The HVAC contracting industry in the US encompasses a wide range of services that ensure indoor comfort through heating, ventilation, and air conditioning. Companies in this sector provide installation, maintenance, and repair services to both residential and commercial customers. With advancements in energy efficiency and a growing focus on sustainability, the industry is transitioning towards greener technologies. Notably, HVAC systems account for significant energy consumption in buildings, prompting an increase in demand for efficient solutions. Innovations such as smart home integrations and improved refrigerants are driving change, making HVAC contracting a dynamic field poised for growth.


The list of top HVAC contracting investors features a range of firms from venture capital to private equity and corporate investors. Headquartered in cities from San Francisco to New York, these 19 investors include both small firms and large institutions, showcasing a mix of experiences. Founded between 1874 and 2023, they vary in size, with some managing over 10,000 employees. Notably, in 2024, they engaged in a total of over 800 investments, indicating a strong interest in HVAC innovation, technology, and services within the industry.


Top 19 HVAC Contracting Investors in the US


1. 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 based in Norwalk, Connecticut, specializing in mechanical and electrical construction, industrial services, and energy infrastructure. Founded in 1994, 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 emphasizes sustainability and innovation in its operations. Notably, EMCOR has made significant strides in the HVAC contracting space through various acquisitions. For instance, in 2016, EMCOR acquired Newcomb and Company, a full-service HVAC contractor based in Raleigh, NC, enhancing its HVAC service offerings. In 2019, they entered into an agreement to acquire Batchelor & Kimball, which is projected to contribute approximately $400 million in revenues for 2020, further solidifying their position in the HVAC market. Other relevant acquisitions include Labov Mechanical Contractors and CCI Mechanical, both of which bolster EMCOR's mechanical contracting capabilities, including HVAC services.


2. Installed Building Products Foundation


Installed Building Products Foundation is a corporate investor based in Columbus, Ohio, specializing in installation contracting for insulation and related home improvement products. Founded in 2019, the foundation has made significant strides in the industry, with seven investments in 2024 alone. Their acquisitions include notable companies such as Alpine Insulation Co., Inc., which enhances their presence in Wisconsin, and Expert Insulation, which reported trailing 12-month revenue of $12 million, expanding their reach in Minnesota. Additionally, their acquisition of Pisgah Insulation and Fireplaces of NC, which specializes in installing insulation and fireplaces, further demonstrates their commitment to energy efficiency and comfort in buildings. These transactions highlight their strategic focus on enhancing their service offerings in the HVAC contracting context, making them a relevant player in the industry.


3. 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. It specializes in providing funding and mentorship to early-stage technology companies through a structured program that includes resources like the Startup School and co-founder matching services. Over the years, Y Combinator has successfully launched more than 4,000 startups, establishing itself as a key player in the technology startup ecosystem. Among its diverse portfolio, Y Combinator has made notable investments in companies relevant to the HVAC contracting industry, such as Electric Air, which raised $500,000 in a Pre-Seed round in April 2023. This investment highlights Y Combinator's engagement with the HVAC sector, alongside its broader focus on technology-driven startups.


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 serves both residential and commercial customers, providing essential supplies for installations and repairs through an online platform. Ferguson has made several strategic acquisitions to strengthen its position in the HVAC contracting market. Notable transactions include the acquisition of Bruce-Rogers Co. in 2016, which expanded their operational capabilities, and the purchase of Davis & Warshow in 2012, marking their entry into the competitive New York City plumbing market. Additionally, their acquisition of Blackman Plumbing Supply in 2018 further enhanced their presence in the New York metro area. These transactions reflect Ferguson's commitment to integrating acquisitions that align with their core business operations in the HVAC sector.


5. 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. Notably, Riverside has made significant investments in the HVAC contracting industry, acquiring companies such as Radiant Plumbing & Air Conditioning, which offers plumbing and HVAC services, and Plumbing Heating Paramedics, marking their entry into HVAC franchising. Additionally, they acquired Done Service Group, further expanding their footprint in essential home services. These transactions highlight Riverside's strategic focus on enhancing growth within the HVAC sector while maintaining a diverse investment portfolio.


