US HVAC Industry Update – Fall 2024
The Heating, Ventilation and Air Conditioning (HVAC) sector has recorded steady M&A activity year-to-date. This was driven by strategic acquirers – primarily, publicly listed corporations and sponsor-backed entities – expanding their service offering and geographic footprint and private equity investors expanding their industry presence. Overall, the broader HVAC market continues to be bolstered by innovation and technological advancement of HVAC ecosystems, the need to update legacy infrastructure, the acceleration of energy consumption and the increased focus on sustainability. These secular tailwinds have created opportunities for consolidation from strategic and financial acquirers who are eager to unlock synergistic value and generate healthy investment returns.
The industry update herein will primarily focus on the manufacturing and distribution segments of the U.S. HVAC market.
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