M&A activity expected to accelerate in late 2025 or early 2026

After a slowdown in HVAC M&A during 2023 and 2024 due to high interest rates, deal activity is expected to pick up in late 2025 or early 2026. Potential Federal Reserve rate cuts could make financing more affordable for buyers and stimulate the market, though tariff concerns and refrigerant transition issues may affect timing.

“But most people see this ramping up in late 2025 or early 2026.”

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