M&A Analysis
The private equity playbook: rolling up independents into regional platform companies
Across residential and commercial services, the same strategy is playing out in HVAC, plumbing, electrical, roofing, landscaping, and windows & doors: buy a number of strong…
Why is private equity flooding into HVAC?
Interest rates are still elevated. Unit volume is well off its 2022 peak. By any textbook reading, this should be a quiet market. Instead, mega-cap private equity is writing some…
The PE roll-up playbook: three phases every platform goes through — and why it matters for M&A.
USA Hometown went from $0 to $30M+ EBITDA in under four years. Heartwood's Norlee completed its sixth add-on in 20 months. These aren't outliers — they're executing a playbook…
$5 million for a $750K EBITDA HVAC company. Here's how PE makes the math work.
On the surface it's ~6.7× and all cash at close — a great outcome for the seller. But once platform synergies land, private equity is effectively entering at ~4.3× on pro forma…
A 15% shift in revenue mix created a $60 million valuation gap.
Two HVAC companies, both at ~$15M EBITDA. One sold for 16x. The other sold for 12x. The only meaningful difference: construction exposure. Here's the math, and why construction…
There are three M&A playbooks in HVAC. All three are working.
Private equity, independent sponsors, and operators are all making money buying and building in HVAC — at radically different scales, with radically different strategies. Each…
Blackstone is in. Goldman is in. ARS is next.
Three of the largest residential HVAC transactions in the past year — at ascending EBITDA scale, all into the hands of large-cap private equity. After sitting out the 2021–22…
The PE playbook for MEP roll-ups is changing.
Public-market MEP specialty contractors are trading at a five-year high, driven largely by data center exposure. For the PE shops running MEP platforms in the private market, that…
Here's why ARS might not get to $3.5 billion.
Private equity-backed HVAC platform American Residential Services is exploring a sale at a reported $3.5B enterprise value. A closer look at process timing, growth assumptions…