How Private Equity Is Rolling Up HVAC Service Companies

The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions · May 26, 2026 · 10m · transcript

Private equity firms have been quietly consolidating the heating, ventilation, and air conditioning service industry—a fragmented $130 billion market of mom-and-pop repair shops. This episode digs into the specific playbook: how PE firms like Gryphon Investors and Alpine Investors are buying local HVAC contractors at 5-7x EBITDA, then rolling them up into regional platforms, cutting procurement costs by 15-20%, and cross-selling maintenance contracts. We look at the $3 billion acquisition of Service Experts by Lennox in 2022, and what it means for homeowners facing rising repair bills. Lucas…