HVAC Transactions Reach 149 in 2025

According to Capstone Partners' December 2025 HVAC Services Market Update, 149 HVAC transactions were announced or completed through year-end, a 12.9% increase over the prior year. In H1 2025, PE firms and their portfolio companies accounted for 39 of 77 recorded deals, over 50%.

“According to Capstone Partners' December 2025 HVAC Services Market Update, 149 HVAC transactions were announced or completed through year-end, representing a 12.9% increase over the prior year. More telling: in the first half of 2025 alone, private equity firms and their portfolio companies accounted for 39 of the 77 recorded HVAC deals. That's over 50% of all transactions.”

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