Does anyone have data on the HVAC service multiples?

searcher profile

August 06, 2021

by a searcher from Northwestern University - Kellogg School of Management in Fort Lauderdale, FL, USA

Does anyone have any data on multiples for commercial HVAC service companies? I have heard historically 3x to 5x, but lately I have been hearing 10x to 12x….

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commentor profile
Reply by an investor
from Illinois Institute of Technology in Pasadena, CA, USA
This is a pretty hot area for many private equity groups. You might reach out to Odyssey Investment Partners, Gryphon Investors, Crete Mechanical Group, Morgan Stanley Capital Partners, Ares Management, Caymus Equity Partners, and many others who have done deals in this space who might share with you acquisition parameters and valuations metrics. Worth a shot if you can establish rapport. If you have experience in the area, you might investigate an "executive in residence" program with them (like the program Salt Creek Capital promotes). Good Luck!
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Reply by an intermediary
from University of Virginia in Metuchen, NJ 08840, USA
It could also depend on the seller and how motivated they are to sell. This one has an LOI in place but it is listed at less than 3x SDE. https://murphybusiness.com/edison/business-brokerage/details/16828/hvac-netting-620k-only-10-down-to-purchase/
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