Who's Buying HVAC & Mechanical Companies in Canada

Tracked deals

36

36 tracked deals across 2019-2026.

Buyer mix

Mixed buyer set

31 strategic · 26 pe

Top trend

Volume peaked in 2021

10 tracked deals announced in 2021.

Primary Insight

What Stands Out

  • Right Time Group of Companies and Gryphon Investors appear across multiple residential HVAC / home-services add-ons in Canada (Ontario, Alberta, Nova Scotia).
  • Private equity and investor-backed platforms are recurring buyers, including CAI Capital Partners and Lynx Equity Limited.
  • Corporate HVAC and controls players also show up: SPX Technologies, Systemair AB, and Carrier Global Corporation (through Automated Logic – Canada, Ltd.).
  • Geographic deal flow clusters around major provinces such as Ontario, British Columbia, Quebec, Alberta, and Nova Scotia.
  • Theme across recent transactions: expanding ventilation, controls, building-automation systems, and service/recurring maintenance footprints.

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Buyer Snapshot

Top Buyers

Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.

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Buyer # Deals Focus Type
Right Time Group of Companies 18 Leading Canadian independent residential HVAC contractor ... Strategic (PE-backed)
Gryphon Investors 15 Middle-market private equity firm focused on partnering w... PE
CAI Capital Partners 4 Vancouver-based private equity firm focused on partnering... PE
Custom Air Conditioning Ltd. 4 Leading British Columbia mechanical services provider off... Strategic (PE-backed)
Alphi Capital 1 Lower middle market private equity firm focused on Canadi... PE
Automated Logic – Canada, Ltd. 1 Provider of building-management and intelligent building-... Strategic
Carrier Global Corporation 1 Global leader in intelligent climate and energy solutions... Strategic
Clairvest Group 1 Toronto-based private equity management firm that partner... PE
Deschenes Group Inc. 1 Private family-owned wholesale distributor serving plumbi... Strategic
Desjardins Capital 1 Growth equity/private capital arm of Desjardins Group tha... PE

Acquisition Volume in HVAC & Mechanical in Canada by Year

Last 8 years

Acquisition volume by year Annual acquisition counts for the last 8 years for Who's Buying HVAC & Mechanical Companies in Canada. 1 2019 4 2020 10 2021 7 2022 6 2023 3 2024 3 2025 ~3 est. 2 2026
Actual Full-year estimate

Supporting Data

Recent Transactions

  • Systemair Acquires Temspec Incorporated
    July 23, 2026
    Buyer
    Systemair AB
    Target
    Temspec Incorporated
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Buyout

    Systemair AB has acquired Temspec Incorporated, a Canadian designer and manufacturer of decentralised HVAC equipment. The acquisition, completed on July 23, 2026, expands Systemair’s North American presence in multi-storey buildings and school ventilation applications.

  • PMC Energy Limited Acquires Metro Commercial Heating & Cooling and Active Heating & Air Conditioning
    January 20, 2026
    Buyer
    PMC Energy Limited
    Target
    Metro Commercial Heating & Cooling Limited, Active Heating & Air Conditioning Ltd.
    Seller
    Chris Tucker (owner of Metro), Brian Campbell (owner of Active)
    Industry
    HVAC & Mechanical
    Location
    Nova Scotia, Canada
    Type
    Addon

    PMC Energy Limited has completed acquisitions of Metro Commercial Heating & Cooling Limited and Active Heating & Air Conditioning Ltd., two Halifax-based commercial HVAC service providers. The deals expand PMC’s commercial HVAC and Building Automation Systems (BAS) footprint in the Halifax Regional Municipality and strengthen its recurring maintenance and service platform.

  • Lynx Equity Acquires Valley Plumbing & Heating
    November 12, 2025
    Buyer
    Lynx Equity Limited
    Target
    Valley Plumbing & Heating
    Industry
    HVAC & Mechanical
    Location
    British Columbia, Canada
    Type
    Buyout

    Lynx Equity Limited has acquired Valley Plumbing & Heating, a British Columbia–based HVAC and plumbing contractor serving the Okanagan region. The acquisition strengthens Lynx's presence in Canada’s HVAC market and supports Valley's leadership team in its next stage of growth.

