Most Large HVAC Contractors Interested in Selling Have Already Sold

The pool of $10 million-plus revenue HVAC contractors willing to sell to private equity has largely been exhausted. This scarcity is driving the next phase of consolidation, where PE firms will flip existing platforms rather than acquire new independent contractors.

“For the past few years, private equity has focused on the $10 million-plus revenue HVAC contractors. At this point, most of those folks who were interested in selling have sold. There are only so many of those left out there.”

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