Comfort Systems CEO on the 'stigma' of the late-1990s HVAC consolidation wave

Murdy acknowledged the stigma of being labeled a consolidator, noting specialty-construction consolidations performed poorly in a tough economy, and predicted no repeat of the 1990s consolidation wave; future expansion would come through organic growth and very targeted acquisitions.

“I don't think we will see a consolidation wave like we saw in the late 90s - in any industry. That was an interesting point in our history. Everything was positive, with rapid growth. Capital was virtually free. People learned a lot of lessons from that.”

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