Debt-fueled PE roll-up model under stress; hosts expect more HVAC platform breakups

Hosts describe the PE playbook of loading companies with debt to fund rapid acquisitions and outrun the debt, frame Air Pros as what happens when that fails, and predict more breakups especially across the struggling South.

“the way it works is they come in and they load a company down with debt, crippling debt, which is what we're looking at. And they use that to go buy a bunch of more stuff. They want to grow as fast as they can. They want to outpace the debt. This is an example of what happens when that doesn't work out.”

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