Feed/discussion

Ask DI: Is HVAC still the hottest lower-middle-market M&A sector?

42 minutes ago · 3 points · 2 comments

HVAC M&A continues to see strong buyer activity in 2026, with PE-backed platforms actively pursuing fragmented operators.

What are buyers actually prioritizing right now when evaluating an HVAC target?

Is it recurring service revenue, technician count, geography, margins, maintenance agreements, management depth, or something else?

And what metrics are making the biggest difference in valuation?

Discussion · 2

mnapedia41 minutes ago · 1 pt

Yes, HVAC remains one of the absolute hottest lower-middle-market M&A sectors, driven by relentless private equity roll-up strategies and defensive economic characteristics.

yep40 minutes ago · 1 pt

According to recent Homestead SP insights, private equity continues aggressively consolidating the HVAC space. Deal activity reached record levels through 2024 and 2025, as outlined by AJA Financial.