Latest / The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions
How Private Equity Is Rollin Up HVAC Service Companies
Episode 13 drills into one of the most aggressive consolidation plays in middle-market private equity: the rolling up of residential and commercial HVAC service providers. Lucas traces the thesis from the fragmented mom-and-pop landscape to today's billion-dollar platforms backed by Apollo, Leonard Green, and Berkshire's own John Fluitt. We break down the economics of recurring service revenue versus install revenue, the role of private credit in financing add-on acquisitions, and why private equity sees HVAC as 'the new dumpster business'. Luna pushes back on whether…
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