Interested in conversations around HVAC service company M&A. Assuming a focus on commercial (vs residential) and on service (vs new construction).

In a different industry, we expected SDE acquisition multiples around 3x on smaller businesses (<$750k), and expected to see multiples bump up to around 6x at $3M after growth/roll up.

In reality, we saw this multiple increase much closer to $1M due to PE competition.

Please DM me or feel free to post your experience or thoughts here.