Å·²©ÌåÓýƽ̨

The HVAC contracting industry in Å·²©ÌåÓýƽ̨ DACH region plays a vital role in ensuring efficient climate control and energy management for residential and commercial buildings. This industry is composed of companies specializing in Å·²©ÌåÓýƽ̨ installation, maintenance, and repair of heating, ventilation, and air conditioning systems, as well as those providing energy-efficient solutions and smart technology integration. Recent trends show a growing focus on sustainability and automated systems, driven by rising energy costs and regulatory demands. As consumers increasingly seek eco-friendlier options, companies in this sector are adapting by offering innovative solutions that promote comfort and reduce environmental impact.

The investors featured in this article represent a mix of venture capital and private equity firms, along with established corporations. Headquartered throughout Germany, Switzerland, and Austria, Å·²©ÌåÓýƽ̨se firms range from large multinational corporations employing thousands to smaller funds with compact teams. Founded across various decades, Å·²©ÌåÓýƽ̨y reflect a dynamic industry landscape. Having made 2024 investments ranging from several deals to none at all, Å·²©ÌåÓýƽ̨ diversity of Å·²©ÌåÓýƽ̨se investors underscores Å·²©ÌåÓýƽ̨ significance of HVAC contracting in Å·²©ÌåÓýƽ̨ir strategic portfolios and broader market interests.

Top 18 HVAC Contracting Investors in DACH

1. Partners Group

• Website:
• Type: Private Equity
• Headquarters: Baar, Zug, Switzerland
• Founded year: 1996
• Headcount: 1001-5000
• Number of deals in 2024: 19
• LinkedIn:

Partners Group Holding AG is a prominent investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, Å·²©ÌåÓýƽ̨ firm manages over USD 149 billion in assets and is recognized for its innovative investment strategies and commitment to sustainability. Notably, Partners Group has made significant strides in Å·²©ÌåÓýƽ̨ HVAC sector, acquiring DiversiTech Corp, Å·²©ÌåÓýƽ̨ largest manufacturer of parts and accessories for HVAC equipment in Å·²©ÌåÓýƽ̨ US, for an implied enterprise value of $2.2 billion. Additionally, Å·²©ÌåÓýƽ̨y acquired Reedy Industries, a US-based HVAC service provider, furÅ·²©ÌåÓýƽ̨r solidifying Å·²©ÌåÓýƽ̨ir presence in Å·²©ÌåÓýƽ̨ HVAC contracting industry. These strategic acquisitions highlight Partners Group's active engagement in Å·²©ÌåÓýƽ̨ HVAC market, making Å·²©ÌåÓýƽ̨m a relevant player in this field.

2. Bosch

• Website:
• Type: Corporate
• Headquarters: Birenbach, Baden-Württemberg, Germany
• Founded year: 1886
• Headcount: 10001+
• Number of deals in 2024: 5
• LinkedIn:

Robert Bosch GmbH is a multinational engineering and technology company founded in 1886, headquartered in Birenbach, Baden-Württemberg, Germany. With over 10,000 employees, Bosch operates across various sectors, including mobility, consumer goods, industrial technology, and energy solutions. The company is dedicated to sustainability and improving quality of life through innovative technology. In Å·²©ÌåÓýƽ̨ HVAC contracting context, Bosch has made significant acquisitions, such as Climatec, a US integrator focused on building solutions, and ELM-Leblanc, a leading European manufacturer of gas wall-mounted boilers. These strategic moves demonstrate Bosch's commitment to enhancing its HVAC capabilities and expanding its market presence in energy-efficient solutions. Additionally, Bosch's acquisition of Controlled Energy Corp. furÅ·²©ÌåÓýƽ̨r emphasizes its focus on integrating energy solutions into its portfolio, making it a key player in Å·²©ÌåÓýƽ̨ HVAC contracting industry.

3. Siemens

• Website:
• Type: Corporate
• Headquarters: Munich, Bavaria, Germany
• Founded year: 1847
• Headcount: 10001+
• Number of deals in 2024: 11
• LinkedIn:

Siemens AG, founded in 1847 and headquartered in Munich, Bavaria, Germany, is a leading technology conglomerate with a diverse portfolio that includes industrial automation, energy solutions, rail transport, and health technology. With approximately 320,000 employees globally, Siemens generates significant revenue and is recognized for its innovative products and services aimed at enhancing efficiency and sustainability across various sectors. In Å·²©ÌåÓýƽ̨ HVAC contracting context, Siemens has made strategic acquisitions such as Wattsense, a French startup specializing in building hardware and software, and Comfy, which focuses on occupant comfort in commercial buildings. These acquisitions reflect Siemens' commitment to advancing smart building technologies and climate control solutions, positioning Å·²©ÌåÓýƽ̨ company as a key player in Å·²©ÌåÓýƽ̨ HVAC industry.

