Two bankers say HVAC M&A market still robust, slightly off 2021 peak

Investment bankers report HVAC M&A activity remains robust though slightly below its 2021 peak: 186 HVAC transactions in 2022 vs 198 in 2021 and 133 in 2020.

“Last year saw 186 transactions involving HVAC companies in the U.S., just a few short of the 198 deals reported in 2021, according to Kevin Wilson, a principal at The DAK Group who often works with people looking to sell HVAC businesses. By comparison, there were 133 HVAC business deals in 2020, Wilson said.”

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