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New Platform or Add-On Opportunity: Commercial HVAC & Mechanical Contracting Platform — ~$7.2MM Adj. EBITDA Founded in 2008 and headquartered in central Pennsylvania, the Company is a non-union, merit-shop commercial HVAC and mechanical contractor serving public-sector customers throughout the state. It contracts directly with public owners—never as a subcontractor to a general contractor—and self-performs sheet metal and piping installation across K-12 schools, state universities, and government facilities. The Company is differentiated by its bonding capacity, prevailing-wage workforce, direct owner relationships, and nearly 20-year history. Its approximately 50-person organization includes 44 field technicians, four superintendents, an experienced management team, and in-house estimating and AutoCAD MEP coordination. Larger equipment is rented as needed, supporting an asset-light model. For LTM June 2026, the Company generated $53.5 million of revenue and $7.2 million of Adjusted EBITDA, a 13.5% margin. Revenue grew 94.7% from FY2023, while Adjusted EBITDA increased from $1.9 million. Approximately $73.5 million of signed backlog—1.4x LTM revenue—plus more than $100 million of active contracts provides visibility through 2028 and into 2029. Key KPIs - $53.5 million LTM revenue - $7.2 million LTM Adjusted EBITDA / 13.5% margin - 94.7% revenue growth since FY2023 - $73.5 million contracted backlog / 1.4x LTM revenue - $100+ million of active contracts - $37.0 million largest contract / $12.2 million average won project - Approximately 50 employees, including 44 field technicians - 6.4 years average employee tenure - 67% K-12 / 33% state-government revenue mix Why the Project-Based Model Is Attractive The project-based model is particularly attractive to a commercial MEP service acquirer. Projects are publicly awarded, bonded, and contracted before execution, and the $73.5 million backlog provides unusual forward visibility. The Company targets larger, multiyear projects, generating meaningful revenue from fewer jobs and concentrating management attention on high-value contracts. Direct-to-owner contracting also eliminates the general-contractor intermediary and strengthens customer relationships. The project portfolio creates a built-in channel for recurring aftermarket revenue. Each completed installation expands the base of facilities requiring maintenance, repairs, replacement, emergency response, controls, and energy-efficiency work. The Company currently generates no service revenue, creating a significant cross-sell opportunity. An acquirer could introduce plumbing, electrical, controls, commissioning, and facility-maintenance services into active projects, future bids, and existing customer relationships. This would increase revenue per customer and create a more balanced mix of contracted construction and recurring service revenue. A buyer would also acquire nearly two decades of history, an experienced management team, bonding capacity, a skilled workforce, direct-owner relationships, and tremendous backlog. New Platform or Strategic Add-On As a new platform, the Company offers meaningful EBITDA scale, retained leadership, self-performed capabilities, bonding capacity, in-house estimating and CAD, an asset-light model, and organic and acquisition growth opportunities. It could serve as a foundation for adding HVAC service, plumbing, electrical, controls, and other MEP businesses. As an add-on, the Company would provide an established MEP or facilities-services platform with public-sector prime-contracting capabilities, skilled labor, Pennsylvania density, and substantial backlog. A buyer could cross-sell recurring services, add complementary trades, leverage centralized resources, and pursue larger projects through expanded capacity and bonding support.
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This extremely long term residential company is located west of Chicago. They have completed 169 changeouts in the last 12 months. 99% of this business is residential and only 1% is commercial with no new construction. They currently have 3,282 active customers in their database and 541 maintenance agreements. Payroll is outsourced to a PEO firm, accounting software used is QuickBooks, CRM used is Service Titan. The business is split between HVAC: 55% Plumbing: 37% Electrical: 7%.