  • Automated Logic (Carrier) Acquires Control Solutions Ltd.
    August 1, 2025
    Buyer
    Automated Logic – Canada, Ltd., Carrier Global Corporation
    Target
    Control Solutions, Ltd.
    Industry
    HVAC & Mechanical
    Location
    British Columbia, Canada
    Type
    Buyout

    Automated Logic – Canada, Ltd., part of Carrier Global Corporation, has acquired Control Solutions, Ltd., an integrated building-automation systems provider headquartered in Coquitlam, British Columbia. The deal establishes Automated Logic's first company-owned controls field office in Vancouver and expands its building-automation footprint in Western Canada; terms were not disclosed.

  • Alphi Capital Invests in RedBlue HeatPumps & Refrigeration
    July 22, 2025
    Buyer
    Alphi Capital
    Target
    RedBlue HeatPumps & Refrigeration
    Industry
    HVAC & Mechanical
    Location
    British Columbia, Canada
    Type
    Growth capital

    Toronto-based private equity firm Alphi Capital has partnered with RedBlue HeatPumps & Refrigeration, a Victoria, British Columbia provider of HVAC, plumbing and electrical services founded in 2013. The investment will support RedBlue’s next phase of growth through investments in people, processes, systems and geographic expansion.

  • Custom Air Conditioning Acquires Power Plus Electric Ltd. and I.C.R. Air Inc.
    December 2, 2024
    Buyer
    Custom Air Conditioning Ltd., CAI Capital Partners
    Target
    Power Plus Electric Ltd., I.C.R. Air Inc.
    Industry
    HVAC & Mechanical
    Location
    British Columbia, Canada
    Type
    Addon

    CAI Capital Partners’ portfolio company Custom Air Conditioning Ltd. has acquired Power Plus Electric Ltd. (Maple Ridge, BC) and certain assets of I.C.R. Air Inc. (Kamloops, BC). The deals expand CustomAir’s electrical capabilities and strengthen its regional HVAC footprint in the Thompson region, positioning the company to capture demand from decarbonization and electrification initiatives across Western Canada.

  • Right Time Group Acquires Belyea Bros
    June 6, 2024
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Belyea Bros Limited Heating, Cooling & Electrical
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Right Time Group of Companies, a Gryphon Investors–backed residential home services platform, has acquired Toronto-based Belyea Bros Limited Heating, Cooling & Electrical. The acquisition is Right Time’s 22nd add-on and expands its presence in Ontario; terms were not disclosed and Belyea Bros’ management and employees will join Right Time.

  • W Investments Group and Desjardins Capital Acquire Groupe BFL (Bousquet Technologies & Nagas Innovation)
    May 7, 2024
    Buyer
    W Investments Group II L.P., Desjardins Capital
    Target
    Groupe BFL, Bousquet Technologies, Nagas Innovation
    Industry
    HVAC & Mechanical
    Location
    Quebec, Canada
    Type
    Growth capital

    W Investments Group II L.P., in partnership with Desjardins Capital, has acquired Groupe BFL and its subsidiaries Bousquet Technologies and Nagas Innovation. Management remains in place and the investors said the partnership will support accelerated growth and expanded North American distribution of the company’s energy‑recovery and ventilation products.

  • Right Time Group Acquires Breathe Clean Mini Split Heat Pump Cleaning
    November 15, 2023
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Breathe Clean Mini Split Heat Pump Cleaning
    Seller
    Cleve and Michelle Brewer
    Industry
    HVAC & Mechanical
    Location
    Nova Scotia, Canada
    Type
    Addon

    Right Time Group of Companies acquired Halifax-based Breathe Clean Mini Split Heat Pump Cleaning, bringing the company's employees into Right Time's residential HVAC platform. The deal expands Right Time's footprint in Nova Scotia; Right Time is majority-owned by Gryphon Investors. Terms were not disclosed.

  • Right Time Group Acquires Knight Plumbing Heating & Air Conditioning
    July 19, 2023
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Knight Plumbing Heating & Air Conditioning
    Seller
    Wandler family
    Industry
    HVAC & Mechanical
    Location
    Alberta, Canada
    Type
    Addon

    Right Time Group of Companies, a Gryphon Investors–backed Canadian home services platform, has acquired Calgary-based Knight Plumbing Heating & Air Conditioning. The acquisition expands Right Time's residential HVAC and home services footprint in Western Canada; terms were not disclosed.

