Deal Comps by Industry
The Industry
Plumbing, Heating, and Air-Conditioning Contractors
Deals Financed
707
Change-of-ownership 7(a) loans, FY2020 through FY2025
Median Loan
$735,000
A loan, not a price: equity and seller notes sit on top
Charge-Off Rate
4.38%
6 of 137 loans, FY2018-19 change-of-ownership approvals (7-8 years seasoned)
The cited multiple band for this industry runs 2x to 4x SDE (First Page Sage, HVAC valuation multiples report (2025)). The full case, pricing drivers, and diligence list live in Buying an HVAC Business.