Brown: PE HVAC roll-ups bought at 12x EBITDA are entering liquidation
Mike Brown · Teamshares IPO: $60M EBITDA, 92 Companies, Zero Exits · More or Less Podcast · Jun 17, 2026 · at 36:06
Mike Brown explains why Teamshares avoided single-sector roll-up manias, pointing to the collapse of private equity-backed HVAC consolidations.
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“Literally people are buying HVAC companies for 12 times EBITDA. These are businesses that are like project based businesses, right? And now you're saying chapter seven liquidations of private equity backed HVAC things.”
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