HVAC Industry Consolidation Tracker

Updated Quarterly

The pace of HVAC industry consolidation grew quickly over the past few years. To help HVAC owners visualize and track this consolidation trend, IEI developed two graphs.

The first graph displays data on the number of buyers aggressively pursuing HVAC acquisitions over the past decade. IEI defines an aggressive buyer as any company that has already purchased one commercial HVAC company and has someone in a role dedicated to making additional acquisitions. Our blog has a more detailed breakdown on who these companies are and what sparked their interest in buying commercial HVAC companies.

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As the first graph shows, consolidation is primarily being driven by private equity investors so the second graph looks at HVAC consolidation from a macro level of private equity sales.


IEI researched the number of times private equity firms have successfully sold their HVAC investments (also often referred to as platforms). These sales represent the private equity firm successfully exiting their HVAC investment by selling their HVAC business to another private equity firm. Our blog also has an in depth review of the private equity HVAC investment sales trend and its relevance to HVAC owners.

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For access to the underlying tracker data, HVAC Owners can contact us to request it.