The HVAC private equity acquisition wave is accelerating. More than 600 HVAC businesses have been acquired by PE-backed platforms since 2018, and the pace is increasing — industry trackers estimate 200–400+ deals annually across active roll-up platforms. But most HVAC owners have no idea who is actually buying, what they pay, or what criteria they use to evaluate a target.
This directory is based entirely on publicly available information — press releases, acquisition announcements, SEC filings, and industry reporting. We've organized buyers into three tiers by deal size, because the firm that acquires a $15M EBITDA HVAC business is almost never the same one writing checks for a $1.5M EBITDA operator. Knowing which tier you fall into is the first step to knowing who to approach — and how.
For context on overall deal volume and market trends, see our HVAC PE acquisition statistics page. For how HVAC multiples compare to plumbing and electrical, see this sector comparison.
How to Read This Directory
Buyers are organized into three tiers by typical deal size. Most HVAC owners will fall into Tier 2 or Tier 3.
- 1National Platforms / Large Strategics(>$10M EBITDA)
Major PE-backed consolidators and publicly traded strategics with national footprints. These buyers run competitive processes and typically want platform-scale businesses.
- 2Regional Roll-Ups($2M–$10M EBITDA)
PE-backed platforms building geographic density. The most active buyer tier for established HVAC businesses. These buyers want add-ons that fill in their service maps.
- 3Lower-Middle-Market PE(sub-$5M EBITDA / SDE deals)
Smaller funds and SBA-financed strategic acquirers targeting owner-operators. Deal structures often include seller financing. Most HVAC owners with $1M–$3M EBITDA are in this buyer pool.
Tier 1: National Platforms & Large Strategics
These are the largest and most well-capitalized buyers in the HVAC M&A market. All information is based on publicly available acquisition announcements and industry reporting.
| Firm | HQ | HVAC Focus | Typical Deal Size |
|---|---|---|---|
| Wrench Group | Georgia | Residential HVAC, plumbing, electrical — multi-trade platforms | $5M–$20M+ EBITDA |
| Apex Service Partners | Texas | Residential HVAC and plumbing, Sun Belt and Southeast focus | $3M–$15M EBITDA |
| Southern Air Holdings | Georgia | Residential HVAC, Southeast and Mid-Atlantic geographies | $3M–$10M EBITDA |
| Service Logic | North Carolina | Commercial HVAC and mechanical services, national coverage | $5M–$25M+ EBITDA |
| Comfort Systems USA (NYSE: FIX) | Texas | Commercial HVAC, mechanical, and building services (strategic acquirer) | $10M–$100M+ revenue |
| ARS / Rescue Rooter | Tennessee | Residential HVAC, plumbing, and indoor air quality — national platform | $5M–$20M+ EBITDA |
| Doyle Acquisition Group | Texas | Residential and light commercial HVAC, South and Southwest markets | $2M–$10M EBITDA |
Note: Deal size ranges are estimates based on publicly disclosed transactions and industry reporting. Specific terms are not publicly available for most HVAC acquisitions.
Tier 2: Regional Roll-Ups
These buyers are typically PE-backed platforms building out within specific geographies or service trades. Most owners with $1M–$5M EBITDA will find their most relevant buyers in this tier.
| Firm | HQ | HVAC Focus | Typical Deal Size |
|---|---|---|---|
| Conditioned Air | Florida | Residential HVAC, Southwest Florida primary market | $1M–$5M EBITDA |
| Cornerstone Building Brands / PE-backed regional platforms | Various | HVAC and home services tuck-in acquisitions within existing footprints | $1M–$5M EBITDA |
| HomePro (PE-backed) | Various | Residential HVAC, plumbing, and electrical in secondary markets | $1M–$4M EBITDA |
| 1-800-Plumber + Air (PE-backed franchise platform) | Texas | HVAC and plumbing franchisee roll-ups, secondary markets | $500K–$3M SDE / EBITDA |
| Neighborly (Dye & Durham / private) | Texas | Franchise-based home services including HVAC brands (Aire Serv) | $500K–$3M SDE |
| Regional PE-backed HVAC platforms (fund-level add-ons) | Various | Tuck-in acquisitions within established geography — not public by name | $1M–$5M EBITDA |
| Greenfield Capital / lower-middle-market PE | Various | Sub-$5M EBITDA HVAC businesses in fragmented regional markets | $500K–$3M EBITDA |
Note: Many regional roll-up platforms don't disclose acquisition activity by name. This table reflects publicly known buyers. A significant share of HVAC acquisitions are completed by platforms that operate quietly and don't issue press releases.
What These Buyers Are Looking For
Across all three tiers, PE buyers evaluate HVAC acquisitions on the same core criteria. The weight of each factor shifts by deal size — national platforms scrutinize management depth more than a regional roll-up buying a $1M EBITDA add-on — but these four signals determine whether you get a competitive offer or a lowball:
Recurring Revenue
Maintenance agreements and service contracts are the single biggest multiple driver. PE models renewal rates, customer retention, and the % of revenue that renews automatically. A business where 40%+ of revenue is under contract gets meaningfully different underwriting than one that's 100% break-fix. Document your contracts, renewal rates, and average contract value before any buyer conversation.
Owner-Independence
Can the business operate without you for 30 days? PE buyers aren't acquiring an owner-operator — they're acquiring a business. If the answer requires your personal presence for key accounts, dispatching, or customer relationships, that's a risk they price into the deal. Hire or promote a service manager and operations lead before you go to market.