  • Right Time Group of Companies Acquires Shines Energy Incorporated
    June 28, 2023
    Buyer
    Right Time Group of Companies
    Target
    Shines Energy Incorporated
    Industry
    HVAC & Mechanical
    Location
    Nova Scotia, Canada
    Type
    Addon

    Right Time Group of Companies, a Canadian residential HVAC platform majority-owned by Gryphon Investors, has acquired Dartmouth, Nova Scotia-based Shines Energy Incorporated. The acquisition — Right Time's 19th — expands the company's footprint into Eastern Canada; terms were not disclosed and Shines' management and employees will join Right Time.

  • Right Time Group Acquires Thomson Industries Ltd.
    May 10, 2023
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Thomson Industries Ltd.
    Industry
    HVAC & Mechanical
    Location
    British Columbia, Canada
    Type
    Addon

    Right Time Group of Companies acquired Greater Vancouver–based Thomson Industries Ltd., a residential heating, cooling, electrical and air quality services provider. The deal—Right Time’s 18th acquisition and part of its ongoing roll-up strategy under majority owner Gryphon Investors—expands Right Time’s footprint in British Columbia; terms were not disclosed.

  • Custom Air Conditioning Acquires Reliatech HVAC Inc.
    May 1, 2023
    Buyer
    Custom Air Conditioning Ltd., CAI Capital Partners
    Target
    Reliatech HVAC Inc.
    Industry
    HVAC & Mechanical
    Location
    British Columbia, Canada
    Type
    Addon

    Custom Air Conditioning Ltd., a portfolio company of CAI Capital Partners, has acquired Reliatech HVAC Inc., a Kamloops-based commercial HVAC and mechanical services provider. The add-on expands CustomAir's presence in the Interior of British Columbia, includes opening a new Kamloops branch, and will give Reliatech customers access to a broader service offering and more technicians.

  • Right Time Group Acquires Oosterveld Heating & Air Conditioning
    March 29, 2023
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Oosterveld Heating and Air Conditioning
    Seller
    Rick Oosterveld
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Right Time Group of Companies, a PE-backed Canadian residential HVAC platform majority-owned by Gryphon Investors, has acquired Guelph-based Oosterveld Heating & Air Conditioning. The small, family-owned residential HVAC business (founded 1980) and its management will join Right Time as part of the platform’s continued expansion in Southern Ontario; terms were not disclosed.

  • Right Time Group Acquires Dunn Heating and Air Conditioning
    December 16, 2022
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Dunn Heating ClimateCare (now Dunn Heating and Air Conditioning)
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Right Time Group of Companies acquired Waterloo-based Dunn Heating ClimateCare (now operating as Dunn Heating and Air Conditioning). The small, residential HVAC business founded in 1973 will join Right Time's network (a Gryphon Investors-backed platform) as management, including former owner Rick Dunn, remain with the business; terms were not disclosed.

  • Right Time Group of Companies Acquires 669-Heat
    November 3, 2022
    Buyer
    Right Time Group of Companies
    Target
    Northern Air & Mechanical Systems Inc. (d/b/a 669-Heat)
    Seller
    Brian Eadie, Kathy Eadie
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Right Time Group of Companies has acquired Northern Air & Mechanical Systems Inc., which does business as 669-Heat, a Sudbury-based residential HVAC services provider. The deal (terms undisclosed) will see the company's management and employees join Right Time as the platform — majority-owned by Gryphon Investors — expands its presence in Northern Ontario; 669-Heat is Right Time's fifteenth acquisition.

  • Industrial Chimney Company Acquires Cheminee Lining from Cleaver-Brooks
    July 26, 2022
    Buyer
    Industrial Chimney Company (ICC)
    Target
    Cheminee Lining (exhaust solutions division of The Cleaver-Brooks Company, Inc.)
    Seller
    The Cleaver-Brooks Company, Inc.
    Industry
    HVAC & Mechanical
    Location
    Quebec, Canada
    Type
    Divestiture

    Industrial Chimney Company (ICC) has acquired Cheminee Lining, the exhaust solutions division of Cleaver-Brooks. ICC will continue leasing 56,000 sq. ft. of manufacturing space and 21,000 sq. ft. of office space in Terrebonne, Quebec, and retain more than 44 Cheminee Lining employees as part of the transaction; Cleaver-Brooks will honor existing customer commitments.

