Historical PE Consolidation Wave in HVAC/R

The author recalls a wave of private investment firms buying up small independent HVAC/R contracting firms 30 years ago, noting that all of those companies eventually failed due to a sales-over-quality business model.

“I can remember some 30 years ago or more, private investment firms with an endless supply of cash buying up small independent contracting firms for well beyond their actual value at an extraordinary pace. Yet every one of these companies that I remember from my day in the field are now gone.”

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