Best M&A Advisors for
HVAC Companies (2026)

Why HVAC owners are getting acquisition interest right now

HVAC acquisition interest remains active even as overall deal volume has eased. Buyers announced or completed 92 HVAC services transactions during the 2026 period covered by the report, down 4.2% year over year. Financial sponsors completed 47 transactions, while strategic buyers completed 45, according to Capstone Partners’ HVAC M&A update.

Existing private equity platforms are driving much of the activity. Sponsor-backed add-on acquisitions accounted for 38 transactions, or 41.3% of sector deal volume, while sponsors created only nine new platforms. Established platforms often acquire local operators to add technicians, customers, service agreements, and geographic coverage.

Valuations have declined from the 2021 through 2023 peaks. The average multiple for HVAC services transactions from 2024 through the 2026 reporting period was 9.5 times EBITDA, compared with 13.3 times from 2021 through 2023. EBITDA measures earnings before interest, taxes, depreciation, and amortization. Smaller add-on acquisitions now represent more activity than large platform deals, which helps explain the lower average.

The buyer mix supports several advisor models. HVAC specialists bring sector knowledge, while generalist lower middle market firms may offer broader buyer coverage. Buyer-paid acquisition firms can provide direct introductions, but they serve the buyer and may not run a competitive sale process for the owner.

What to look for in an HVAC M&A advisor

Deal-size fit. Choose an advisor who regularly handles companies near your revenue and adjusted EBITDA. An advisor focused on larger institutional deals may give a smaller HVAC company limited attention, while a business broker may lack the resources for a complex transaction.

Sell-side or buy-side mandate. Confirm whom the advisor represents and who pays the fee. A sell-side advisor markets your company to buyers and negotiates for you. A buy-side advisor represents an acquirer, even when the owner pays nothing.

HVAC specialization. Ask about the advisor’s experience with residential service, commercial HVAC, mechanical contracting, and related trades. Relevant experience can improve buyer selection and help the advisor explain recurring maintenance revenue, technician retention, customer concentration, and seasonality.

Fee structure and transparency. Review retainers, success fees, minimum fees, and reimbursable expenses before signing. Axial’s HVAC advisor data indicates that investment banks serving companies above $25 million in revenue often charge retainers, while business brokers serving companies below $15 million rely more heavily on success fees. M&A advisors between those ranges commonly use both.

Geographic reach. Match the advisor’s buyer coverage to your likely market. Local relationships may help you reach regional buyers. National outreach can attract strategic buyers and private capital firms outside your home market.

Compare HVAC M&A advisors at a glance

Salt Creek Advisory

Salt Creek Advisory gives owners direct access to founders Jack and Connor Pitts throughout the sale process. The Chicago-based, family-owned firm serves businesses nationwide, including founder-owned and family-owned HVAC companies with $2 million to $75 million in revenue.

Salt Creek charges no upfront retainer for standard M&A engagements. The firm earns its advisory fee only when a transaction closes, which suits owners who prefer not to pay an advisor regardless of the outcome.

Salt Creek uses research software and AI to build buyer lists beyond the firm's existing contacts, including strategic buyers and private capital firms. Jack and Connor manage confidential outreach and evaluate offers through closing.

Best for

Salt Creek fits established HVAC businesses with at least $500,000 in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), after reasonable adjustments for owner-specific and one-time expenses. Owners who want a competitive sell-side process and direct principal involvement may find the advisory model especially suitable.

Pros

• Jack and Connor remain personally involved rather than handing the engagement to a junior execution team.
• Salt Creek evaluates the price and terms of each offer, including how a sale could affect employees and the owner's legacy.

Cons

• Salt Creek has a smaller team than a large investment bank, which may matter in unusually complex or international transactions.
• The firm generally does not fit companies seeking an institutional advisor for transactions above $100 million.
• Salt Creek serves several lower-middle-market industries rather than focusing exclusively on HVAC.

