Add-on acquisitions and PE-to-PE flips characterize ongoing HVAC roll-up

An advisor sees no end in sight to HVAC acquisitions, describing many add-on acquisitions where one firm buys a business, grows revenue, then sells it on to another private equity firm.

“Flippen sees a lot of add-on acquisitions happening: one firm buying a business, growing it in revenue for a few years, and then selling it to another private equity firm.”

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