Alcara Partners

HVAC and air conditioning businesses in Valencia: buying, selling and valuation

HVAC companies operate within what statistics call specialised construction, the same category that covers electricians, plumbers, painters, joiners and waterproofing firms. In the province of Valencia that category had 9,868 active establishments as of 2025, 46.2% of those in the whole Valencian Community (Comunidad Valenciana). Here, Valencia means the province of Valencia, not only the city.

That figure needs careful reading: it is not the number of air conditioning installers, but the number of all premises of specialised construction trades. The INE (Spanish National Statistics Institute) does not break HVAC down by province. At regional level it does publish a closer group, electrical, plumbing and other installation, with 9,321 active companies in the Valencian Community, although it does not separate HVAC from the rest either.

HVAC and air conditioning · Valencia in figures

Active establishments in the province (CNAE activity code 43)

9,868

Share of the Valencian Community

46.2%

Active companies in the province (all activities)

186,970

What affects the value of HVAC and air conditioning businesses in Valencia

The first thing that separates two HVAC companies of the same size is the balance between new installations and maintenance. A portfolio of periodic servicing contracts with residents' associations (comunidades de propietarios), shops, offices or industrial units provides predictable income and an ongoing customer relationship that the buyer can inherit. One-off installation work, by contrast, means going out to find work every month.

The second point is who holds up the technical side. If the technicians who sign off installations or handle refrigerant gases hold the required certification and stay on after the sale, the business keeps running from day one. If everything depends on the owner, the buyer will ask for a long transition period or adjust the price.

Also relevant are the van fleet and its condition, the spare-parts store, agreements with equipment manufacturers or distributors, and the quality of the warranties given to customers, which the new owner will have to honour. A well-kept record of incidents is more reassuring than any promise.

Finally, demand for HVAC peaks in summer and winter. Showing how turnover is spread across the year and what the team does in the quiet months helps prevent the buyer from discounting that seasonality more than necessary.

Indicative valuation multiples

MethodRangeMedian
SDE (small businesses)2× – 3.5×2.8×
EBITDA (medium-sized businesses)3.5× – 6×4.5×
Indicative estimate based on Alcara Partners' valuation model.

Frequently asked questions

There is no official provincial figure for HVAC alone. The most detailed figure the INE publishes by province is for specialised construction, which brings together all building trades and counts establishments, not companies. Any more specific number you see without a source should be treated with caution.

For a buyer they usually carry more weight, because they recur every year and reduce uncertainty. What matters is that they are in writing, that they can be transferred to the new owner and that their actual profitability is proven, not just their number.

It is one of the points that gets negotiated. If the company itself is sold, the obligations remain within it; if only the assets are sold, it has to be agreed who is liable. It is worth confirming this with a legal adviser and setting it out in the sale and purchase agreement.

They may be, if they are looking for customers and already-trained technicians in an area where they have no presence. In that case they will mainly value the maintenance portfolio, the local reputation and the team staying with the company.

It does if the quiet months generate losses or if profit depends on a single peak of work. If you can show that maintenance and repairs cover those months, the buyer will see a more stable business and the discount will be smaller.

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Sources

Latest official data available on the date given for each source.

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