PE and strategic buyers driving 2025 M&A surge for founder-led HVAC businesses

An advisory guest column describes a 2025 resurgence in HVAC M&A driven by private equity firms and strategic buyers returning to market, fueled by valuation resets and record dry powder, with fragmented service-oriented HVAC firms targeted for platform builds.

“The M&A (merger and acquisition) landscape in the HVAC sector is shifting. Founder-led businesses are increasingly in focus as private equity firms and strategic buyers return to the market with renewed discipline.”

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