The HVAC industry in the US plays a critical role in ensuring comfort and safety across residential, commercial, and industrial environments. Companies range from manufacturing heaters and air conditioners to offering installation and maintenance services. With growing awareness around energy efficiency and sustainability, the sector is evolving towards smart technologies and renewable energy integration. Innovations such as eco-friendly refrigerants and IoT-enabled systems are reshaping how HVAC solutions operate. In fact, the demand for energy-efficient HVAC systems is expected to surge, making it a promising space for investment and development.


This list comprises twelve notable investors integral to the HVAC sector, specializing in corporate and venture capital investments. Spread across major hubs like New York, Washington, and Miami, these investors vary in size from small firms to large corporations. Noteworthy among them are heavyweights like the U.S. Department of Energy, with significant funding supports, alongside private equity firms such as Blackstone. In 2024, these investors collectively engaged in numerous deals, signaling ongoing growth and investment interest in the HVAC market.


Top 12 HVAC Investors in the US


1. U.S. Department of Energy (DOE)

  • Website: energy.gov
  • Type: Corporate
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1977
  • Headcount: 10001+
  • Number of deals in 2024: 597
  • LinkedIn: u-s--department-of-energy

The U.S. Department of Energy (DOE) is a public entity established in 1977, responsible for overseeing national energy policy, energy production, and nuclear power research. It serves various stakeholders, including government entities and the public, by providing guidance on energy efficiency, funding opportunities, and conducting research to address energy challenges. In 2024, the DOE has been actively involved in funding HVAC-related projects through grants. Notable transactions include a $10.85 million grant to Hydro-Temp, a $2 million grant to Harvest Thermal, and a $5 million grant to BITZER Kuhlmaschinenbau. These investments reflect the DOE's commitment to promoting energy-efficient technologies and solutions within the HVAC industry, making it a significant player in this sector.


2. EMCOR Group, Inc.

  • Website: emcorgroup.com
  • Type: Corporate
  • Headquarters: Norwalk, Connecticut, United States (USA)
  • Founded year: 1994
  • Headcount: 10001+
  • LinkedIn: emcor-group-inc

EMCOR Group, Inc. is a leading construction services company specializing in mechanical and electrical construction, industrial services, and energy infrastructure. Founded in 1994 and based in Norwalk, Connecticut, EMCOR operates through a network of over 100 subsidiaries across the United States, serving a diverse clientele that includes businesses and government entities. The company has a strong focus on sustainability and innovation. EMCOR has made significant strides in the HVAC industry, evidenced by its acquisitions of several HVAC contractors. Notably, in 2016, EMCOR acquired Newcomb and Company, a full-service HVAC contractor based in Raleigh, NC, enhancing its HVAC service offerings. In 2017, they acquired CCI Mechanical, a mechanical service and design-build contractor based in Salt Lake City, further solidifying their presence in the HVAC market. Additionally, their acquisition of Team Mechanical, Inc. in 2009 and the acquisition of 19 subsidiaries of Comfort Systems USA in 2002, which included Gotham Air Conditioning Service, Inc., showcase their strategic focus on expanding their HVAC capabilities. These transactions reflect EMCOR's commitment to providing essential HVAC services and enhancing the functionality and efficiency of facilities across various sectors.


3. Watsco, Inc.

  • Website: watsco.com
  • Type: Corporate
  • Headquarters: Miami, Florida, United States (USA)
  • Founded year: 1956
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: watsco

Watsco, Inc. is a prominent corporate investor based in Miami, Florida, specializing in the HVAC/R distribution sector. Founded in 1956, Watsco has established itself as a leading distributor of air conditioning, heating, and refrigeration equipment, along with related parts and supplies. The company serves a vast network of contractors and dealers, providing essential products and technical support for efficient installation and maintenance of HVAC systems. Watsco's strategic acquisitions highlight its commitment to the HVAC industry, including the acquisition of Peirce Phelps, which generated annual sales of approximately $206 million, and a 35% stake in Russell Sigler, Inc., valued at $63.6 million. Other notable transactions include the acquisition of East Coast Metal Distributors, Inc. for $180 million and Temperature Equipment Corporation for $291 million, further solidifying Watsco's presence in key markets across North America. Through these acquisitions, Watsco continues to enhance its operational efficiency and customer service capabilities in the HVAC sector.


