PE HVAC Add-On Transactions Surge 88% Year-Over-Year in 2026

Global private equity add-on transactions targeting HVAC service providers rose 88% year-over-year through early June 2026, with PE firms accounting for 39 of 77 HVAC M&A deals year-to-date. This reflects intense PE interest in consolidating the fragmented commercial HVAC sector.

“Global PE add-on transactions targeting HVAC service providers rose 88% year-over-year through early June 2026, per Capstone Partners data cited by S&P Global. PE firms accounted for 39 of 77 HVAC M&A deals year-to-date by that same measure.”

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