Pricing

Standard sell-side engagements use a success fee payable at closing. Salt Creek does not charge an upfront retainer, but the specific fee depends on company size, transaction complexity, and expected value. Owners should review minimum fees and expenses in the engagement agreement. They should also check how the agreement treats excluded buyers and post-termination transactions.

Align Business Advisory Services

Overview

Align advises founder-led companies on sales and acquisitions. Align also helps clients raise growth capital. The firm serves several industries, including skilled trades, healthcare, industrial services, technology, and consumer products. Its stated client revenue range runs between $10 million and $200 million, according to the U.S. Chamber of Commerce profile.

The firm operates from offices in Florida, Colorado, Illinois, California, Pennsylvania, and Texas while serving clients nationwide, according to its LinkedIn company profile. HVAC falls within its broader skilled-trades coverage rather than a dedicated HVAC practice. Align may therefore fit owners in its stated revenue range who want a generalist lower-middle-market advisor with national coverage.

Pros

Align offers a multi-office footprint and targets companies with $10 million to $200 million in revenue. Its wider service range may fit owners seeking growth-capital advice alongside M&A support.

Cons

The reviewed sources do not document Align's HVAC transaction experience or identify advisors who have handled HVAC deals of comparable size. Owners should ask which advisor would lead the engagement and request examples of relevant heating and cooling transactions.

Pricing

Align does not disclose its fee model in the reviewed sources. Owners should request written terms covering retainers, minimum fees, success fees, and expenses that remain payable if a transaction does not close.

Cetane Associates

Overview

Cetane Associates positions itself as a business broker and M&A advisor for home services and route-based companies. According to the firm, its HVAC practice helps owners value their businesses and complete transactions. Cetane also covers pest control, landscaping, propane, and related service industries.

Best for

Cetane may suit an HVAC owner who wants an advisor familiar with field-service companies rather than a generalist broker. Owners considering Cetane should confirm that its buyer relationships match their HVAC segment, company size, and geography.

Typical client and geographic coverage

Cetane does not publicly disclose its typical client size or geographic scope. Owners should confirm whether the firm regularly handles companies of their size and serves their location.

Core services

Cetane advises both sellers and buyers. The firm also provides business valuations. Its public materials reference completed transactions across HVAC and other route-based industries.

Pros

Cetane maintains a dedicated HVAC practice and focuses on businesses with similar operating models, including recurring service routes and field technicians. That broader home-services coverage is most relevant when an owner wants exposure to buyers pursuing multiple trades rather than HVAC-only buyers.

Cons

Independent sources do not provide enough information to verify Cetane’s client profile or HVAC transaction volume. Owners should request relevant transaction examples and clarify who will manage the engagement.

Pricing

Cetane does not publicly disclose whether it uses retainers or success fees. Ask for a written fee schedule covering minimum fees and reimbursable expenses. The schedule should also state the engagement length and termination terms.

CT Acquisitions

CT Acquisitions is a buy-side M&A firm paid by buyers rather than sellers. The firm states that it does not represent sellers, market businesses, or run auctions on their behalf. Instead, CT introduces owners to buyers whose acquisition criteria fit the company, according to its published business model.

Best for

CT may suit an owner who wants a direct introduction to an active buyer without paying an advisory fee. Its HVAC materials describe a target enterprise-value range of $1 million to $50 million, according to the firm’s HVAC guide.

Coverage

CT connects founder-owned companies with private equity firms, family offices, search funds, and strategic buyers. The firm covers home services, industrial services, manufacturing, healthcare services, and business services across the United States.

Pros

• CT maintains relationships with buyers seeking lower-middle-market acquisitions.
• CT reports that some transactions close within 60 to 120 days, but owners should verify what that timeline includes.

Cons

CT does not test the broader buyer market through a competitive auction. An introduction to one buyer or a limited group may provide less price discovery than a seller-led outreach process.

Owners should also clarify CT’s role before proceeding. CT's site says the firm does not represent sellers. However, its HVAC guide discusses sell-side advisory work, and its team page identifies strategic partners who provide those services.

