---
title: "HVAC M&A Statistics 2025: 50+ Cited Data Points on the Home-Services Roll-Up"
description: "Every cited statistic on HVAC M&A activity in 2024–2026 — 55 PE deals (PitchBook), Apex's ~60 add-ons and $10B Apollo valuation, EBITDA multiples by tier, BizBuySell median sale prices, technician demand, and the 25C credit cliff. Sourced from PitchBook, Kroll, Reuters, Apollo, IBISWorld, BLS, BizBuySell, and First Page Sage."
slug: "hvac-ma-statistics-2025"
canonical: "https://mainstreetwealth.ai/resources/hvac-ma-statistics-2025"
collection: "resources"
collection_name: "M&A Resources & Insights"
author: "Sukhrobjon Ismoilov"
category: "market-trends"
date_published: "2026-06-01T15:42:37.000Z"
date_modified: "2026-06-01T15:42:56.170Z"
token_estimate: 4680
source: "https://mainstreetwealth.ai/resources/hvac-ma-statistics-2025.md"
---

# HVAC M&A Statistics 2025: 50+ Cited Data Points on the Home-Services Roll-Up


> Every cited statistic on HVAC M&A activity in 2024–2026 — 55 PE deals (PitchBook), Apex's ~60 add-ons and $10B Apollo valuation, EBITDA multiples by tier, BizBuySell median sale prices, technician demand, and the 25C credit cliff. Sourced from PitchBook, Kroll, Reuters, Apollo, IBISWorld, BLS, BizBuySell, and First Page Sage.

**Author:** Sukhrobjon Ismoilov  
**Published:** 2026-06-01  
**Updated:** 2026-06-01  
**Canonical:** https://mainstreetwealth.ai/resources/hvac-ma-statistics-2025

# HVAC M&A Statistics 2025: 50+ Cited Data Points on the Home-Services Roll-Up

> **Headline stat (2024):** Private equity completed a record **55 closed HVAC deals** across North America and Europe in 2024 — up **72% YoY** and **38% above 2022** — according to a [PitchBook Q2 2025 analyst note](https://pitchbook.com/news/reports/q2-2025-pitchbook-analyst-note-clearing-the-air-on-hvac).

> **Headline stat (2025):** Apex Service Partners — the largest private HVAC, plumbing, and electrical roll-up in the U.S. — closed roughly **60 add-on acquisitions in 2025 alone**, per [Alpine Investors via PitchBook](https://pitchbook.com/news/articles/alpine-targets-1b-fund-to-invest-in-its-own-businesses), and announced a **minority investment from Apollo at a ~$10 billion enterprise valuation** in May 2026 ([Reuters](https://www.reuters.com/legal/transactional/apex-service-partners-nears-minority-stake-sale-10-billion-valuation-source-says-2026-05-27/)).

This page is a single, citation-backed reference for HVAC M&A activity in 2024–2026 — deal volume, multiples, market size, the active PE-backed platforms, technician demand, and what BizBuySell shows for the smaller end of the market. Every figure links to its primary source.

**Last updated:** June 2026. We refresh this page quarterly as new PitchBook, Kroll, IBISWorld, BLS, and BizBuySell data is published.

## Why HVAC became private equity's most-active home-services trade

Three factors compounded into the most concentrated PE attention any home-services category has ever received:

- **Scale of the market.** Kroll estimates the **global HVAC market exceeded $350 billion in 2025**, with mid-single-digit CAGR through the next decade ([Kroll](https://www.kroll.com/en-us/publications/ma-residential-hvac-services-industry)). U.S. residential and commercial HVAC services and contracting alone runs in the high tens of billions, per [IBISWorld's Heating & Air-Conditioning Contractors report](https://ibisworld.com/united-states/market-research-reports/heating-air-conditioning-contractors-industry/).
- **Recurring revenue mechanics.** Maintenance agreements, replacement cycles, and emergency service create reliable cash flows that look like B2B SaaS to a financial sponsor. The result is the highest multiples in home services — [HVAC companies with recurring maintenance contracts trade at 5–8x EBITDA versus 2–4x without them](https://hvacexitvalue.com/), per industry research aggregated by HVAC Exit Value.
- **Technician scarcity is a moat.** The U.S. Bureau of Labor Statistics projects HVAC mechanic and installer employment growing **6% through 2032**, with about **37,700 openings per year** primarily from retirements ([BLS Occupational Outlook Handbook](https://www.bls.gov/ooh/installation-maintenance-and-repair/heating-air-conditioning-and-refrigeration-mechanics-and-installers.htm)). Operators with a stable, productive technician base are scarce strategic assets.

