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trader jones
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@Will_Schryver Wow, close to 35x. That is crazy
In the insurance world we are seeing a contraction from public broker ATHs a year ago. They were average 17x-18x and down to 11x-13x. Starting to feel some pressure in private markets
Good thing about home services is no AI disruption
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@Jones__Trader Crazy indeed. If you want to see a really crazy multiple, look up Rollins $ROL
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Private equity is going all in on HVAC
Notable PE-backed HVAC deals:
~18.5x Champions Group (2026)
~17.0x Redwood Services (2025)
~17.0x Sila Services (2024)
~20.0x Goettl (2022)
~16.0x Burton (2021)
~17.0x Southern HVAC (2021)
~16.0x Any Hour (2021)
~16.0x Sila Services (2021)
~15.0x Service Champions (2021)
~16.0x Heartland (2020)
~17.0x TurnPoint (2020)
Will Schryver@Will_Schryver
$2.5 Billion deal 18.5x+ EV/EBITDA multiple $130m+ Adj. EBITDA Private equity makes another massive investment in residential HVAC
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What part of the cycle are we in when lumberyards trade for 10.7x
$QXO is acquiring Kodiak Building Partners for $2.25B
Kodiak generated ~$2.4B revenue / ~$211M EBITDA
Few years ago I was on the sell side for a lumberyard and we were lucky to get 6x
PE-backed consolidating platforms targeted 8x upon exit so Kodiak trading for 10x+ is extraordinary

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Crazy to think how much higher Boden would’ve gone if they had just directed fees to sleepy joe
Anyway, happy birthday @Jones__Trader

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Imagine making $700k on a crypto trade and that’s equal to what some job markets are willing to pay a 99.999% IQ.
Sheel Mohnot@pitdesi
Was curious- Terence Tao makes ~$700k at UCLA it is both a lot of money for a math professor and far less than he could make elsewhere
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trader jones retweetledi

@litigiouspeepop The groupchat is discussing the demise of Wendy’s 4 for 4 because bitcoin is at 73k
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