HVAC M&A — Built for Owners
The owner's guide to selling your HVAC company.
Valuation, buyers, deal structure and timing — explained by advisors who work only with heating, cooling and plumbing contractors.
The HVAC M&A Guide
Everything covered, in one place.
Valuation
What buyers pay for HVAC companies
Multiples, adjusted EBITDA, and why maintenance agreements change everything.
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The Buyer Landscape
Who's buying HVAC — and why
PE-backed platforms, strategic consolidators, and independent buyers each offer different terms.
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Value Drivers
What moves your multiple
Service agreement base, tech bench, residential vs. commercial mix, and owner dependency.
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Deal Structure
Offer price vs. take-home
Cash at close, earn-outs, seller notes, and rollover equity explained plainly.
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Timing
Why preparation beats the market
The best HVAC exits are engineered two to three years before going to market.
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The Process
What a well-run sale looks like
From confidential outreach to LOI, diligence, and a smooth handoff to your team.
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From the Guide — Valuation
Same revenue. $3.6 million apart.
Two HVAC contractors, both doing $8M in revenue and $1.2M EBITDA. Buyers value them very differently.
Company A
- Revenue
- $8,000,000
- EBITDA
- $1,200,000
- Adjusted EBITDA
- $1,100,000
- ✕ Owner runs every big sale
- ✕ Few service agreements
- ✕ Aging tech bench
- ✕ One builder = 40% of revenue
Multiple
4.5x
Enterprise Value
$4,950,000
Company B
- Revenue
- $8,000,000
- EBITDA
- $1,200,000
- Adjusted EBITDA
- $1,300,000
- ✓ GM and sales lead in place
- ✓ 4,000+ maintenance members
- ✓ Trained techs, low turnover
- ✓ Diversified replacement & service
Multiple
6.5x
Enterprise Value
$8,450,000
Illustrative example only.
From the Guide — Timing
Buyers pay for what you've built — not what you plan to build.
2–3 yrs
The ideal runway to grow agreements, build management and clean up the books.
Peak season
Buyers review trailing 12 months — a strong summer and winter quarter matter.
#1
Starting too late is the top reason HVAC deals stall in diligence.
Why HVAC-specific
Generic brokers don't know the trade. We do.
Recurring revenue
We know how buyers value maintenance memberships, and how to present yours.
Technician retention
Your techs are your value. We structure deals to keep them on board.
Buyer network
Direct relationships with HVAC platforms, PE groups and regional strategics.
Know what your HVAC company is worth.
Free, confidential valuation. No obligation, no pressure to sell.