Private Equity HVAC Consolidation Accelerating

Private equity share of HVAC M&A jumped from 8% in 2023 to 23% in 2024, and exceeded 50% in H1 2025. PE add-on transactions targeting HVAC service providers rose 88% year-over-year through June 2025. Total HVAC transactions reached 149 in 2025, a 12.9% increase over the prior year.

“In 2023, private equity accounted for 8% of HVAC mergers and acquisitions. By 2024, that figure jumped to 23%. That's a 188% increase in PE market share in a single year.”

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