PE's peak interest in HVAC is now behind us; new firms launching wave-two platforms

Houlihan Capital's Jacques Zureikat says PE's first roll-up wave (kicked off in 2020/2021 on five-year holds) is wrapping up, with new firms now starting new platforms in a wave two of the cycle.

“a lot of them kicked off their roll-up strategies in 2020/2021. One of the broader M&A trends has been a huge come-down in PE-to-PE transactions (exiting their platforms, having their big payday)”

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