Where do private equity or roll-up buyers look for listing ads?

From what I've seen, PE firms usually have analysts monitoring BizBuySell and a few other public marketplaces, but the serious roll-ups rely heavily on proprietary deal flow from brokers. If you list on a public site, you'll get some inbound, but it's often lower-quality interest.

BizBuySell is the big one for public listings. Also LoopNet for anything with real estate. But a lot of PE buyers prefer off-market deals sourced through investment banks or business brokers who specialize in their industry.

What MikeyTrades said. The roll-up I used to work for had a whole team scraping listings from BizBuySell, BusinessesForSale.com, and even Craigslist occasionally. But the deals that actually closed usually came from broker relationships, not the public ads.

Have you considered just reaching out directly to a few PE firms that focus on HVAC? Many have platforms and are actively looking for Add-ons. You might get a better response than listing on a site and waiting.

The main listing sites are BizBuySell, BizQuest, and DealStream. Private equity and roll-ups definitely check those, but they also use services like Grata or Sourcescrub to find companies that aren't listed at all. If you want to be found, make sure your business has a decent online presence and maybe get a broker who has relationships with PE.

I'd add that some PE firms have 'deal teams' that do nothing but monitor listing platforms and trade publications. But the volume of junk they sift through is huge, so a well-written ad with clear financials and and a broker's presentation will stand out.

Also, if you list on BizBuySell without a broker, expect a lot of tire-kickers and buyer brokers who want to represent you for a fee. PE usually works with intermediaries. Not saying it can't happen, but the odds are lower.

What's your end goal? If youre looking for a strategic buyer or a PE roll-up, you might be better off with a sell-side M&A advisor who can run a targeted process. Listing ads are more of a shotgun approach.

One more thing: some roll-ups have 'platform' companies that do the acquiring and they often post on their own websites or use newsletters to source add-ons. It's worth checking if any HVAC platforms are backed by PE and reaching out to them directly.

BizBuySell is owned by CoStar now, so it gets a lot of traffic. But from what I've heard, many PE buyers set up alerts for for specific keywords and industries. Make sure your listing uses the right NAICS or SIC codes and keywords like 'HVAC' and 'mechanical services'.

I'd also look at Axial. It's a platform where lower middle market companies can connect with PE and and strategic buyers. Not exactly a listing site, but many buyers use it to find deals.

Axial is good but you usually need to be represented by a broker or advisor to join. If you're going at it alone, you might not get access.

Yeah, Axial requires an M&A advisor I think. But there are other marketplaces like DealRoom or Intralinks that are more for larger deals. For a $2.5M revenue HVAC company, your best bet is either a business broker who has PE connections or directly contacting PE-backed platforms that are buying up HVAC companies.

Have you thought about just using a broker? They know where the buyers are and can get your company in front of them. Listing on your own is a lot of work and you might not get the exposure you want.

Sounds like a plan. Just interview a few brokers and make sure they have experience with PE buyers. Good luck.