6. 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. Notably, Advantage Capital has made significant investments in the HVAC contracting industry, with transactions such as Air Temp Mechanical Services, which raised funds through debt financing in 2015 and 2016, and Ultimate Air Conditioning, which secured venture funding in 2016. Additionally, they have invested in Coil Design, another HVAC-related company, through multiple debt financing rounds in 2017 and 2018. This track record demonstrates their commitment to supporting businesses in the HVAC sector, particularly those that may be underserved.


7. 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 operations and achieve significant growth. Audax employs a Buy & Build approach, optimizing the value of its portfolio companies through targeted investments and operational support. In the HVAC contracting context, Audax has made notable acquisitions, including Reedy Industries, a prominent provider of commercial HVAC services, and Ramco Refrigeration and Air Conditioning. Additionally, they acquired Thermogenics, a manufacturer of steam and hot water boilers, further solidifying their presence in the HVAC industry. These strategic investments highlight Audax's commitment to the HVAC sector and its potential for growth.


8. 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 corporate investor based in Miami, Florida, founded in 1956. As a leading HVAC/R distributor, Watsco specializes in 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 has been actively expanding its presence in the HVAC industry through strategic acquisitions. Notable transactions include the acquisition of a 35% stake in Russell Sigler, Inc., a major HVAC distributor in the Western U.S., and the complete acquisition of Peirce Phelps, Inc., which generates annual sales of approximately $206 million. Additionally, Watsco's acquisition of Temperature Equipment Corporation for $291 million marks its entry into the U.S. Midwest, further solidifying its market position. Other significant acquisitions include Atlantic Air, Inc. and East Coast Metal Distributors, Inc., both of which enhance Watsco's distribution capabilities and market coverage in the HVAC sector. Overall, Watsco's focus on customer service and operational efficiency, combined with its strategic investments, underscores its commitment to the HVAC contracting industry.


9. 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 significant acquisitions to bolster its position in the HVAC contracting market. Notable transactions include the acquisition of Ivey Mechanical Company for $79.1 million in December 2021, and J & S Mechanical Contractors, which is expected to generate substantial annual revenues. Additionally, they acquired Edwards Electrical & Mechanical and its subsidiaries, contributing approximately $85 to $95 million in annualized revenues. These strategic moves highlight Comfort Systems USA's focus on enhancing its HVAC contracting capabilities and expanding its market presence.


10. 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 prominent investment management firm based in New York, specializing in alternative investments. Founded in 1985, the firm has built a diverse portfolio that includes private equity, real estate, and credit solutions for both institutional and individual investors. In 2024, Blackstone has been particularly active, with 57 investments. Notably, they have made significant strides in the HVAC contracting industry, including the acquisition of Air Control Concepts, which focuses on heating, cooling, and engineering solutions. This acquisition was approved by the European Commission, indicating its strategic importance. Additionally, Blackstone's acquisition of Copeland for $14 billion in 2022 further emphasizes their commitment to the HVAC sector, as Copeland is known for its HVAC products. These transactions highlight Blackstone's strategy of building strong businesses and delivering lasting value, particularly in the HVAC market.


11. 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 designed for water management, heating, and drainage systems, catering to contractors, builders, and facility managers across residential, commercial, and industrial applications. Notably, Watts has made several strategic acquisitions to enhance its portfolio in the HVAC sector, including the acquisition of Tekmar Control Systems in 2012, which focuses on control systems for HVAC applications, and Dormont Manufacturing, known for its gas appliance connectors. These transactions, along with others like the acquisition of FEBCO and Mueller Steam Specialty, demonstrate Watts' commitment to expanding its influence and capabilities within the HVAC contracting industry.


12. 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. It provides a wide range of services including investment banking, asset management, and wealth management, catering to a diverse clientele that includes corporations, financial institutions, and individuals. In recent years, Goldman Sachs has made significant investments in the HVAC contracting context, notably acquiring a majority stake in Sila Services, a U.S. home services platform, which is expected to encompass HVAC services. Additionally, their acquisition of Interline Brands for $1.1 billion in 2012 highlights their interest in the maintenance and repair sectors, which often intersect with HVAC services. Their investment in BlocPower, which focuses on energy efficiency and sustainable solutions, also aligns with the HVAC industry's trends towards greener technologies.


