How this U.S. Navy Veteran is carrying the motto from his last ship into business ownership.
Glen’s Road to Ownership
Glen’s ETA journey began while he was still serving in the U.S. Navy.
While serving, he began preparing for his post-retirement future by completing an Executive MBA at The Robert H. Smith School of Business, University of Maryland College Park. This is where he was first introduced to ETA. During this time, he also deepened his understanding of ETA by completing workshops geared toward veteran entrepreneurs, VettoCEO and ETA in a Box.
Once he retired, he jumped into a self-funded search, reviewing more than 200 confidential information memorandums (CIMs). Through this process, Glen refined his criteria and clarified what he wanted from both a business opportunity and long-term seller relationship. When he identified his eventual acquisition, M.S. Johnston Co., he aligned immediately with the seller on values, vision, and stewardship of the business.
Glen is now the proud owner of M.S. Johnston, which was founded in 1932 and provides commercial HVAC, refrigeration, and food service equipment solutions, including system design and build, installation, preventive maintenance, and repair services. The company serves clients across the Mid‑Atlantic region and is recognized for its long-standing technical expertise, reliability, and commitment to environmental stewardship. In this ownership transition, Glen is continuing the legacy of a business approaching 100 years of operation.
“NMC provided both investment capital and meaningful support throughout my search and acquisition process. In addition to their financial commitment, they leveraged their established relationship with my lender to help clarify requests, unblock issues, and expedite key steps during the transaction. Their involvement added credibility, improved communication, and helped maintain momentum during an otherwise complex and extended acquisition process.” - Glen Martin
The Acquisition Journey
An HVAC business was not part of Glen’s original acquisition thesis.
He was conducting a geographically constrained search, which meant the number of available opportunities was limited, requiring him to stay focused on core financial and operational criteria rather than focusing on a specific industry. This business type consistently met his criteria.
For Glen, after meeting the seller of M.S. Johnston and gaining a deeper understanding of the company and the HVAC industry, his conviction quickly grew. HVAC was not just a comfort service, it’s critical infrastructure that supports supermarkets, schools, fulfillment centers, and other businesses to best operate and serve their communities.
What ultimately resonated with Glen most was the seller’s principles. He embodied servant leadership, genuinely cared for his employees, and had built a company deeply connected to the community. The business actively supported local philanthropy, including helping resettle Afghan refugee families in the area by providing warehouse space to store donated furniture for families furnishing their new homes. As a veteran of the war in Afghanistan, this commitment deeply aligned with Glen and reinforced that this was the right business to steward going forward.
Like many acquisition journeys, Glen's was longer and more complex than expected — even with clear values alignment from the start. Glen shared, “‘Fortune favors valor’ was the motto of my last ship, and it has stayed with me. Be bold and be willing to do hard things, even when the outcome is uncertain.” Glen navigated new SBA loan regulations, negotiations with investors, and structuring challenges, all while remaining focused on keeping the seller engaged and confident. The successful closing was a direct result of focus, persistence and discipline at every step.
Glen was not alone though, he noted his village of support was crucial, “the strength of my acquisition team, and the support of my investors, including close friends and New Majority Capital’s confidence and partnership were essential to bringing the deal to completion.”
Ownership & Impact
Glen’s focus post-acquisition has been on deep learning of the business, “while trying not to break anything and only occasionally reaching for the duct tape," he shared.
The successful acquisition was just the first major milestone on his journey, and the fulfillment of a large professional and financial commitment he made to himself. His next challenge is building on the strong foundation of the business, and thoughtfully identifying opportunities for growth without losing the essence of what's made it successful to date.
“It is still early, but I am focused on rolling up my sleeves and working alongside the talented employees who are already here, while reinforcing strong governance and thoughtful growth.” Glen said.
One of the draws for Glen to this business was the seller's commitment to the community, which he hopes to continue. Glen is committed to social responsibility, and the philosophy that business done right benefits society by creating sustainable, long term value for people, communities, and the future of the organization.
Glen’s Advice To Others on Their ETA Journey
“Put yourself out there, clearly articulate your intentions, and do not hesitate to ask for help. Progress comes from action, and when you pair courage with hustle, you create opportunities by connecting the right people, resources, and ideas to turn ambition into reality.”
