Operating Company Industrial Services

The Master Group

Boucherville, Quebec, Canada

The Master Group is Canada’s largest and North America’s leading HVAC/R distributor, supplying heating, ventilation, air conditioning and refrigeration products through a network of branches and distribution centers across Canada and the U.S.

Focus Areas
HVAC/R distribution, Wholesale distribution, Building products supply
Website
master.ca

Tracked deals

3

3 tracked deals across 2021-2026.

Recent pace

1

1 tracked deal announced in the last 12 months.

Deal mix

Buyout

3 buyout

The Master Group Acquisition Volume by Year

Last 3 years

Acquisition volume by year Annual acquisition counts for the last 3 years for The Master Group. 1 2021 1 2023 ~1 est. 1 2026
Actual Full-year estimate

Supporting Data

Recent Transactions

  • The Master Group Acquires Distributor Corporation of New England (DCNE)
    June 22, 2026
    Buyer
    The Master Group, Novacap
    Target
    Distributor Corporation of New England (DCNE)
    Seller
    Kolligian family (including Louis St-Laurent / Michele and Nancy Kolligian as management references)
    Industry
    Industrial Services
    Location
    Massachusetts, United States
    Type
    Buyout

    The Master Group, a heating, ventilation, air conditioning and refrigeration (HVAC-R) distributor, completed its acquisition of Distributor Corporation of New England (DCNE), a Carrier distributor serving eastern New England. The deal expands Master’s U.S. footprint in Massachusetts, Maine, New Hampshire, and Rhode Island while adding DCNE’s eight-location network and contractor relationships.

  • The Master Group Acquires Refrigeration Sales Corporation from Rotunda Capital Partners
    March 2, 2023
    Buyer
    The Master Group
    Target
    Refrigeration Sales Corporation
    Seller
    Rotunda Capital Partners
    Industry
    Building Products
    Location
    Ohio, United States
    Type
    Buyout

    The Master Group, a leading North American HVAC/R distributor, acquired Refrigeration Sales Corporation (RSC), a Valley View, Ohio-based HVAC/R parts and equipment wholesaler, from Rotunda Capital Partners. The acquisition expands The Master Group's U.S. footprint across Ohio and western Pennsylvania and follows Rotunda's 2021 investment to grow RSC into a multi-location, data-driven distribution platform.

  • The Master Group Acquires Value Added Distributors (VAD)
    December 13, 2021
    Buyer
    The Master Group Inc.
    Target
    Value Added Distributors (VAD)
    Industry
    HVAC & Mechanical
    Location
    Virginia, United States
    Type
    Buyout

    The Master Group Inc., Canada’s largest private HVAC/R distributor, has acquired Value Added Distributors (VAD), a Midlothian, Virginia–based HVAC solutions and distribution platform with 19 branches and nearly 200 employees. The acquisition establishes The Master Group’s entry into the United States and positions VAD as the platform for future U.S. growth.

Related Acquisition Pages

Building Products Buyers & Acquisitions 1 tracked deal by The Master Group. HVAC & Mechanical Buyers & Acquisitions 1 tracked deal by The Master Group. Industrial Services Buyers & Acquisitions 1 tracked deal by The Master Group. Acquisitions in Massachusetts 1 tracked deal by The Master Group. Acquisitions in Ohio 1 tracked deal by The Master Group. Acquisitions in Virginia 1 tracked deal by The Master Group.

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