The combination is why the same HVAC platforms — Apex, Wrench, Sila, Service Logic, Authority Brands — keep showing up across acquisition dockets and why valuations keep climbing.

## HVAC M&A deal volume

| Metric | Value | Source |
|---|---|---|
| PE-closed HVAC deals (2024, North America + Europe) | **55**, all-time high, up **72% YoY** | [PitchBook Q2 2025 Analyst Note](https://pitchbook.com/news/reports/q2-2025-pitchbook-analyst-note-clearing-the-air-on-hvac) |
| 2024 vs. 2022 deal-count change | **+38%** | [PitchBook via HomePros News](https://homepros.news/hvac-industry-enters-era-of-accelerated-change-report/) |
| Apex Service Partners add-ons (2025) | **~60** in a single year | [Alpine via PitchBook](https://pitchbook.com/news/articles/alpine-targets-1b-fund-to-invest-in-its-own-businesses) |
| Apex Service Partners enterprise valuation (May 2026) | **~$10 billion**, including debt | [Reuters](https://www.reuters.com/legal/transactional/apex-service-partners-nears-minority-stake-sale-10-billion-valuation-source-says-2026-05-27/) |
| Q4 2025 PE deal count, construction & engineering (broad sector) | **458 deals**, record on PitchBook's dataset | [PitchBook](https://pitchbook.com/news/reports/q4-2025-construction-engineering-report) |
| MEP companies acquired by PE since 2022 (per WSJ via PitchBook) | **~800** mechanical, electrical, plumbing companies | [Contractor Magazine summarizing WSJ / PitchBook](https://www.contractormag.com/management/article/55277446/solid-business-sense-private-equity-and-the-mep-trades) |

### What the deal-volume numbers actually mean

The 55-deal PitchBook figure is the most rigorous because it counts only investments PitchBook's analysts could classify as PE-backed HVAC transactions. The ~800 MEP figure cited by the *Wall Street Journal* and *Contractor Magazine* covers the broader mechanical-electrical-plumbing universe and includes platform add-ons that don't always make it into the discrete HVAC deal count. Both directionally agree: HVAC consolidation accelerated in 2023–2025 and shows no sign of slowing.

For owners considering a sale, the cleanest takeaway is the **~60 Apex add-ons in a single year**. That single platform's appetite — at a $10B enterprise value — is bigger than the entire HVAC PE deal flow of 2020. We unpack the buyer landscape and process in detail in our [HVAC M&A overview](/industries/hvac).

## HVAC valuation multiples (2024–2025)

| Source | Tier / Definition | EBITDA Multiple |
|---|---|---|
| [First Page Sage](https://firstpagesage.com/business/hvac-ebitda-valuation-multiples/) | Residential HVAC, lower / median / upper | **6.1x – 8.0x – 9.6x** (heating); **6.2x – 7.9x – 8.8x** (cooling) |
| [First Page Sage](https://firstpagesage.com/business/hvac-ebitda-valuation-multiples/) | Commercial HVAC, lower / median / upper | **5.4x / 7.4x / 8.4x** (heating) |
| [HVAC Exit Value](https://hvacexitvalue.com/) | With recurring maintenance contracts | **5–8x** EBITDA |
| [HVAC Exit Value](https://hvacexitvalue.com/) | Without recurring maintenance | **2–4x** EBITDA |
| [Forbes Business Council (2026)](https://www.forbes.com/councils/forbesbusinesscouncil/2026/06/01/why-some-hvac-businesses-trade-at-massive-multiples/) | Search-fund target band | **$500K – $1M** EBITDA minimum |
| [GF Data via Forvis Mazars](https://www.forvismazars.us/forsights/2025/09/q2-2025-middle-market-m-a-insights-signs-of-potential-recovery) | All PE-backed mid-market (cross-sector benchmark) | **7.2x** TEV/EBITDA average YTD 2025 |