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Achieving a consistent 4-star rating is a major milestone for any residential HVAC business. This company maintains its strong reputation by providing complete residential HVAC system care and installation, utilizing technicians equipped to handle major manufacturing brands like Carrier, Trane, Goodman, and American Standard and training them rigorously. They are focusing entirely on customer satisfaction. Their internal mission statement is “to not disappoint or leave a single customer dissatisfied.” Consequently, these high ratings serve as the primary source of new customer acquisition. This is a premier opportunity to acquire a well-established, highly reputable residential HVAC business in a high-growth market. The company specializes in system installations, preventative maintenance contracts, and emergency repair services. As a turnkey, owner-operated business, it has achieved a steady 5% annual revenue growth by focusing on high-margin residential services. The company primarily operates in Houston but has a growing business in Austin as well. The sale includes branded trucks and an organized CRM database, while the trained staff manages daily dispatch and service calls to ensure a seamless ownership transition.
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Amazing opportunity to own an HVAC company serving the San Bernardino County. The business is 95% residential, 5% commercial with no new construction or refrigeration. They have flat rate pricing in place, 560 maintenance agreements in place, and 3,500 active customers in their database. They have a CRM in place, payroll is handled in house, and extended warranties are outsourced.
Large customer base This is a rare opportunity to acquire a profitable, well-established HVAC and commercial kitchen repair business with a loyal client base and strong reputation for quality service. The company specializes in: Heating, ventilation, and air conditioning (HVAC) repair & maintenance Commercial kitchen equipment repair (ovens, fryers, refrigeration, etc.) Emergency service calls and preventative maintenance contracts Warranty work Emergency Residential Work The business serves a mix of restaurants, commercial kitchens, retail spaces, and small businesses, with many long-term clients and recurring service agreements.
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Established commercial HVAC, plumbing and restaurant equipment repair company serving restaurants, food service operators, and other commercial clients throughout the Kansas City Metro Area. The business provides installation, maintenance, and emergency repair services across a diversified base of recurring commercial customers. Demand is driven by mission-critical equipment requirements and ongoing service needs within the food service sector. Operations are supported by experienced technical and administrative staff, structured dispatch systems, and established vendor relationships. Key Highlights • Strong concentration in restaurant and commercial HVAC/equipment repair • 24/7/365 service coverage through a third-party answering service and technician on-call rotation • Long-standing relationships with repeat commercial customers • Experienced office and field team supporting daily operations • Established supplier and parts sourcing relationships • Consistent demand tied to essential service needs Ownership & Management Ownership currently provides full-time oversight and operational leadership. The business operates with an established office team and licensed technical staff, who handle day-to-day service delivery and dispatch coordination. The current owner holds Master Mechanical, Master Plumbing, and Backflow certifications. A buyer will need to implement a plan to maintain the required licensing after the transition. Ownership is willing to provide transition support to facilitate continuity. Growth Opportunities • Expand technician capacity to meet ongoing commercial demand • Increase preventative maintenance agreements within existing accounts • Broaden service penetration among multi-unit restaurant operators • Enhance pricing optimization and service mix Ideal Buyer Profile • Licensed contractor seeking platform expansion • Strategic HVAC or equipment repair operator • Financial buyer with industry management support • Individual buyer with relevant commercial service background Transaction Structure Offered as an asset sale with the seller retaining cash, Accounts Receivable, Accounts Payable, and all Liabilities and Equity. Ownership will provide structured transition assistance. Confidentiality Notice This opportunity is confidential. Identifying details will be provided upon execution of an NDA and completion of buyer qualification.
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Fantastic opportunity to own an HVAC company serving the San Fernando Valley. They are 99% residential, 1% commercial with no new construction or refrigeration. They have 900 maintenance agreements, 6,386 customers served in the previous 3 years and a CRM in place.
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Fantastic opportunity to own a company that has been operating since 1970. They are 80% residential, 20% commercial with <10% new construction and no refrigeration. They have flat rate pricing, a CRM in place and payroll is handled in-house. They have completed 150 changeouts in the previous 12 months and have 5,000 active customers served in the last 3 years.
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The Company is a commercial mechanical contractor based in the DFW metroplex, specializing in new commercial HVAC installation, mechanical rough-in, ductwork fabrication and installation, and time-and-material service and repair. Founded in 2021, the Company has grown from a startup operation into an established subcontractor serving a repeat base of commercial general contractors across the DFW market. New commercial HVAC installation accounts for approximately 80% of revenue, with time-and-material service and repair contributing 18% and a growing base of recurring maintenance agreements representing the remaining 2%. The Company works primarily from engineer-stamped plans and serves a mix of general contractors, property managers, and commercial building owners. Approximately 85% of revenue is commercial.
