HVAC Consolidation and PE Roll-Up Activity Continues

The Air Pros bankruptcy occurred amid continued consolidation in the HVAC services industry. Private equity add-on transactions targeting HVAC service providers rose 88% year-over-year through mid-2025, with transaction multiples remaining above 10x EBITDA.

“Private equity add-on transactions targeting HVAC service providers rose 88% year-over-year through mid-2025, with transaction multiples remaining above 10x EBITDA. Industry analysts characterize the residential HVAC services segment as approximately midway through its consolidation cycle.”

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