Quick read on where residential HVAC M&A is clearing in 2026, across the EBITDA size spectrum:

  • ~18.5× — Champions ($135M+ EBITDA platform, acquired by Blackstone)
  • ~14×+ — Sierra Platform ($15M+ EBITDA, acquired by Redwood)
  • ~11× — Proprietary transaction ($4M+ EBITDA, mid-market sponsor)
  • ~7× — Proprietary transaction (sub-$1M EBITDA, regional buyer)

The pattern.

The market is paying clean premiums for scale. Each step up in EBITDA materially expands the multiple — that's the value-creation math sponsors are underwriting when they buy a sub-scale platform and roll add-ons into it. Build from $1M EBITDA to $15M+ EBITDA, and the multiple roughly doubles on the way there.

The other read: even at the bottom of the size band, residential HVAC is trading meaningfully above where it traded five years ago. A sub-$1M EBITDA platform at 7x today is roughly where a $5M+ EBITDA platform traded in 2018. Institutional capital has materially repriced the entire sector — not just the large end.

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