HVAC contracting businesses continue to attract investors as well as other service companies looking to grow, though mergers and acquisitions (M&A) activity is slightly off its recent peak of two years ago, according to two investment bankers involved in such deals.
Last year saw 186 transactions involving HVAC companies in the U.S., just a few short of the 198 deals reported in 2021, according to Kevin Wilson, a principal at The DAK Group who often works with people looking to sell HVAC businesses. By comparison, there were 133 HVAC business deals in 2020, Wilson said.