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Located in Central North Carolina, this heating and air conditioning company has provided installation, replacement, and maintenance services for several decades. Serving general contractors, commercial real estate agents, and homeowners, the business maintains a healthy pipeline (with an estimated 2026 revenue of $15 million and EBITDA of $1.8 to $1.9 million) and an established regional presence. While historically generating the majority of its revenue from commercial new construction, the company has actively shifted its project mix over the last couple of years. This operational shift features a growing volume of residential services and system replacement work, blending commercial and residential revenue streams to capture consistent demand in the local housing market. The turnkey operation is supported by a scaled technical workforce, including experienced field technicians, installation professionals, and a dedicated management layer. Operations are centralized in a sizeable standalone commercial facility designed for equipment storage and administrative functions, with immediate highway access. The purchase includes a multi-vehicle service fleet and all necessary equipment to execute both large-scale commercial contracts and recurring residential service calls. The SDE shown includes a rent charge of $79,380, is based on the Last Twelve Months through May 31, 2026, and is for a full-time owner-operator. The real estate is being offered for sale or lease by Murphy Business & Financial – Carolinas, LLC in conjunction with the sale of the business for $950,000, or an annual lease rate of $79,380.
National transaction benchmarks for hvac business businesses.
Under $500K
$500K to $2M
Over $2M
A variety of factors can cause businesses to trade outside this range, including earnings quality, operational transferability, key-person risk, growth trajectory, and geography, so a listing priced above or below the typical multiple usually reflects real differences in the underlying business.
Cofounder & CEO
Key diligence, valuation, financing, and transition considerations for buyers evaluating HVAC business acquisitions.
The most reliable indicator of HVAC business quality is the size and retention rate of its maintenance agreement (MA) base. Each MA typically generates $150-$300 in annual recurring revenue and produces 3-5x more replacement leads than non-agreement customers. Ask for MA count, renewal rate, and how long agreements have been in place. A business with 500+ active MAs and 80%+ renewal rate commands a significant premium over one without.
Businesses using flat-rate pricing are substantially more transferable than time-and-material shops. Flat-rate systems remove individual technician pricing discretion, making revenue more predictable, margins more consistent, and the business easier for a new owner to manage. When reviewing listings, flat-rate pricing is a positive signal. Time-and-material shops can be converted, but budget for a 6-12 month transition period.
Every state requires HVAC contractors to hold a valid license, and most are tied to a specific qualifying individual - typically the owner or a designated employee. When a business sells, the buyer must hold their own license, hire a licensed qualifier, or negotiate a transition period. Confirm the license situation early in diligence. Businesses where the owner is also the qualifier carry key-person risk that will directly affect valuation.
Residential HVAC businesses tend to be more transferable - customer relationships are distributed across thousands of households rather than concentrated in a few commercial accounts. Commercial-heavy businesses (50%+ commercial) warrant deeper diligence on contract terms, renewal dates, and whether contracts are assignable to a new owner. A residential business with a strong MA base and diversified customer geography is typically the most straightforward acquisition.
HVAC businesses are highly seasonal - revenue peaks in summer (cooling) and winter (heating), with shoulder months in spring and fall. Ask for monthly revenue breakdowns across at least two full years to understand the true seasonal pattern. Buyers who close during peak season may not see trough cash flow until months later. SDE calculations should normalize for seasonal working capital and owner compensation timing.
The presence of a modern field service CRM - ServiceTitan, FieldEdge, Housecall Pro - indicates the business has been run systematically rather than from the owner's memory. CRM-equipped businesses have documented customer histories, job costing data, and technician metrics that support a clean transition. Businesses without a CRM are not disqualified, but plan for 3-6 months of systems implementation post-close.
Answers to common buyer questions for this market.
