Home / Benchmarks / HVAC
HVACM&A Valuation Benchmarks
Median multiples, deal-size medians, named acquirers, and per-bracket multiples — based on 14real M&A transactions in the hvac space.
State of HVACM&A in 2026
The hvac M&A market is currently trading at a median 9.6× EBITDA (interquartile range 8.45×–14.85×) and 0.95× revenue (interquartile range 0.6×–2.2×), based on 14 disclosed transactions at a median deal size of $135M. The market trend is currently consolidating.
Active acquirers include Blackstone (BXPE), Altas Partners, Comfort Systems USA, Goldman Sachs Alternatives. Recent named transactions: Champions Group (2026, $2,500M, 17.9× EBITDA); Redwood Services (2025, $1,100M, 16.9× EBITDA); Century Contractors, Inc. (2025, $84.2M).
Premium multiples in hvac are driven by recurring maintenance contract revenue (40%+ of revenue commands a 25-40% multiple premium); technician depth and a service manager who runs day-to-day without the owner; commercial mix vs pure residential (commercial contracts are stickier and easier to underwrite).
What depresses multiples: project-only revenue with no maintenance program (caps you at 3-4x sde); owner answering service calls and managing techs personally; reliance on new construction (cyclical, contracts at the bottom of any range).
All figures based on disclosed deals only. Source: SEC filings, EDGAR 8-K/S-4, and verified press releases (14 deals total, 11 with EBITDA, 13 with revenue). Quality grade: yellow.
Median multiples
| Metric | p25 | Median | p75 | Sample |
|---|---|---|---|---|
| EV / EBITDA | 8.45× | 9.6× | 14.85× | 11 deals |
| EV / Revenue | 0.6× | 0.95× | 2.2× | 13 deals |
| Deal size (EV) | — | $135M | — | 14 deals |
Recent (2018+) median: 9.6× EBITDA, 0.95× revenue. Data quality: yellow.
Recent named M&A deals in hvac
Most-recent disclosed transactions. Click any deal for full detail (multiples, financials, source).
Sourced from SEC filings, EDGAR 8-K/S-4, and verified press releases.
Get an instant valuation for your hvac
Three fields. Uses these same multiples, adjusted for your specific size and margin.
Get an instant valuation range for your business. Backed by 25,592 real M&A transactions.
What drives premium multiples
- ●Recurring maintenance contract revenue (40%+ of revenue commands a 25-40% multiple premium)
- ●Technician depth and a service manager who runs day-to-day without the owner
- ●Commercial mix vs pure residential (commercial contracts are stickier and easier to underwrite)
What depresses multiples
- ●Project-only revenue with no maintenance program (caps you at 3-4x SDE)
- ●Owner answering service calls and managing techs personally
- ●Reliance on new construction (cyclical, contracts at the bottom of any range)
More on hvac valuations
- Hvac valuation calculator· head-term variant
- Recent deal: Champions Group· comparable transaction
- How to value a hvac· long-form guide
Methodology details: how ExitValue computes valuation ranges · full hvac calculator