The residential and light commercial HVAC space is undergoing a structural transformation that creates both opportunity and risk for equipment finance portfolios. Private equity rollup activity has accelerated dramatically since 2022, with platforms like Service Logic, Home Alliance, and Wrench Group absorbing hundreds of independent contractors annually. For lenders who’ve built HVAC portfolios assuming stable, generational family ownership patterns, this wave demands strategic repositioning.
The Economics Driving Consolidation