4. Ferguson HVAC

  • Website: ferguson.com
  • Type: Corporate
  • Headquarters: Wichita, Kansas, United States (USA)
  • Founded year: 1953
  • Headcount: 201-500
  • Number of deals in 2024: 1
  • LinkedIn: ferguson-hvac

Ferguson HVAC, founded in 1953 and based in Wichita, Kansas, is a corporate investor specializing in plumbing supply and HVAC products. The company offers a comprehensive range of products, including HVAC equipment, plumbing parts, and tools, catering to both residential and commercial customers. Ferguson operates an online platform for direct product purchases, enhancing customer accessibility. Notably, Ferguson has made several strategic acquisitions to bolster its presence in the HVAC market, including the acquisition of United Automatic Heating Supply, a distributor of HVAC equipment with significant revenue. Other relevant transactions include the acquisition of Bruce-Rogers Co. and Redlon & Johnson Supply, which further solidified Ferguson's position in the Northeast and other key markets. These transactions reflect Ferguson's strategy to integrate acquisitions that align with its core business operations in the HVAC sector.


5. Watts Water Technologies

  • Website: watts.com
  • Type: Corporate
  • Headquarters: North Andover, Massachusetts, United States (USA)
  • Founded year: 1874
  • Headcount: 5001-10000
  • LinkedIn: watts-water-technologies

Watts Water Technologies, founded in 1874 and based in North Andover, Massachusetts, is a corporate investor specializing in plumbing and HVAC solutions. The company offers a comprehensive range of products for water management, heating, and drainage systems, catering to contractors, builders, and facility managers across residential, commercial, and industrial applications. Watts is known for its focus on quality and efficiency, manufacturing and distributing its own branded products. Significant transactions include the acquisition of AERCO International in 2014 for $264.5 million, a company recognized for its high-efficiency commercial boilers and water heaters, and the acquisition of Tekmar Control Systems in 2012, which enhances their capabilities in HVAC control systems. Other notable acquisitions include FEBCO, Electro Controls, and Dormont Manufacturing, all of which further solidify Watts' position in the HVAC market.


6. Y Combinator

  • Website: ycombinator.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 802
  • LinkedIn: y-combinator

Y Combinator is a prominent startup accelerator and venture capital firm based in San Francisco, California, founded in 2005. The firm provides funding and mentorship to early-stage technology companies through a structured program that includes resources like the Startup School and co-founder matching services. Y Combinator has successfully launched over 4,000 startups, making it a key player in the technology startup ecosystem. Among their notable transactions, they have invested in Electric Air, which raised $500,000 in a Pre-Seed round in April 2023, and HomeBreeze, which raised $3,375,000 in a Seed round in August 2021, as well as an earlier Pre-Seed round of $125,000 in March 2021. These investments highlight Y Combinator's engagement with companies that are relevant to the HVAC industry, showcasing their potential to support innovation in this field.


7. Blackstone

  • Website: blackstone.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1985
  • Headcount: 1001-5000
  • Number of deals in 2024: 57
  • LinkedIn: blackstonegroup

Blackstone Inc. is a leading investment management firm based in New York, specializing in alternative investments across various sectors, including private equity, real estate, and credit solutions. Founded in 1985, Blackstone has built a reputation for creating value through strategic investments. Notably, in the HVAC context, Blackstone acquired Copeland, a major manufacturer in the HVAC industry, for $14 billion in October 2022. Additionally, in July 2024, they jointly acquired Air Control Concepts, which focuses on heating, cooling, and engineering solutions. These transactions highlight Blackstone's commitment to investing in and supporting businesses within the HVAC sector, alongside their broader investment strategies.


8. Audax Private Equity


Audax Private Equity is a private equity firm based in Boston, Massachusetts, specializing in investment management and capital growth. Founded in 1999, the firm focuses on partnering with middle market companies across various sectors, providing them with financial resources and strategic guidance to enhance their operations and achieve significant growth. Audax employs a Buy & Build approach, optimizing the value of its portfolio companies through targeted investments and operational support. Notably, Audax has made significant investments in the HVAC sector, including the acquisition of Reedy Industries, a leading provider of commercial HVAC services, and Ramco Refrigeration and Air Conditioning. Additionally, they acquired Thermogenics, a manufacturer of steam and hot water boilers, showcasing their commitment to the HVAC industry. These transactions highlight Audax's strategic focus on enhancing its portfolio in the HVAC space, making them a relevant player in this market.