### What drives the spread

The 2x–10x range is not noise. It tracks five buyer-underwriting variables:

1. **Recurring maintenance attach rate.** The single biggest multiple lever. Buyers price recurring-MSA-heavy books like B2B SaaS.
2. **Service vs. new-construction mix.** Service-led businesses (replacements, repairs, maintenance) trade at 6–8x. New-construction-heavy companies are cyclical and trade lower.
3. **Average ticket and revenue per truck.** Buyers benchmark $700K+ revenue per service tech and average ticket above $1,500 as platform-quality signals.
4. **Owner independence.** A general manager, dispatch lead, and field supervisors who run day-to-day removes key-person risk and protects the multiple.
5. **Software stack and data.** ServiceTitan, Housecall Pro, and FieldEdge produce diligence-ready exports. Spreadsheet-run businesses still transact, but with longer prep cycles.

For a deeper walkthrough of how a specialized sell-side process captures the upper end of this multiple range, see [working with an HVAC business broker](/industries/hvac-business-broker).

## What's actually selling on BizBuySell (smaller end of the market)

For sub-$5M-revenue HVAC transactions that don't show up in PitchBook's PE-backed dataset, [BizBuySell](https://www.bizbuysell.com/learning-center/valuation-benchmarks/hvac/) is the largest public dataset:

- Median sale price of HVAC businesses sold on BizBuySell increased **23% from $650,000 in 2021 to $800,000 in 2025**.
- Closed business-for-sale transaction volume across all categories on BizBuySell hit **2,599 deals in Q3 2025**, up **8% YoY** ([BizBuySell Q3 2025 Insight Report](https://www.bizbuysell.com/news/bizbuysell-2025-third-quarter-insight-report/)).
- Adjacent category — **Electrical & Mechanical Contractors** — median value rose **45%+ from $595K to $875K** between 2020 and 2024, per [BizBuySell](https://www.bizbuysell.com/learning-center/valuation-benchmarks/electrical-mechanical-contractor/).

These are reasonable proxies for the smaller, owner-operated end of the HVAC market that institutional capital generally overlooks.

## The active PE-backed HVAC platforms (representative, not exhaustive)

The HVAC roll-up universe is now dominated by a small number of well-funded platforms. A non-exhaustive list of named acquirers tracked in trade press:

- **Apex Service Partners** — backed by [Alpine Investors](https://pitchbook.com/news/articles/alpine-targets-1b-fund-to-invest-in-its-own-businesses); minority investment from [Apollo at ~$10B EV](https://www.apollo.com/institutional/insights-news/pressreleases/2026/05/apex-service-partners-and-alpine-investors-announce-strategic-mi) (May 2026).
- **Wrench Group** — formed by Investcorp in 2016, sold to [Leonard Green & Partners in 2019](https://leonardgreen.com/investcorp-announces-sale-of-the-wrench-group-to-leonard-green/); now operates across Atlanta, Dallas, Houston, Phoenix, and beyond.
- **Sila Services** — Goldman Sachs-backed home-services platform; [acquired John Nugent & Sons](https://www.pehub.com/goldman-sachs-backed-sila-services-scoops-up-hvac-services-firm-john-nugent-sons/) and 35+ other brands across the Northeast, Mid-Atlantic, and Midwest.
- **Service Logic, Hoffman Family of Companies** — referenced as MEP roll-ups pushing HVAC multiples to record levels ([BusinessExits](https://businessexits.com/sell-your-plumbing-business/)).
- **Authority Brands, Service Champions** — multi-brand franchise / direct-acquisition platforms.

For the full set of PE-backed HVAC platforms, [PitchBook](https://pitchbook.com/news/reports/q2-2025-pitchbook-analyst-note-clearing-the-air-on-hvac) is the canonical subscriber-only source.