  • Right Time Group of Companies Acquires Wardlaw Heating and Cooling
    April 1, 2022
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Wardlaw Heating and Cooling
    Seller
    Greg Wardlaw, Kelly Jackson
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Right Time Group of Companies, a Gryphon Investors–backed Canadian residential HVAC platform, has acquired Wardlaw Heating and Cooling, a Sault Ste. Marie-based HVAC installer and service provider founded in 1981. The deal — Right Time’s fourteenth acquisition — will fold Wardlaw’s management and employees into the Right Time network; terms were not disclosed.

  • Right Time Group Acquires 360 Super Techs (360 Comfort Systems & The Super Plumber)
    March 7, 2022
    Buyer
    Right Time Group of Companies
    Target
    360 Super Techs (360 Comfort Systems and The Super Plumber), 360 Comfort Systems, The Super Plumber
    Seller
    Brody Funk, Reed Gary
    Industry
    HVAC & Mechanical
    Location
    British Columbia, Canada
    Type
    Addon

    Right Time Group of Companies, a Gryphon Investors-backed Canadian residential HVAC platform, acquired 360 Super Techs of Vancouver Island — which includes 360 Comfort Systems and The Super Plumber — to expand its western Canada footprint. The deal brings the local HVAC, plumbing and electrical teams into Right Time's network; financial terms were not disclosed.

  • Right Time Group of Companies Acquires The Comfort Group
    March 7, 2022
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    The Comfort Group
    Seller
    Denis Stjepanovic, Terry Corsie
    Industry
    HVAC & Mechanical
    Location
    British Columbia, Canada
    Type
    Addon

    Right Time Group of Companies, a Gryphon Investors-backed Canadian residential HVAC platform, acquired The Comfort Group, a Parksville, British Columbia-based residential heating, cooling and indoor air quality services provider. The acquisition expands Right Time's presence on Vancouver Island as part of its ongoing western Canada expansion; terms were not disclosed.

  • Enercare Inc. Acquires Substantially All Assets of Syles Mechanical Services Ltd.
    January 18, 2022
    Buyer
    Enercare Inc.
    Target
    Syles Mechanical Services Ltd.
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Enercare Inc. has acquired substantially all of the assets of Syles Mechanical Services Ltd., a Tecumseh, Ontario-based residential and commercial heating, cooling, plumbing and electrical services provider. The deal adds more than 55 employees and a fleet of 30 service vehicles to Enercare and operations will continue locally under the existing management team; Enercare is a portfolio company of Brookfield Infrastructure.

  • Right Time Group Acquires Climate Air Heating & Air Conditioning
    December 10, 2021
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Climate Air Heating & Air Conditioning
    Seller
    Dennis Kavaratzis
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Right Time Group of Companies, a Gryphon Investors–backed residential HVAC platform, acquired Climate Air Heating & Air Conditioning, a family-owned residential HVAC business serving Barrie, Ontario. The transaction expands Right Time's footprint in Ontario and brings Climate Air's management and employees into Right Time's network; terms were not disclosed.

  • Munch's Supply Acquires Ontario-based TML Supply
    December 2, 2021
    Buyer
    Munch's Supply
    Target
    TML Supply
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Munch's Supply, a Ridgemont-backed North American HVAC, plumbing and sheet-metal distributor based in New Lenox, Illinois, has acquired TML Supply and its 13 branches across Ontario, Canada. The deal expands Munch's footprint to 64 locations across 16 U.S. states and one Canadian province, strengthening its presence in the Ontario HVAC and plumbing market.

  • Custom Air Conditioning Ltd. (CAI portfolio) Acquires Britech HVAC Ltd.
    November 25, 2021
    Buyer
    Custom Air Conditioning Ltd., CAI Capital Partners
    Target
    Britech HVAC Ltd.
    Industry
    HVAC & Mechanical
    Location
    British Columbia, Canada
    Type
    Addon

    Custom Air Conditioning Ltd., a portfolio company of CAI Capital Partners, has acquired Britech HVAC Ltd., a Kelowna-based provider of HVAC and mechanical services. The acquisition expands CustomAir's presence in the Interior/Okanagan region of British Columbia and broadens the service offering and technician capacity available to Britech's customers.

