PE-backed HVAC add-on deals surge 88% YoY

Private equity firms completed 32 add-on transactions targeting HVAC services providers globally through June 9, 2025, up 88% from 17 in the prior-year period. Over half of the 77 M&A transactions in the global HVAC services market during that period were backed by private equity firms or their portfolio companies.

“Private equity firms completed 32 add-on transactions targeting HVAC services providers globally this year through June 9, up 88% from 17 in the prior-year period, according to a midyear analysis by investment bank Capstone Partners LLC. Just over half of the 77 M&A transactions in the global HVAC services market during that period were backed either by private equity firms or their portfolio companies, the report added.”

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