HVAC roll-up accelerating: 149 deals in 2025, PE drives over half

Capstone Partners counted 149 HVAC-services deals in 2025, up 12.9% year over year while broader industrial M&A fell. PE add-on acquisitions of HVAC firms jumped 88% and PE now drives more than half of all HVAC deals.

“Capstone Partners counted 149 HVAC-services deals in 2025, up 12.9% year over year, in a stretch when broader industrial M&A dropped 24.6%.¹ PE add-on acquisitions of HVAC firms jumped 88%, and PE now drives more than half of all HVAC deals.¹”

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