  • Right Time Group of Companies Acquires furnaceguys Home Heating & Cooling
    October 18, 2021
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    furnaceguys Home Heating & Cooling
    Seller
    Dennis McKee, Kathleen Brannen
    Industry
    HVAC & Mechanical
    Location
    Saskatchewan, Canada
    Type
    Addon

    Right Time Group of Companies, a Gryphon Investors–backed Canadian residential HVAC platform, has acquired furnaceguys Home Heating & Cooling, a Saskatoon-based residential HVAC services provider. The deal—terms undisclosed—marks Right Time's tenth acquisition and its first in Saskatchewan; the seller-owners Dennis McKee and Kathleen Brannen and furnaceguys' employees will join the Right Time team.

  • Right Time Group of Companies Acquires Anchor Home Comfort
    August 10, 2021
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Anchor Home Comfort
    Seller
    Darren Parsons, Ken Turner
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Right Time Group of Companies has acquired Anchor Home Comfort, a residential HVAC, air quality, and hot water services provider serving Ottawa and surrounding areas. The acquisition is an add-on to Right Time's national roll-up strategy; Right Time is majority-owned by Gryphon Investors and Anchor's co-owners Darren Parsons and Ken Turner will join the Right Time team.

  • Right Time Group of Companies Acquires Haven Home ClimateCare
    July 16, 2021
    Buyer
    Right Time Group of Companies
    Target
    Haven Home ClimateCare
    Seller
    Marci McMullen, André Soucy
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Right Time Group of Companies has acquired Haven Home ClimateCare (now operating as Haven Home), a residential HVAC, air quality, and hot water services provider serving Belleville, Kingston and Brockville, Ontario. Management and employees of Haven Home will join Right Time as part of the company's national roll-up strategy; terms were not disclosed. Right Time is majority-owned by Gryphon Investors and this marks the company's eighth acquisition as it expands its Canadian footprint.

  • Right Time Group of Companies Acquires Comfort Masters Ltd.
    June 3, 2021
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Comfort Masters Ltd.
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Right Time Group of Companies, a Gryphon Investors-backed residential HVAC platform, has acquired Comfort Masters LTD., a residential HVAC, air quality and hot water services provider serving the Oshawa/York/Durham/Simcoe regions of Ontario. Management and employees of Comfort Masters will join Right Time as the company continues its expansion across Ontario; terms were not disclosed.

  • TorQuest Partners Acquires Controlling Stake in Onyx-Fire Protection Services
    April 7, 2021
    Buyer
    TorQuest Partners
    Target
    Onyx-Fire Protection Services Inc.
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Buyout

    TorQuest Partners completed a controlling equity investment in Onyx-Fire Protection Services Inc., partnering with Onyx management to accelerate growth and support an acquisition program. Onyx, headquartered in Mississauga, Ontario, provides fire and sprinkler inspection, maintenance, repair and installation services to more than 7,000 customers across Ontario and employs over 300 people; Bryan Chew was named CEO as part of the partnership.

  • Right Time Group of Companies Acquires Romaniuk Heating & Air Conditioning
    April 5, 2021
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Romaniuk Heating & Air Conditioning
    Seller
    Tony Romaniuk
    Industry
    HVAC & Mechanical
    Location
    Alberta, Canada
    Type
    Addon

    Right Time Group of Companies acquired Romaniuk Heating & Air Conditioning to expand its residential and commercial HVAC, plumbing and hot water services into the Edmonton, Alberta market. Right Time is majority-owned by Gryphon Investors; terms were not disclosed and Romaniuk's founder Tony Romaniuk will transition out as management and employees join Right Time.

  • Right Time Group of Companies Acquires AtlasCare
    March 10, 2021
    Buyer
    Right Time Group of Companies, Gryphon Investors
    Target
    Atlas Service Company Inc. (AtlasCare)
    Seller
    Roger Grochmal, Michael Grochmal
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Addon

    Right Time Group of Companies, a Gryphon Investors-backed Canadian residential HVAC platform, has acquired Atlas Service Company Inc. (AtlasCare), a long-established Oakville-based provider of residential HVAC, air quality, plumbing and hot water services. Management and employees of AtlasCare will join Right Time as the platform continues a roll-up strategy to expand its national footprint in Canada; terms were not disclosed.

