Audax Private Equity has moved commercial HVAC specialist Nextech into the second phase of its sale process after hosting recent management presentations. The deal has attracted bidders eyeing a price around 15 times earnings before interest, taxes, depreciation and amortisation, placing Nextech’s value near $1.5 billion for the third quarter of 2024 and potential acquisition interest.

Last year Nextech generated $100 million in EBITDA, a figure that positions it as a sizable player in the HVAC services market. Upper‑mid‑market private‑equity firms with a track record in infrastructure and energy solutions have shown particular interest, suggesting the company could become a strategic asset for buyers seeking diversification in the U.S. sector at current.

Audax’s decision to advance bidders signals confidence in the company’s growth prospects and operational efficiency. By narrowing the field, the firm aims to sharpen competition and potentially lift the final sale price. Investors will watch the next round closely, as the outcome could set a benchmark for mid‑market HVAC deals for acquirers in late 2024.

The 15× EBITDA valuation aligns with recent transactions in the sector, where comparable firms have sold for between 12× and 18× earnings. This level of interest underscores the attractiveness of HVAC services amid rising demand for energy‑efficient building solutions. The final sale will likely influence pricing dynamics for similar future transactions in the U.S. market.