13. Saratoga Partners Ltd


Saratoga Partners Ltd is a private equity firm based in Lake Forest, Illinois, founded in 1984. The firm specializes in providing creative capital solutions to small and middle-market businesses, particularly in distressed situations and complex transactions. They offer private debt, equity investments, and corporate loans, primarily targeting businesses in the industrial manufacturing, business service, and information service sectors. Notably, Saratoga Partners has been involved in several transactions relevant to the HVAC contracting industry, including debt financing for Advanced Air & Heat in January 2014, Granite Comfort in November 2020, and Service Fusion in August 2020. These investments demonstrate their commitment to supporting HVAC-related businesses, making them a significant player in this sector.


14. Collaborative Fund

  • Website: collabfund.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 29
  • LinkedIn: collaborative-fund

Collaborative Fund is a venture capital firm based in New York, founded in 2010, that focuses on backing innovative companies across various sectors, including renewable energy, consumer goods, and health technology. They aim to provide financial support and strategic guidance to entrepreneurs and startups that create positive societal and environmental impacts. Notably, Collaborative Fund has invested in companies like Dandelion Energy, which raised significant funding in Series B and Series C rounds to expand its geothermal heating and cooling solutions, directly relevant to the HVAC contracting industry. Additionally, their investment in Therma, a startup that utilizes IoT technology for equipment monitoring and analytics in cooling systems, highlights their commitment to supporting advancements in HVAC technology. These transactions reflect their strategy of identifying businesses that align with their mission of pushing the world forward, particularly in the context of energy efficiency and sustainable HVAC solutions.


15. Energy Impact Partners


Energy Impact Partners is a New York-based venture capital firm founded in 2015, specializing in investments within the energy sector. The firm is dedicated to funding and supporting companies that facilitate the transition to sustainable energy. They provide both capital and strategic guidance to their portfolio companies, collaborating with entrepreneurs and corporate partners to enhance innovation in clean energy technologies. Notable transactions include their participation in Aeroseal, which raised $22 million to reduce carbon emissions through advanced sealing technologies, and HeatTransformers, which completed a €15 million Series A funding round to expand its operations in energy-efficient heating solutions. These investments highlight Energy Impact Partners' commitment to supporting innovations that are directly relevant to the HVAC contracting industry.


16. Ace Hardware Corporation

  • Website: acehardware.com
  • Type: Corporate
  • Headquarters: Oak Brook, Illinois, United States (USA)
  • Founded year: 1924
  • Headcount: 5001-10000
  • Number of deals in 2024: 2
  • LinkedIn: acehardwarecorp

Ace Hardware Corporation is a corporate investor based in Oak Brook, Illinois, specializing in hardware and home improvement products. Founded in 1924, the company operates a network of local stores that provide essential products for home projects and repairs. In recent years, Ace Hardware has made significant moves in the HVAC contracting industry, acquiring Moncrief Heating and Air Conditioning, the oldest HVAC company in Atlanta, and Unique Indoor Comfort in 2023. These acquisitions reflect Ace's strategy to leverage its resources to enhance service offerings and expand its reach in the HVAC market. Additionally, Ace Hardware has also acquired Legacy Plumbing, further solidifying its position in the home services sector, which includes HVAC services. This strategic expansion into HVAC contracting demonstrates Ace Hardware's commitment to diversifying its service offerings and enhancing its market presence in the home improvement industry.


17. Deep Tech Fund (an Alumni Ventures Fund)

  • Website: av.vc
  • Type: Venture Capital
  • Headquarters: Manchester, New Hampshire, United States (USA)
  • Founded year: 2023
  • Headcount: 51-200
  • Number of deals in 2024: 258
  • LinkedIn: deep-tech-fund-av-focused-fund

Deep Tech Fund (an Alumni Ventures Fund) is a venture capital firm based in Manchester, New Hampshire, founded in 2023. It provides accredited investors and institutions with access to professionally-managed, diversified venture portfolios, leveraging a network of over 10,000 investors to connect them with high-quality investment opportunities in the startup ecosystem. The fund has been involved in several notable transactions, including investments in Mojave Energy Systems, which raised $9.5 million in Series A funding for energy solutions, and Rensair, an air purification specialist that raised funds to expand its product portfolio and market presence. These transactions highlight the fund's engagement in sectors that are relevant to HVAC contracting, particularly in energy efficiency and air quality management.


