Historical HVAC Consolidation Failure in the 1990s

In the 1990s, publicly traded consolidators aggressively acquired HVAC companies but failed due to overlooking company culture and integration, causing the M&A wave to collapse for nearly twenty years.

“This phenomenon was evident in the 1990s when several publicly traded consolidators aggressively acquired HVAC companies. These efforts ultimately failed because the consolidators overlooked the importance of company culture and integration. As a result, the wave of interest collapsed, and it has taken nearly twenty years for similar levels of M&A interest and valuation to return.”

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