Kinderhook Industries claimed PE Hub's Mid-Cap North America Deal of the Year for its successful six-year investment in Vehicle Accessories Inc. The firm acquired VAI in 2019 during challenging auto industry conditions and sold it to RealTruck after growing the business through strategic add-ons. The Texas-based manufacturer weathered the pandemic and tariff fluctuations through local manufacturing.

The HVAC market continues attracting private equity interest with several players on the block. Keystone Capital is preparing Integra Testing Services ($50M EBITDA) for sale, while closely-held Weitron ($70M EBITDA) explores PE investment or sale options. Audax Private Equity has already received first-round bids for Nextech, a commercial HVAC provider generating $100M EBITDA across 40 locations.

Deal multiples in the HVAC sector range from 10x-19x EBITDA, with residential platforms commanding higher valuations than commercial ones. Kinderhook's success with VAI demonstrates how identifying defensive assets in challenging markets can deliver attractive outcomes. The current M&A environment presents opportunities for buyers seeking specialized industrial service providers despite broader economic headwinds.