Selling an HVAC service business? Here is what buyers are looking for. 

Selling an HVAC service business? Here is what buyers are looking for. 

If you may sell your HVAC company in the next year or two, buyers will want to know financial results, how often customers come back, whether your team will stay, and how the business runs without you. 

RECORDED U.S. HVAC SERVICE COMPANY DEALS  |  Transaction count 

Crunchbase screen as of Sept. 29, 2026. U.S. HVAC companies whose descriptions mention service, repair, installation or maintenance. Companies tagged as manufacturers or distributors are excluded. These are deals found in the database, not every deal in the market. 2026 runs through Sept. 29. ^[1]  

WHAT IS HAPPENING IN THE MARKET Deal activity. The database shows 52 U.S. deals in 2025, compared with 29 in 2024 and 39 through Sept. 29 this year, the same as the first nine months of 2025. Many private deals are not reported, so these counts are only a guide, but demonstrate that buyer demand remains strong. [1] The buyers. Larger service companies and groups backed by investment firms are still buying. For example, Service Experts bought 19 HVAC and plumbing service centers from HomeServe in 2024. Sila bought Oxford Plumbing & Heating in 2025 and Davis Heating and Air Conditioning in 2026.  ServiceLogic purchased Mock Plumbing and Mechanical in 2026, as Forbes Partners served as exclusive advisor. [2][3][4] What prices tell us. Based on Forbes Partners’ market knowledge, 2026 prices remain at the same levels as were experienced in 2024-2025.

WHAT BUYERS WILL LOOK AT Repeat business. How many customers have maintenance plans, and how many renew, and what share of sales comes from repairs, replacements and new installations will be critical. Buyers will also look at your mix of home and commercial work, your largest customers, and how close your jobs are to one another.  Profit and workload. Showing how you get from the profit in your books to adjusted EBITDA (adding back personal expenses in the business), will improve the valuation. Show profit margins for each type of work, region, and growth in each. Know and be able to report on top customers.  Overall, having financial reports in order is critical. Your people. Keep records of technician turnover, hiring and licenses. Have supervisors who can lead the work, and a plan for the customers and duties you handle yourself.

WHAT THIS MEANS FOR THE NEXT YEAR OR TWO 

In September, the Federal Reserve raised its target interest rate to 3.75% to 4.00%.^[5]  Borrowing costs can limit what some buyers can pay. A steady flow of service work and a team that can run the company without you will help.  

THE BOTTOM LINE 

There are buyers for good HVAC service businesses.  Buyers pay attention to repeat customers, a dependable crew and financial records they can trust. If you are not ready today, the next year is a chance to put those pieces in place before you start a sale. 

Let’s talk about your options 

Contact Brooks Crankshaw for a private conversation about who might buy your business, what may affect its value, whether it is ready to sell and what you could do next. 

brooks.crankshaw@forbes-partners.com   |   +1.303.558.1545 

SOURCE NOTES   |   Deal counts come from a database search. Prices for the deals discussed above were not announced. 

[1] Crunchbase M&A data, screened Sept. 29, 2026 (proprietary; filters in chart note).	[4] Sila, Davis release, July 6, 2026.
[2] Service Experts, deal release, Apr. 4, 2024.	[5] Federal Reserve, statement, Sept. 16, 2026.
[3] Sila, Oxford release, Oct. 15, 2025.