Lincoln International highlights private equity's focus on data center refrigeration and structural design, citing high multiples for these plays. Guillaume Suizdak and Juan Carlos Montoya identify cooling as critical for data centers powering quantum computing, needing near-absolute zero temperatures. Structural design providers offering integrated solutions for OEMs are seeing significant valuation premiums. Recent European deals like EQT's sale of Beijer Ref and Apollo's acquisition of Kelvion underscore this trend. The HVAC sector's long-term demand, fueled by climate change and digital infrastructure growth, makes it a key investment area for PE over the next decade.