occasionally be wrong.

About Thermal Specialties, LLC

Thermal Specialties, LLC is a metal heat treating company in Tulsa, Oklahoma, in business since 1981. It is owned by Mitch Myers. Its estimated annual revenue is about $37.4M, with roughly $4.0M of EBITDA. It has about 88 employees. Its estimated business value is $23.1M (likely range $12.2M–$31.6M). It has 3 locations.

Common questions

Who owns Thermal Specialties, LLC?
Thermal Specialties, LLC is owned by Mitch Myers, according to public sources such as the company's website or filings.
How much revenue does Thermal Specialties, LLC make?
SeeBITDA estimates Thermal Specialties, LLC's annual revenue at about $37.4M (likely between $24.6M and $42.6M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
What is Thermal Specialties, LLC worth?
About $23.1M, roughly 5.8× its estimated EBITDA of $4.0M, typical for a metal heat treating company its size. Likely range: $12.2M–$31.6M.
How many employees does Thermal Specialties, LLC have?
About 88, from its 2022 retirement-plan filing.
When was Thermal Specialties, LLC founded?
Thermal Specialties, LLC has been in business since 1981.