Private-equity-backed roll-ups are acquiring HVAC companies at a record pace, and the letters are landing in Florida owners’ mailboxes weekly. A call is a signal your business has value. But the first number is the start of a negotiation, not the end of one. Here’s how the roll-up machine works, what these buyers actually pay for, and how to answer the phone from a position of strength.

Owner-operated Florida HVAC companies often sell for 1.5x–3.5x SDE, while larger firms with real maintenance-agreement revenue can trade at 4x–12x+ EBITDA. That spread is not luck — it is built. Here is the 2026 valuation math, the seven drivers buyers actually pay for, and a self-audit you can run before any buyer hands you a number.

Thinking about selling your HVAC business? You need to understand SDE—Seller’s Discretionary Earnings. It’s the number buyers care about most and the foundation of your valuation. This guide breaks down what SDE really means in the HVAC space, how to calculate it, and how top business brokers use it to drive premium deals.