Add-on acquisitions and PE-to-PE flips common in HVAC

An advisor describes a pattern of add-on acquisitions where a firm buys a business, grows it, then sells 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.”

Signals are extracted from public coverage and print archives and pinned to a verbatim quote, presented as reported by their sources; naming a company in a signal is not an accusation against it. The verified mark denotes a high-confidence, corroborated signal. See our methodology and legal notes.