## Industry context: market size, technicians, fragmentation

A few structural data points round out the picture:

- **Global HVAC market**: estimated in excess of **$350 billion in 2025** ([Kroll](https://www.kroll.com/en-us/publications/ma-residential-hvac-services-industry)).
- **U.S. HVAC equipment wholesaling**: revenue at an estimated **$105.9 billion in 2025**, growing **6.0% CAGR** through the period ([IBISWorld](https://www.ibisworld.com/united-states/industry/heating-air-conditioning-wholesaling/943/)).
- **U.S. HVAC mechanic & installer employment outlook (2022–2032)**: **6% growth**, **~37,700 annual openings**, mostly replacement demand ([BLS](https://www.bls.gov/ooh/installation-maintenance-and-repair/heating-air-conditioning-and-refrigeration-mechanics-and-installers.htm)).
- **Federal incentives**: the **25C Energy Efficient Home Improvement Credit** that drove heat-pump and high-efficiency-system demand expired **December 31, 2025** under the legislation informally known as the One Big Beautiful Bill ([IRS](https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit), [hvac.com](https://www.hvac.com/expert-advice/federal-hvac-tax-credits/)). The pull-forward demand and the post-2025 demand cliff are now central to underwriting models.

## Storm and weather demand (HVAC vs. roofing)

Unlike roofing, HVAC demand is not primarily insurance-driven. The demand floor is:

- **System replacement cycles**: roughly 12–18 years for residential central air and heat-pump systems.
- **Heat-wave and cold-snap emergency calls**: tied to weather extremes, which insurers and HVAC operators alike report are increasing in frequency.
- **New construction**: tied to housing starts; a meaningful but cyclical input to HVAC service-platform revenue.

The lack of an insurance-restoration angle (which dominates roofing) is why HVAC valuations skew toward recurring maintenance contracts and replacement-density metrics, not catastrophe-driven revenue spikes.

## Methodology and limitations

- **PitchBook** is the canonical source for PE-backed HVAC deal counts. The 55-deal 2024 figure is the most quoted because it is the least debatable.
- **Apex Service Partners' ~60 add-ons in 2025** is a self-disclosed figure from Alpine Investors carried in PitchBook's reporting. It is the cleanest single-platform comp available.
- **Multiples** vary widely because public ranges combine main-street businesses (sub-$1M EBITDA) with platform-quality companies. Always cite the underlying sample and tier.
- **Market-size estimates** depend on what is counted (services, contracting, equipment wholesale, manufacturing). Kroll's $350B figure is the broadest global view; IBISWorld's contractor and wholesale numbers are the cleanest U.S. service-trade numbers.
- **BizBuySell** data is heavily weighted to sub-$5M-revenue businesses. It captures the small-business end of the market, not the institutional PE flow.

## How owners should interpret 2025–2026

Three takeaways for HVAC founders considering an exit:

1. **The buyer universe is unprecedented in depth.** A single platform (Apex) bought ~60 HVAC companies in 2025. Add Wrench, Sila, Service Logic, Hoffman, and a long tail of regional roll-ups, and a competitive auction can realistically clear 100+ qualified institutional buyers. [Run a process](/industries/hvac-business-broker), don't take the first call.
2. **Multiples are bimodal.** A maintenance-contract-heavy book with strong technician retention can clear 8x+ EBITDA. The same revenue without recurring contracts and with owner-dependent operations may transact at 3x. Positioning is the largest pre-sale lever in any home-services category.
3. **The 25C demand pull-forward is over.** Federal incentives expired December 31, 2025. Buyers underwriting 2026–2028 are stripping out the one-time credit-driven replacement demand and pricing the underlying replacement-cycle math directly. Owners with diversified service revenue and strong commercial mix are insulated; pure 25C-tailwind shops are not.

## Use this data

We update this page quarterly. If you cite a specific statistic, please link directly to the section heading and credit Main Street Wealth alongside the primary source.

If you own an HVAC business and want to translate this market data into a confidential exit conversation, see our [HVAC M&A overview](/industries/hvac) or learn how a [specialized HVAC business broker](/industries/hvac-business-broker) runs a sell-side process for $1M+ EBITDA founders.

