HVAC Roll-Up Playbook Driving M&A Activity

The roll-up playbook involves buying at 5x, building to 15 locations, and exiting the combined entity at 10x. HVAC is the poster child for this strategy due to recurring revenue, essential service nature, fragmented market, and technician-leverage economics.

“Buy at 5x, build to 15 locations, and exit the combined entity at 10x. That's the roll-up playbook, and HVAC is its poster child.”

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