About
We Buy and Build Great Companies.
We buy companies. We hold them to a standard. We buy construction trades companies — HVAC, plumbing, and electrical — and we buy land and existing buildings.
From the founder
I have never not been an entrepreneur.
I left home at 16 and built from nothing — recycling on the side of the freeway, working every job I could get into college. I dropped out a semester short of my degree to go learn mortgage under my mom, a 20-year veteran in the business. Two years later we had one of the top-producing teams in the country, and we spun off our own brokerage that ranked nationally.
Since then I've built, bought, and sold multiple 7- and 8-figure businesses across different industries. Full cycle — build, acquire, scale, exit.
I started X Squared to buy trades companies — HVAC, plumbing, electrical — and land and existing buildings, so owners don't have to figure the next chapter out alone. Your name stays on the door. The work stays in the field. And the transaction, when it's time, is done by people who have actually sat in your seat.
Cody Stevens — Managing Partner, CEO
What we buy
Companies and real estate
We buy great trades companies and real estate, then hold the work to a standard — for the people who run them and the people they serve.
People
- Operators
- Teams
We look for owners and teams who care how work gets done.
Well-run shop
- Clear model
- Solid ops
The business has to make sense on paper and in the field.
Work that matters
- HVAC
- Plumbing
- Electrical
Trades America still needs. That’s the lane.
The operators
Leadership
People who have sat in the owner's seat. Track records you can diligence.
Cody Stevens
Managing Partner, CEO
Since 2009 · 7- & 8-figure exits
Leads acquisition strategy and partnerships. Deep expertise in cultural development and scaling high-performing teams — the foundation that creates real asset value in every business we touch.
A business is worth what happens in the field — with people and culture you can be proud of.
Lucas White
Managing Partner, COO
$1B+ delivered · Field operator
Construction and development across private and public sectors — over $1 billion in combined project value, with disciplined financial oversight and field execution. Helped scale a startup from inception to about $50 million in revenue in roughly three years through growth strategy, operational structure, and execution systems.
Execution beats intention. What happens in the business every week is what matters.
By the numbers
7 & 8-figure
Businesses built, bought, and sold
$1B+
In construction and development delivered (Lucas)
$300M+
Aggregate revenue track across our portfolio and partnerships
Since 2009
Entrepreneur, operator, and owner
Team track record
Milestones from both partners that show how we think, scale, and show up alongside owners.
Cody
Entrepreneur since 16
Left home at 16 in 2009 and started building from nothing — recycling on the side of the freeway while still in high school, working every job he could get into college. That scrappy, first-principles resourcefulness is still how we show up for partners.
Cody
One of the top mortgage brokerages in the nation
Learned mortgage under a 20-year veteran, grew to a top-producing team, then co-founded a brokerage that ranked nationally. Unit economics, marketing, and service discipline that held up under scale.
Cody
Built, bought, and sold multiple 7- and 8-figure businesses
Across different industries, the full cycle — build, acquire, scale, exit. We have sat in the owner’s seat for the transaction you are thinking about, not just advised on it.
Lucas
$1B+ in construction and development delivered
Analysis, planning, and delivery across private and public sectors. Financial oversight, coordination, and field execution at a scale most owners will never need to manage themselves.
Lucas
Startup from inception to about $50M in roughly three years
Contributed to growth strategy, operational structure, and the systems that supported rapid expansion. Build discipline under real pressure, not theory.
Team
X Squared today
We buy trades companies — HVAC, plumbing, electrical — and land and existing buildings, then run them for the long term. On track for $300M+ in aggregate revenue across the portfolio and partnerships we support.
The work
What we buy
People. Well-run shops. Trades and land you can hold. That’s what we buy.
Trades companies that matter locally
HVAC, plumbing, and electrical shops still need skilled people in the field. Demand for that work is steady, and good local operators are hard to replace.
Land and buildings you can hold
Real property is tangible — a place, a business address, an asset you can visit. We buy land and existing buildings alongside the companies that use them.
Buy well, run for the long term
We acquire trades companies and real estate with a clear plan to own and operate. No quick flips — we want businesses that keep working after the closing table.
Drive cash flow through ops
Better systems, tighter processes, and the right people in the right seats. When operations run well, the business throws off cash — and the owner can breathe easier.
Our approach in context
We buy to own and operate — not to strip and flip. Strong culture and teams are how we build lasting value, whether you stay to scale or prepare for an exit.
Your brand
- Private equity
- Often rebranded or folded into a roll-up identity.
- Consultants
- Rarely involved in brand — advice-only.
- X Squared
- Kept intact. Local reputation matters.
Your team
- Private equity
- Cost-cutting pressure; team viewed as overhead.
- Consultants
- No accountability for execution in the field.
- X Squared
- Protected. People and culture are assets.
Timeline
- Private equity
- Typical hold of a few years before a flip.
- Consultants
- Hourly or project-based — no long-term stake.
- X Squared
- Built for the long game — buy, build, operate; exit when it’s right.
Your role
- Private equity
- Pushed toward exit or reduced control as fund priorities shift.
- Consultants
- You implement — they advise.
- X Squared
- You choose: stay, step back, or transition out.
Culture
- Private equity
- Often reshaped to fit fund playbook.
- Consultants
- Theoretical; culture left to you.
- X Squared
- We treat culture as part of what makes the business worth owning.
How we show up
- Private equity
- Financial engineering first.
- Consultants
- No operating risk beside deliverables.
- X Squared
- We buy to run it alongside you — not to advise from the sidelines.
How we work
Growth. Relationships. Excellence. Authenticity. Team. The standard for people we hire and partners we take money from.
Growth
If it doesn't move the company forward, we don't do it.
Relationships
Business is personal. We show up like we mean it.
Excellence
The work is in the details — in the field, not on paper.
Authenticity
Direct feedback over recycled corporate talk. Always.
Team
We win when you win. Credit belongs to the people doing the work.
What We Look For
People first — great operators and cultures. Well-run businesses with a clear model and solid processes. Services we need: HVAC, plumbing, electrical, and related construction trades, plus land and existing buildings.
Next step
Ready to talk about a fit?
Whether you're thinking about selling, partnering, succession, or a potential exit — we'd like to hear from you.