## Primary sources

- [PitchBook — Q2 2025 Analyst Note: Clearing the Air on HVAC](https://pitchbook.com/news/reports/q2-2025-pitchbook-analyst-note-clearing-the-air-on-hvac)
- [PitchBook — Alpine Targets $1B Fund to Invest in Its Own Businesses (Apex add-on count)](https://pitchbook.com/news/articles/alpine-targets-1b-fund-to-invest-in-its-own-businesses)
- [PitchBook — Q4 2025 Construction & Engineering Report](https://pitchbook.com/news/reports/q4-2025-construction-engineering-report)
- [Kroll — M&A in the Residential HVAC Services Industry](https://www.kroll.com/en-us/publications/ma-residential-hvac-services-industry)
- [Reuters — Apex Service Partners $10B Valuation](https://www.reuters.com/legal/transactional/apex-service-partners-nears-minority-stake-sale-10-billion-valuation-source-says-2026-05-27/)
- [Apollo — Strategic Minority Investment in Apex (Press Release)](https://www.apollo.com/institutional/insights-news/pressreleases/2026/05/apex-service-partners-and-alpine-investors-announce-strategic-mi)
- [MDM — Apex Nets $2B Investment from Apollo](https://www.mdm.com/news/top-distributor-sectors/contractor/hvac-electrical-plumbing-service-platform-apex-nets-2b-investment-from-apollo/)
- [Leonard Green & Partners — Wrench Group Acquisition](https://leonardgreen.com/investcorp-announces-sale-of-the-wrench-group-to-leonard-green/)
- [PE Hub — Sila Services Acquires John Nugent & Sons](https://www.pehub.com/goldman-sachs-backed-sila-services-scoops-up-hvac-services-firm-john-nugent-sons/)
- [Contractor Magazine — PE and the MEP Trades](https://www.contractormag.com/management/article/55277446/solid-business-sense-private-equity-and-the-mep-trades)
- [BusinessExits — Sell Your Plumbing Business (HVAC platform context)](https://businessexits.com/sell-your-plumbing-business/)
- [HomePros News — HVAC Industry Enters Era of Accelerated Change](https://homepros.news/hvac-industry-enters-era-of-accelerated-change-report/)
- [BizBuySell — HVAC Valuation Benchmarks](https://www.bizbuysell.com/learning-center/valuation-benchmarks/hvac/)
- [BizBuySell — Q3 2025 Insight Report](https://www.bizbuysell.com/news/bizbuysell-2025-third-quarter-insight-report/)
- [BizBuySell — Electrical & Mechanical Contractor Benchmarks](https://www.bizbuysell.com/learning-center/valuation-benchmarks/electrical-mechanical-contractor/)
- [First Page Sage — HVAC EBITDA & Valuation Multiples 2025](https://firstpagesage.com/business/hvac-ebitda-valuation-multiples/)
- [HVAC Exit Value — 2026 Valuation Guide](https://hvacexitvalue.com/)
- [Forbes Business Council — Why Some HVAC Businesses Trade At Massive Multiples](https://www.forbes.com/councils/forbesbusinesscouncil/2026/06/01/why-some-hvac-businesses-trade-at-massive-multiples/)
- [IBISWorld — Heating & Air-Conditioning Contractors in the US](https://ibisworld.com/united-states/market-research-reports/heating-air-conditioning-contractors-industry/)
- [IBISWorld — Heating & Air-Conditioning Equipment Wholesaling](https://www.ibisworld.com/united-states/industry/heating-air-conditioning-wholesaling/943/)
- [BLS — HVAC Mechanics & Installers Occupational Outlook](https://www.bls.gov/ooh/installation-maintenance-and-repair/heating-air-conditioning-and-refrigeration-mechanics-and-installers.htm)
- [IRS — Energy Efficient Home Improvement Credit (25C)](https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit)
- [GF Data via Forvis Mazars — Q2 2025 Middle-Market M&A Insights](https://www.forvismazars.us/forsights/2025/09/q2-2025-middle-market-m-a-insights-signs-of-potential-recovery)