HVAC M&A multiples roughly tripled over a decade; advisor calls it 'later innings'

An M&A advisor (formerly an HVAC buyer who started his firm ~10 years ago) says multiples have roughly tripled over the decade and that the consolidation wave is in its 'later innings,' as buyers can only pay up so far before returns suffer.

“I used to be a buyer of HVAC companies before I started our firm about 10 years ago. And we were buying things then for a third of what we're seeing multiples trade at now.”

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