Private equity consolidation of HVAC contracting since 2020

Private equity targeted HVAC contracting starting in the pandemic, making 2021 and 2022 peak years for HVAC business buyups before activity cooled in 2023.

“Private equity firms saw this as an opportunity, and as a result, 2021 and 2022 were both [huge years for HVAC business buyups](https://www.achrnews.com/articles/154884-how-small-hvac-contractors-can-compete-against-private-equity).”

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.