Who buys hvac businesses: 9 active acquirers
Named PE platforms, franchisors, and strategic consolidators currently acquiring hvac businesses. Every listing is drawn from public 10-K filings, funding announcements, and industry association reports — sourced, dated, and cross-checked.
HVAC multiples currently trade at SDE 3x–4.5x and EBITDA 5.5x–8.5x for well-run Main Street businesses under $5M revenue. The buyer graph below is what makes the difference between the low end and the high end.
Private equity platforms
PE-backed hvac platforms
PE-backed acquirers looking to consolidate hvac businesses into regional or national platforms. Typically pay the highest multiples for well-run businesses with strong recurring revenue.
Wrench Group
PE platformBacked by Leonard Green + Investcorp. Actively acquiring residential HVAC platforms above $1M EBITDA.
Apex Service Partners
PE platformAlpine-backed multi-service platform. Buys HVAC, plumbing, electrical in the same metro.
Sila Services
PE platformBacked by Morgan Stanley Capital Partners. Selective on premium residential platforms.
Redwood Services
PE platformTSG Consumer Partners platform. Multi-trade acquirer with a training academy.
Southern Home Services
PE platformKian Capital-backed. Aggressive in FL, GA, NC, SC.
Path Light Pro
PE platformNewer PE-backed platform focused on residential HVAC + plumbing bundling.
Strategic acquirers
Strategic hvac acquirers
Operating companies acquiring for market coverage, capability, or route density. Often value the specific book of business over the platform play.
Service Champions Heating & Air
StrategicRegional strategic buyer. Acquires larger neighborhood platforms.
Franchise systems
HVAC franchisors
Franchise systems that acquire and convert independent operators. Structure and multiples differ meaningfully from PE / strategic deals — worth understanding before you commit to a process.
One Hour Heating & Air
FranchisorFranchise system (Authority Brands / Apax). Acquires independents to convert to franchise.
Consolidators & other
Other active acquirers
Consolidators, search funds, and other buyer archetypes actively engaging with the market.
Ned Stevens
ConsolidatorHome-services multi-brand consolidator. Smaller tuck-in acquisitions.
Timing intel
When hvac deals close
Buyers prefer to close ahead of cooling season (Apr-May) so they own the peak-revenue quarter. Q4 close volume is soft because buyers wait to see full-year numbers.
- Peak close months
- April, May, September, October
- Softest months
- December, January
People also ask
Common hvac buyer questions
Which private equity firms are buying hvac companies right now?
Wrench Group, Apex Service Partners, Sila Services, Redwood Services, Southern Home Services are the most active PE-backed platforms currently acquiring in hvac. Wrench Group: Backed by Leonard Green + Investcorp. Actively acquiring residential HVAC platforms above $1M EBITDA.Who are the strategic acquirers in hvac?
Service Champions Heating & Air are the primary strategic acquirers active in hvac. Strategics typically pay for market coverage, capability, or route density rather than the platform play PE firms pursue.Do hvac franchisors acquire independent operators?
Yes — One Hour Heating & Air run franchise systems that regularly acquire and convert independent operators. Franchise-conversion structures differ meaningfully from PE / strategic deals — worth understanding before you commit to a specific process.How do I get a hvac buyer to make a real offer?
Run a competitive process, not a one-off conversation. Buyers pay their best price when they think another qualified buyer is at the table. A sell-side broker who has closed with the buyers above will run that process for you — and knows what each buyer actually values.When do most hvac deals close?
Buyers prefer to close ahead of cooling season (Apr-May) so they own the peak-revenue quarter. Q4 close volume is soft because buyers wait to see full-year numbers. Peak close months: April, May, September, October. If you're planning your timeline, target listing 4–6 months ahead of these peaks so due-diligence lands in the buyer's active window.
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