{"id":5767,"date":"2026-08-17T21:08:25","date_gmt":"2026-08-17T21:08:25","guid":{"rendered":"https:\/\/amerivestgroup.com\/?p=5767"},"modified":"2026-08-23T15:56:07","modified_gmt":"2026-08-23T15:56:07","slug":"private-equity-buying-hvac-plumbing-companies","status":"publish","type":"post","link":"https:\/\/amerivestgroup.com\/es\/private-equity-buying-hvac-plumbing-companies\/","title":{"rendered":"Why Private Equity Is Buying Every HVAC and Plumbing Company It Can Find"},"content":{"rendered":"
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PARA VENDEDORES<\/p>\t\t\t\t<\/div>\n\t\t\t\t

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Why Private Equity Is Buying Every HVAC and Plumbing Company It Can Find<\/h1>\t\t\t\t<\/div>\n\t\t\t\t
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Private equity add-ons made up roughly 41% of all HVAC M&A activity in 2026<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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That isn't opportunistic buying — it's a strategy. Here's the math behind the roll-up, and what it means for your number.<\/p>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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If you own an HVAC, plumbing, electrical, or pest control business of any real size, there’s a good chance a private-equity-backed platform has already looked at you. Maybe you’ve had the call. Maybe you got the letter that says “we’re not brokers, we’re buyers” and threw it out.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Most owners read those approaches as flattery, or as noise. They’re neither. They’re the visible edge of a systematic acquisition campaign that has been running in home services for years — and understanding the machinery behind it changes how you should read the first offer that lands in your inbox.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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I. What's Actually Happening in Your Industry<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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This isn’t a vague trend. It’s measurable.<\/p>

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Industry M&A tracking for HVAC services counted 92 announced or completed transactions year-to-date in 2026, down about 4% from the prior year, so activity is steady rather than frothy. What matters is the composition. Financial sponsors accounted for 47 of those deals. Of those, 38 were add-ons<\/strong> to platforms that already existed, and only 9 were new platform creations.<\/p>

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That means roughly 41% of all deal activity in the sector was one thing: existing platforms bolting on more companies. Strategic buyers took most of the rest \u2014 and many of those strategics are themselves consolidators.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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The platforms doing the buying are named, funded, and easy to look up: Sila Services (Goldman Sachs Alternatives), Apex Service Partners (Alpine Investors), Wrench Group (Leonard Green & Partners), Champions Group (Blackstone), Service Logic (Bain Capital), Neighborly (KKR), Ambient Enterprises (Intermediate Capital Group), PremiStar (Partners Group). One industry tracker identified 21 separate active platforms with publicly disclosed plumbing acquisitions between January 2024 and April 2026 alone.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Punto Clave<\/strong>
When 38 of a sector’s deals in a single year are add-ons to platforms that already exist, you are not being evaluated as a business. You are being evaluated as a component — and components get priced differently than companies.<\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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II. La matem\u00e1tica: el arbitraje de m\u00faltiplos en palabras sencillas<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Here’s the part most owners are never told directly.<\/p>

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A platform isn’t buying your company because it wants to run an HVAC business in your city. It’s buying your company because a dollar of your EBITDA is worth more inside a large platform than it is inside your company, instantly, before anyone improves a single operation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Industry benchmarking puts owner-operated HVAC businesses under roughly $1M of EBITDA in the 3x to 4.5x range. At the other end, well-run HVAC businesses at real scale have reached 9x to 10x and above in competitive processes, and transaction data across HVAC deals from 2024 through mid-2026 shows an average of about 9.5x EV\/EBITDA.<\/p>

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Run the arithmetic on a business doing $500,000 in EBITDA:<\/p>