Geographic Density
PE platforms are building dense service territories, not national patchworks. A buyer that already operates in the Dallas–Fort Worth metro will pay more for an acquisition that adds route density there than for an equally strong business in a market where they have no presence. Know which platforms are active in your geography — that's who will pay the most.
Clean Financials
Three years of tax returns, CPA-reviewed or audited P&Ls, and a normalized EBITDA schedule. 'Clean' means no off-book expenses, no personal expenses run through the business without documentation, and no unexplained revenue variances. PE will hire a Quality of Earnings firm. What they find reprices the deal — or kills it.
How Deals Actually Get Done
Most HVAC owners assume their business will sell through a broker who lists it on a marketplace and waits for offers. That's not how the institutional market works. The overwhelming majority of PE-backed HVAC acquisitions are sourced proactively — by platform business development reps who identify targets in their markets and reach out cold.
These reps are calling your competitors right now. They're pulling state licensing databases, cross-referencing fleet size and online reviews, and building target lists sorted by recurring revenue indicators (Google reviews that mention “maintenance plan,” long tenure customers, seasonal service call volume). By the time a PE buyer calls you, they've already modeled what they think your business is worth.
Owners who are “ready” — clean books, documented recurring revenue, management that doesn't depend on the owner — get better deals than owners who wait until they're tired and then scramble. Readiness creates optionality. Optionality creates leverage. Leverage moves price.
The owners who get the best deals are the ones who already know their number before the first call. They can say, “Our EBITDA is $1.8M, we have 380 maintenance contracts, and we've been running at 28% margin for three years.” That's not just confidence — it signals to the buyer that this owner won't be anchored to an opening offer.
Not on a Platform's Radar Yet? Get Ready Before They Call
When PE calls, owners who already know their number have leverage. Those who don't get anchored to the buyer's opening offer.
PE buyers underwrite deals before they call. They have a model for what your business is worth. If you don't have your own number, their number becomes the anchor for the entire negotiation. Owners who've already run a valuation, know their EBITDA, and have their financials organized walk into that call with real leverage. Those who haven't walk in defensively. Get your number first.
Get the Full Valuation ReportHow to Approach a PE Buyer
If you're ready to explore a sale — whether you've been called by a platform or you want to initiate the process — here's how to approach it without leaving money on the table:
- 1
Know your EBITDA before any call.
Calculate normalized EBITDA — add back the owner's compensation to market rate, remove personal expenses, and document one-time costs. This is the number PE will underwrite. If you don't know it, find out before you pick up the phone. Use the free calculator to get your baseline range.
- 2
Get a valuation range from a calculator or advisor before the first call.
You need your own number before you hear theirs. Once you hear their opening offer, it becomes the reference point for everything that follows. Own the anchor.
- 3
Have 3 years of financials organized and ready.
Three years of tax returns, P&Ls, and a clean EBITDA bridge. If your books aren't CPA-reviewed, get there before you engage buyers. The QofE firm will find every discrepancy — better to surface them yourself first.
- 4
Run a competitive process, not a direct negotiation.
If only one buyer knows you're for sale, they control the price. An M&A advisor reaches out to 10–20 buyers simultaneously, creating competition. Competition moves price. For deals above $3M EBITDA, this alone typically covers the advisory fee multiple times over.
- 5
Hire an M&A advisor for deals >$3M EBITDA.
Below $2M EBITDA, a business broker may be sufficient. Above $3M EBITDA, a dedicated M&A advisor with HVAC sector experience will almost always deliver better net proceeds than going direct — even after their fee. The leverage they create is structural, not personal.
Know Your Number Before Any Buyer Calls
Full HVAC Valuation Report — $49
The OffRamp full report gives you your PE-grade EBITDA multiple range, normalized EBITDA calculation, PE Readiness Score across 6 dimensions, and a buyer tier analysis based on your actual numbers. Built for HVAC owners who want to walk into a buyer conversation prepared — not anchored.
Frequently Asked Questions
How do I get a PE firm to look at my HVAC company?
Most PE platforms have business development reps who actively source deals — they may already have your business on a list. The most reliable path is to be ready: clean financials, documented recurring revenue, and a clear EBITDA. If you want to run a competitive process, an M&A advisor will outreach to multiple buyers simultaneously. For deals under $2M EBITDA, a business broker may be sufficient. Above $3M EBITDA, a dedicated M&A advisor almost always delivers better terms.
What EBITDA do I need to attract private equity?
Tier 1 national platforms typically start at $3M–$5M EBITDA. Regional roll-ups are active from $1M–$5M EBITDA. Lower-middle-market PE and SDE-based buyers go as low as $500K SDE. If you're below $1M EBITDA, you're most likely talking to strategic acquirers or owner-operators, not institutional PE. That doesn't mean you can't sell — it means your buyer pool and process will look different.
Should I use a broker or go direct to PE?
Going direct to a PE firm that called you cold can be viable — but you're negotiating without leverage. A broker or M&A advisor creates competition, which is what moves price. On a $1.5M EBITDA business, the difference between a represented seller (5.25x) and an unrepresented seller (4.5x) is typically $1M+ net of fees. For deals above $3M EBITDA, an M&A advisor almost always pays for itself. Below $2M EBITDA, weigh the 8–12% broker fee against the leverage they create.
OffRamp is a free valuation tool for HVAC business owners. All buyer information in this directory is based on publicly available sources including press releases, industry publications, and acquisition announcements. We don't represent buyers, sell your information, or work on commission. Always consult a licensed M&A advisor before entering a sale process.