3–5x EBITDA Still Holding in HVAC & Plumbing?

April 14, 2025
by a searcher in Tampa, FL, USA
Banks seem to be funding Plumbing & HVAC deals at around 3–5x EBITDA — but is that still accurate in this environment?
From my recent conversations:
• DSCR targets land around 1.25–1.5x
• Personal guarantees are still common, especially sub-$5M EV
• Seller notes are often required to make the numbers work
But here’s where I’m stuck:
• Are banks still underwriting off LTM EBITDA, or shifting?
• Are certain regions or buyer types getting more flexibility?
Would love to hear from anyone actively lending or closing in this space — especially if the numbers are changing.
from University of Southern California in Los Angeles, CA, USA
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA