Mid-market PE expected to begin selling HVAC platforms to larger PE buyers

Editorial commentary and an investment banker note that the HVAC roll-up cycle is entering a new phase: middle-market PE firms that bought up HVAC contractors are expected to sell those platforms to upper-market PE, with exits ramping up in late 2025/early 2026.

“Experts in this area are seeing a move from middle-market private equity being interested in HVAC to the upper market becoming more of a player.”

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