In its heyday, HVAC contractor consolidation was making and breaking the fortunes of hundreds of contractors and Wall Street investors. It made some fortunes but broke the fortunes of many more. The lessons learned from trying to manage former fiercely independent business people by fitting them into a corporate mold spelled doom for some of the best-laid plans.
Of the original four publicly traded HVAC consolidators, only one remains today in its original form, Comfort Systems USA. Not only has the company retained its corporate image, but also it has recently declared the first dividend on common stock in its history, dating back to 1997. That's a feather in the cap of the Houston-based company's presidents and corporate officers.