America’s New Millionaire Class are Plumbers and HVAC Entrepreneurs
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Things you need to know :
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1. Private-equity firms are investing heavily in skilled trades such as plumbing and HVAC, creating a new class of millionaires.
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2. Owners of small home-services businesses are cashing out for millions, thanks to private-equity buyouts
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Private equity firms have been increasingly targeting skilled trades companies like heating, ventilation and air conditioning (HVAC), plumbing and electrical businesses for acquisition and consolidation in recent years. PE investors have acquired nearly 800 companies in these industries since 2022, reported the Wall Street Journal, citing data from PitchBook.
This wave of PE investment is giving rise to a new class of millionaires across the country, significantly boosting the attractiveness of skilled trades careers. The trades are now being viewed not just as stable professions, but as potential launching pads for those with lofty entrepreneurial aspirations.