Pricing

Owners pay nothing because the buyer pays CT at closing. CT describes its buyer-paid compensation as a sliding fee tied to the sale price.

Good Hope Advisors

Overview

Good Hope Advisors is a sell-side-only M&A firm focused on HVAC and other contractor trades. The firm targets companies with $1 million to $5 million in EBITDA, which measures operating earnings before interest, taxes, depreciation, and amortization. Its stated services include financial preparation and targeted buyer outreach based on each company’s residential or commercial profile.

Because Good Hope represents sellers rather than buyers, its compensation and negotiating role are aligned with the seller when the firm evaluates offers or recommends a buyer. Good Hope may fit owners prioritizing an HVAC-only specialist, while Salt Creek offers direct founder involvement across a broader field-services practice.

Pros

Good Hope offers clear sector specialization and publishes a defined client-size range. The firm prepares owner compensation and other adjustments before presenting earnings to buyers, according to its HVAC advisory page.

Cons

Good Hope does not disclose its geographic limits or specific closed HVAC transactions on the cited page. The firm reports more than $500 million in aggregate transaction value and recognition from Axial, but owners should independently verify these firm-supplied claims and ask which transactions involved comparable HVAC companies.

Pricing

Good Hope advertises a success-fee-only model with no upfront retainer. Owners should request the fee percentage and minimum fee before signing. They should also review reimbursable expenses and termination terms in the engagement agreement.

Schryver & Co.

Overview

Schryver & Co. launched in 2026 as a Tampa-based M&A advisory firm serving trades businesses nationwide. The firm covers HVAC alongside roofing, plumbing, electrical, and window and door services, according to Roofing Contractor. It may suit owners who want a skilled-trades advisor and are comfortable evaluating a firm with a limited operating history.

Pros

Schryver offers both sell-side and buy-side representation, which gives owners access to services for selling a company or pursuing acquisitions. The firm can also help owners prepare for a transaction through valuations and succession planning.

The trades focus may suit owners operating across several contractor categories, but it should not substitute for verifying the firm's HVAC transaction experience.

Cons

Schryver has a limited public record because the firm launched in 2026. Available information does not disclose Schryver's typical client profile or seller fee structure. Schryver also has not published a list of completed transactions.

Owners should request examples of Schryver's HVAC deals and ask how the firm finds buyers. They should also identify who will manage the engagement and confirm whether Schryver uses retainers or success fees.

Pricing

Schryver does not publicly disclose pricing. Owners should request a written fee schedule and engagement terms before hiring the firm.

How to choose the right advisor for your HVAC business

Company size provides a useful first screen. Axial’s HVAC advisor data places business brokers mainly below $15 million in revenue, M&A advisors between $5 million and $50 million, and investment banks above $25 million. The ranges overlap because company earnings and buyer demand affect transaction complexity and advisor fit.

A broker may suit an HVAC company below $15 million in revenue when the sale involves a straightforward buyer search and limited deal structuring. An M&A advisor often fits an owner-led company that needs help preparing its finances and managing buyer outreach and negotiations. Larger companies may need an investment bank when complex ownership or institutional buyers create heavier diligence demands across multiple locations.

Your preferred sale model also narrows the choice. A buyer-paid acquisition firm can provide a fast introduction without charging the owner, but its client is the buyer and it may not test the broader market. A sell-side advisor such as Salt Creek represents you and can run a competitive process that compares each offer's economic and transition terms.

Your personal priorities should shape the final decision. Ask who will lead the engagement and remain involved through closing. Confirm how the firm protects confidentiality. Before signing an engagement letter, review the fees and termination terms, then examine the buyer outreach plan and the firm's HVAC experience.

Talk to Salt Creek about your HVAC business

If you are considering a sale, you can learn more about Salt Creek's free, confidential preliminary valuation. You will speak directly with Jack and Connor about your HVAC company and potential buyer interest. They can then discuss whether selling now fits your goals. Salt Creek can also explain what information buyers will need before you decide on next steps.