18. Platinum Equity

  • Website: platinumequity.com
  • Type: Private Equity
  • Headquarters: Beverly Hills, California, United States (USA)
  • Founded year: 1995
  • Headcount: 201-500
  • Number of deals in 2024: 20
  • LinkedIn: platinum-equity

Platinum Equity is a private equity firm based in Beverly Hills, California, specializing in mergers, acquisitions, and operations management. Founded in 1995, the firm manages over $48 billion in assets and has a portfolio of approximately 50 companies across various industries. Notably, Platinum Equity has made significant strides in the HVAC sector, exemplified by their recent acquisition of Motors & Armatures Inc. (MARS), a prominent HVAC/R parts distributor in the U.S. and Canada, announced on July 17, 2024. This acquisition allows the existing management to retain a significant ownership stake, indicating a strategy that supports operational continuity and growth. Additionally, their acquisition of Alcan Cable, which specializes in aluminum cable products, further demonstrates their diverse investment strategy, although it is not directly related to HVAC contracting. Overall, Platinum Equity's operational expertise and capital investment approach position them as a significant player in the HVAC contracting landscape.


19. Emerson

  • Website: emerson.com
  • Type: Corporate
  • Headquarters: St. Louis, Missouri, United States (USA)
  • Founded year: 1890
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: emerson

Emerson Electric Co., founded in 1890 and based in St. Louis, Missouri, is a leading industrial automation company that provides a wide range of engineering services, industrial automation equipment, and software solutions. The company serves various industries, including oil and gas, power generation, and chemicals, enhancing efficiency and safety in operations. Emerson has made several strategic acquisitions relevant to the HVAC sector, including Cooper-Atkins Corporation, which specializes in temperature monitoring solutions, and 7AC Technologies, which focuses on advanced HVAC technologies. Additionally, Emerson Ventures has invested in NevadaNano, a company developing emissions-tracking technology, which is crucial for modern HVAC systems. These transactions highlight Emerson's commitment to enhancing HVAC solutions and technologies, making them a relevant investor in the HVAC contracting space.



HVAC Contracting Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
EMCOR Group, Inc.Norwalk, Connecticut, United States (USA)10001+19940
Installed Building Products FoundationColumbus, Ohio, United States (USA)5001-1000020197
Y CombinatorSan Francisco, California, United States (USA)51-2002005802
Ferguson HVACWichita, Kansas, United States (USA)201-50019531
The Riverside CompanyNew York, New York, United States (USA)201-500198812
Advantage CapitalNew Orleans, Louisiana, United States (USA)51-20019925
Audax Private EquityBoston, Massachusetts, United States (USA)201-50019995
Watsco, Inc.Miami, Florida, United States (USA)5001-1000019561
Comfort Systems USAHouston, Texas, United States (USA)10001+19972
BlackstoneNew York, New York, United States (USA)1001-5000198557
Watts Water TechnologiesNorth Andover, Massachusetts, United States (USA)5001-1000018740
Goldman SachsNew York, New York, United States (USA)10001+199859
Saratoga Partners LtdLake Forest, Illinois, United States (USA)11-5019840
Collaborative FundNew York, New York, United States (USA)11-50201029
Energy Impact PartnersNew York, New York, United States (USA)51-200201527
Ace Hardware CorporationOak Brook, Illinois, United States (USA)5001-1000019242
Deep Tech Fund (an Alumni Ventures Fund)Manchester, New Hampshire, United States (USA)51-2002023258
Platinum EquityBeverly Hills, California, United States (USA)201-500199520
EmersonSt. Louis, Missouri, United States (USA)10001+18904


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