Find your Advisor

IMAP HVAC Sector Report Q1 2024

The global HVAC sector is a diverse and highly fragmented space that is benefitting from general economic and industry- specific tailwinds.

The positive outlook across the sector has generated a strong appetite from both strategic and financial buyers which has resulted in consistently high levels of M&A activity. 

Valuations across the sector vary depending on the business model, as median EBITDA multiples ranged between 8.5x and 13.0x, with upside existing for operators with a strong offering, customer base, reach and financial profile. 

The global HVAC equipment sector is forecast to grow at a CAGR of 6% between 2023 and 2030 to reach over €200bn in revenue.

The large universe of buyers and sellers, along with increasing levels of competition and high levels of deployable capital, is likely to fuel further consolidation. 

The report covers:

  • Key trends and M&A drivers in the sector
  • M&A activity by geography and buyer type
  • HVAC valuations analysis for public comparables and private companies

Download the full report below.

Download publication

To download the full report and receive future publications via email please confirm your contact information.

Contact us
Middle-market M&A is a world of opportunity, and with that comes a sea of options and moving parts. Your advisor is the compass. Contact us for a no-commitment consultation with an M&A specialist, who’ll listen carefully to your concerns and give an honest, unbiased assessment on the best way forward.
Our business is your business growth
more information?

Contact us

We love to hear from you. Our team is always here to chat.

Contact form

Thank you for your interest in IMAP. Please use the form below to tell us more about your current situation and we’ll be sure to have the right professional get back to you as soon as possible.