HVAC acquisition frenzy; buyers include PE groups and bankers, prices detached from fundamentals

HVAC business broker Patrick Lange describes a buying frenzy in the heating-and-air space where buyers — many of them bankers, private equity groups and insurance agents — are paying inflated prices, likening it to a housing bubble.

“so many buyers, there's such a frenzy about buying, buying, acquisition, acquisition, everybody's buying, everybody's buying, that people are buying companies, smart people are buying companies that they shouldn't be buying.”

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