  • Deschenes Group Acquires Powrmatic of Canada Ltd. from Stamm International
    January 1, 2021
    Buyer
    Deschenes Group Inc.
    Target
    Powrmatic of Canada Ltd.
    Seller
    Stamm International Corporation
    Industry
    HVAC & Mechanical
    Location
    Quebec, Canada
    Type
    Addon

    Deschenes Group Inc. (DGI) has acquired Powrmatic of Canada Ltd., a Montreal-based distributor of HVACR, electrical and hearth products, from Stamm International Corporation. Capstone Partners advised on the sale; the acquisition is positioned as a strategic add-on to expand DGI's product offering, branch footprint and customer reach across Canada.

  • Gryphon Investors Acquires Right Time Heating and Air Conditioning from Clairvest
    December 30, 2020
    Buyer
    Gryphon Investors
    Target
    Right Time Heating and Air Conditioning
    Seller
    Clairvest Group Inc.
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Buyout

    Gryphon Investors completed a majority acquisition of Right Time Heating and Air Conditioning from Clairvest Group Inc., acquiring Canada’s largest independent residential HVAC services provider. Right Time — founded in 2014 and based in St. Catharines, Ontario with ~400 employees and 11 locations — will keep its management team in place with management retaining a significant equity stake as Gryphon supports continued organic growth and add-on M&A.

  • Right Time Heating & Air Conditioning Acquires Moore & Russell Heating (M&R Heating)
    July 17, 2020
    Buyer
    Right Time Heating and Air Conditioning Canada, Clairvest Group
    Target
    Moore & Russell Heating Ltd (M&R Heating)
    Industry
    HVAC & Mechanical
    Location
    British Columbia, Canada
    Type
    Addon

    Right Time Heating and Air Conditioning Canada acquired Moore & Russell Heating Ltd (M&R Heating), a residential HVAC and hot water services provider operating from Coquitlam, British Columbia. The acquisition, announced July 17, 2020, is an add-on to Right Time (which is partnered with Toronto-based private equity firm Clairvest Group) as Right Time expands its residential HVAC replacement footprint into the Vancouver market.

  • McCain Capital Partners Partners with Classic Fire Protection
    July 6, 2020
    Buyer
    McCain Capital Partners
    Target
    Classic Fire Protection
    Industry
    HVAC & Mechanical
    Location
    Ontario, Canada
    Type
    Growth capital

    McCain Capital Partners has partnered with Rick Berwick, founder and CEO, to make a long-term investment in Classic Fire Protection, a fire and life-safety services provider operating in the Greater Toronto Area. The partnership provides permanent capital to support investment in Classic’s people, products and technology and to accelerate the company’s service capabilities and growth across Southern Ontario and Canada.

  • Custom Air Conditioning (CAI-backed) Acquires Mavco Plumbing and Heating
    May 28, 2019
    Buyer
    Custom Air Conditioning Ltd., CAI Capital Partners
    Target
    Mavco Plumbing and Heating Ltd.
    Industry
    HVAC & Mechanical
    Location
    British Columbia, Canada
    Type
    Addon

    CAI Capital Partners portfolio company Custom Air Conditioning Ltd. has acquired Mavco Plumbing and Heating Ltd., a Penticton-based provider of HVAC, refrigeration and plumbing services. The deal expands CustomAir's presence in the Interior of British Columbia and broadens the service offering and technician capacity available to Mavco's residential, commercial and institutional customers.

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Frequently Asked Questions

Which Canadian provinces appear most often in these HVAC & mechanical acquisitions?

Recent deals are listed across Ontario, Quebec, British Columbia, Alberta, and Nova Scotia (with Canada-wide references as well).

Are the acquisitions mainly residential HVAC, commercial HVAC, or technology?

Both are present. Many transactions involve HVAC service and contracting businesses, and others focus on HVAC technology such as ventilation, precision thermal management, and building-automation/control systems.

What kinds of buyers show up repeatedly?

Recurring buyer types include home-services platforms (e.g., Right Time Group of Companies with Gryphon Investors), private equity/investor-backed groups (e.g., CAI Capital Partners, Lynx Equity Limited), and corporate HVAC/controls companies (e.g., Systemair AB, SPX Technologies, Carrier Global Corporation’s Automated Logic – Canada, Ltd.).

Are deal terms typically disclosed?

Some transactions note that terms were not disclosed, while others provide additional consideration details (for example, SPX Technologies’ acquisition of Neptronic includes cash consideration information).

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