PE-to-PE flips: middle-market HVAC platforms set to sell to upper-market firms

Investment banker Jacques Zureikat describes a next phase where middle-market PE owners sell their consolidated HVAC platforms to larger 'blue blood' firms like JP Morgan, Goldman Sachs and KKR, with exits expected to ramp up in late 2025 or early 2026.

“Experts in this area are seeing a move from middle-market private equity being interested in HVAC to the upper market becoming more of a player. That means private equity selling these HVAC companies, or a collection of these companies, to other private equity firms.”

Signals are extracted from public coverage and print archives and pinned to a verbatim quote, presented as reported by their sources; naming a company in a signal is not an accusation against it. The verified mark denotes a high-confidence, corroborated signal. See our methodology and legal notes.