UK vs US Home Services Roll-Up Multiples Comparison

UK platform-level multiples are typically several turns below US levels for similar quality businesses. US scaled residential HVAC platforms have traded at 16x to 19x EBITDA, while UK multiples are lower. However, the spread between platform and add-on multiples is similar in percentage terms, and the UK is structurally less mature, implying more multiple expansion potential.

“Are UK roll-up multiples lower than US multiples? Yes, materially. US scaled residential HVAC platforms have traded at 16x to 19x EBITDA. UK platform-level multiples are typically several turns below those levels for similar quality businesses.”

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