Mid-size HVAC bought up; sub-$5M independents still sell briskly

Broker Patrick Lange said all the $10M-$40M companies were already gobbled up by consolidation while many $1M-$2M companies remain, and his smaller-deal segment has stayed resilient with consistent valuations and increased buyer demand.

“With all this consolidation, all the $10, $20, $30, $40 million companies were already gobbled up, and there's a lot of $1 and $2 million companies that weren't.”

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