Experience with Industrial Equipment Distributors?

I'm exploring an acquisition of a niche Industrial Equipment Distributor in the Commercial HVAC space, which is a space that I have a little bit of experience with. They have territory exclusivity, a long history of success, a complimentary consulting service, low customer concentration, recent growth, and operate in a niche segment with few competitors. Their supplier relationships are long-standing, and while the revenue is project-based many of their clients have been with them for decades.

What are the most important dynamics I should be aware of? Watch outs? Industry Valuation Multiples? I'd love to connect with anyone who is willing! Thanks