PE aggressively consolidating HVAC, plumbing, and electrical trades

Private equity has acquired roughly 800 HVAC, plumbing, and electrical companies since 2022 and now accounts for about half of all HVAC-services transactions. The market is extremely fragmented with the largest player holding under 2% market share, creating ideal conditions for roll-ups. PE add-on acquisition volume rose approximately 88% year over year through mid-2025.

“Private equity has acquired roughly 800 HVAC, plumbing, and electrical companies since 2022, and PE buyers now make up about half of all HVAC-services transactions — up from roughly a third a year earlier (WSJ/PitchBook; Capstone Partners, 2025).”

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