HVAC M&A activity rising sharply, driven by private equity

An M&A advisory column reports HVAC deal activity has grown from ~20 transactions in 2011 to more than 120 per year by 2019, driven predominantly by private equity investment into a highly fragmented industry of 75,000+ U.S. companies.

“Deal activity in HVAC is on the rise, driven predominantly by increased investment from private equity. In 2011, only approximately 20 M&A transactions were completed. Fast forward to 2019, and there are more than 120 being done each year, according to Pitchbook. The HVAC industry is very fragmented and has more than 75,000 companies in the U.S. alone, which means there are plenty of other businesses available for additional consolidation.”

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