Mid-Market PE Firms Preparing to Exit HVAC Platforms to Upper-Market Buyers

Middle-market private equity firms that acquired HVAC contractors over the past 5-10 years are now reaching the end of their typical 4-6 year hold period. Experts anticipate a wave of exits beginning in late 2025 or early 2026, where these firms will sell their HVAC platforms to larger, upper-market PE firms like JP Morgan, Goldman Sachs, and KKR.

“But it seems like we are now on to the next phase of this process. 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. That means private equity selling these HVAC companies, or a collection of these companies, to other private equity firms.”

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