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.
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