PE-driven HVAC M&A surge: 20 deals in 2011 to 120+ per year by 2019

Commentary documents a sharp rise in HVAC deal activity driven predominantly by private equity, citing Pitchbook data showing growth from ~20 transactions in 2011 to more than 120 per year by 2019, in a highly fragmented industry of 75,000+ companies.

“Deal activity in HVAC is on the rise, driven predominantly by increased investment from private equity. In 2011, only approximately 20 M&A transactions were completed. Fast forward to 2019, and there are more than 120 being done each year, according to Pitchbook.”

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