Record HVAC Deal Activity in 2024-2025

HVAC deal count reached 55 transactions in 2024, a 72% year-over-year increase. By mid-2025, 77 transactions had closed, and by year-end 2025, total deals reached approximately 149.

“In 2024, HVAC deal count reached 55 transactions, representing a 72% increase year-over-year and the highest level recorded in recent datasets. By mid-2025, 77 HVAC services transactions had already closed. By the end of 2025, total HVAC-related deals reached approximately 149 transactions, reflecting continued momentum despite broader M&A slowdown.”

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