Private Equity Accelerating HVAC Consolidation in 2026

Private equity's appetite for HVAC companies is accelerating, reshaping the industry. The home services sector, with HVAC at its core, has become one of the most active M&A verticals in the lower middle market. The roll-up playbook of buying at 5x, building to 15 locations, and exiting at 10x is driving structural shift.

“Private equity's appetite for HVAC companies isn't just growing — it's accelerating at a pace that's reshaping the entire industry.”

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