9. Advantage Capital


Advantage Capital is a venture capital firm based in New Orleans, Louisiana, founded in 1992. The firm specializes in providing equity and debt financing to small businesses across various sectors, including agribusiness, solar projects, and affordable housing. They focus on supporting entrepreneurs and businesses in underserved communities, offering flexible capital solutions to help them grow and thrive. Notably, Advantage Capital has been involved in several transactions within the HVAC industry, such as their investments in Ultimate Air Conditioning and Air Temp Mechanical Services, where they provided funding through venture rounds and debt financing. These transactions highlight their engagement in the HVAC sector, demonstrating their capability and willingness to invest in this industry.


10. The Riverside Company


The Riverside Company is a private equity investment firm based in New York, specializing in providing flexible capital solutions and strategic guidance to smaller middle-market businesses. Founded in 1988, Riverside manages a diverse portfolio of over 140 companies globally. In the HVAC context, Riverside has made significant investments, including the acquisition of Radiant Plumbing & Air Conditioning, a provider of plumbing and HVAC services, and AERCO International, which specializes in high-efficiency heating solutions. Additionally, they have expanded their HVAC portfolio through the acquisition of Plumbing Heating Paramedics and Done Service Group, both of which enhance their presence in the plumbing and HVAC services market. These transactions reflect Riverside's strategic focus on essential home services and their commitment to fostering growth in the HVAC industry.


11. Goldman Sachs

  • Website: goldmansachs.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 59
  • LinkedIn: goldman-sachs

Goldman Sachs is a prominent investment bank and financial services firm based in New York, founded in 1998. The firm provides a wide range of services, including investment banking, asset management, and wealth management, catering to a diverse clientele of corporations, financial institutions, and individuals. In recent years, Goldman Sachs has made significant investments in the HVAC sector, including a majority stake acquisition in Sila Services, a U.S. home services platform, which was announced in November 2024. This acquisition highlights their strategic interest in the HVAC industry. Additionally, their investment in EnerCare, which raised $239.8 million in a post-IPO equity round in March 2016, further emphasizes their involvement in HVAC-related services. These transactions illustrate Goldman Sachs' active role in the HVAC market, alongside their broader investment portfolio.


12. Comfort Systems USA


Comfort Systems USA is a corporate investor based in Houston, Texas, specializing in mechanical, electrical, and plumbing systems, with a strong emphasis on HVAC services. Founded in 1997, the company operates a vast network across the United States, providing installation, maintenance, and repair solutions to commercial, industrial, and institutional clients. In recent years, Comfort Systems USA has made several strategic acquisitions to enhance its HVAC service offerings. Notable transactions include the acquisition of Ivey Mechanical Company for $79.1 million in December 2021, which expanded its operational capabilities. Additionally, the acquisition of J & S Mechanical Contractors in February 2024 is expected to generate significant annual revenues, further solidifying Comfort Systems USA's position in the HVAC market. Other relevant acquisitions include Granite State Plumbing & Heating and ColonialWebb Contractors, which have contributed to the company's growth and service diversification in the HVAC industry.



HVAC Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
U.S. Department of Energy (DOE)Washington, D.C., District Of Columbia, United States (USA)10001+1977597
EMCOR Group, Inc.Norwalk, Connecticut, United States (USA)10001+19940
Watsco, Inc.Miami, Florida, United States (USA)5001-1000019561
Ferguson HVACWichita, Kansas, United States (USA)201-50019531
Watts Water TechnologiesNorth Andover, Massachusetts, United States (USA)5001-1000018740
Y CombinatorSan Francisco, California, United States (USA)51-2002005802
BlackstoneNew York, New York, United States (USA)1001-5000198557
Audax Private EquityBoston, Massachusetts, United States (USA)201-50019995
Advantage CapitalNew Orleans, Louisiana, United States (USA)51-20019925
The Riverside CompanyNew York, New York, United States (USA)201-500198812
Goldman SachsNew York, New York, United States (USA)10001+199859
Comfort Systems USAHouston, Texas, United States (USA)10001+19972


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