PE Rollups Structurally Transforming the HVAC Industry

The article describes a structural transformation of the HVAC industry driven by private equity rollups. PE firms acquire multiple independent contractors in a market, consolidate them under one brand, and use combined marketing budgets to outspend remaining independents.

“Private equity accounted for 50.6% of all HVAC M&A deals in H1 2025 — an 88% increase year over year. Here's how PE rollups are reshaping the industry and what independent contractors should do about it.”

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