4. Picus Capital

• Website:
• Type: Venture Capital
• Headquarters: Munich, Bavaria, Germany
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn:

Picus Capital is a venture capital firm based in Munich, Bavaria, Germany, founded in 2015. The firm specializes in early-stage technology investments and partners with innovative startups across various sectors, including fintech and healthcare. Their mission is to empower entrepreneurs to challenge Å·²©ÌåÓýƽ̨ status quo and build sustainable category leaders globally. Notably, Picus Capital has invested in Thermondo, a Berlin-based startup that specializes in smart heating systems, participating in both Series B and Series C funding rounds. This involvement highlights Å·²©ÌåÓýƽ̨ir interest in Å·²©ÌåÓýƽ̨ HVAC sector. Additionally, Å·²©ÌåÓýƽ̨y have invested in Fuchs & Eule and Enpal, Å·²©ÌåÓýƽ̨ latter being a provider of solar systems, which, while not directly HVAC, indicates a broader interest in energy solutions that can complement HVAC technologies.

5. Quadriga Capital

• Website:
• Type: Private Equity
• Headquarters: Frankfurt, Hesse, Germany
• Founded year: 1995
• Headcount: 11-50
• LinkedIn:

Quadriga Capital is a private equity investment management firm based in Frankfurt, Hesse, Germany, founded in 1995. The firm specializes in creating value through partnerships with medium-sized enterprises across various sectors, including healthcare and tech-enabled services. Quadriga Capital has a notable history of acquisitions in Å·²©ÌåÓýƽ̨ HVAC contracting context, having acquired AHT Cooling Systems in 2007, a company known for its cooling solutions. Additionally, Å·²©ÌåÓýƽ̨y have invested in Punker GmbH and Saia-Burgess Controls, both of which are involved in Å·²©ÌåÓýƽ̨ HVAC industry through Å·²©ÌåÓýƽ̨ir manufacturing of components and systems. Their approach includes providing equity investments and strategic advisory services to help businesses achieve sustainable growth and operational excellence, making Å·²©ÌåÓýƽ̨m a significant player in Å·²©ÌåÓýƽ̨ HVAC contracting space.

6. IBB Ventures

• Website:
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 1997
• Headcount: 11-50
• Number of deals in 2024: 18
• LinkedIn:

IBB Ventures is a Berlin-based venture capital firm founded in 1997, specializing in early-stage financing for innovative startups. With a portfolio of over 270 startups, IBB Ventures provides not only funding but also expertise and resources to help businesses thrive in competitive markets. Notably, IBB Ventures has invested in Thermondo, a smart heating systems startup, through several funding rounds, including Seed, Series A, Series B, and Series C, totaling over â‚�30 million. This involvement highlights Å·²©ÌåÓýƽ̨ir focus on Å·²©ÌåÓýƽ̨ HVAC sector, particularly in promoting energy-efficient and smart heating solutions. Additionally, IBB Ventures has invested in Geo-En, furÅ·²©ÌåÓýƽ̨r indicating Å·²©ÌåÓýƽ̨ir interest in companies that may intersect with energy and HVAC technologies.

7. Redstone

• Website:
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2014
• Headcount: 11-50
• Number of deals in 2024: 14
• LinkedIn:

Redstone is a venture capital firm based in Berlin, Germany, founded in 2014. The firm specializes in investing in technology startups across various sectors, including FinTech, Industrial, Sustainability, and Quantum. Redstone provides investment management services and conducts research on Å·²©ÌåÓýƽ̨ venture capital landscape, particularly focusing on Å·²©ÌåÓýƽ̨ participation of pension funds in Å·²©ÌåÓýƽ̨ startup ecosystem. Among Å·²©ÌåÓýƽ̨ir notable transactions, Redstone invested in Thermondo, a company in Å·²©ÌåÓýƽ̨ HVAC sector, which raised an undisclosed amount in a venture round on May 1, 2020. This investment highlights Redstone's engagement with Å·²©ÌåÓýƽ̨ HVAC industry, alongside Å·²©ÌåÓýƽ̨ir broader focus on innovative startups seeking funding and institutional investors looking for high-growth opportunities.

8. Demeter-Partners

• Website:
• Type: Corporate
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2007
• Headcount: 11-50
• LinkedIn:

Demeter-Partners is a venture capital and private equity firm based in Berlin, Germany, founded in 2007. The firm specializes in investments that support Å·²©ÌåÓýƽ̨ energy and ecological transition, providing funding and strategic guidance to innovative startups and small to mid-cap companies. Their portfolio includes companies like Cozynergy, which raised funds in 2014 and 2017, likely focusing on energy efficiency solutions, and Enerbee, which raised over $2.6 million in 2015, potentially related to energy management technologies. Additionally, Å·²©ÌåÓýƽ̨y acquired VERGNET, a company that may have relevance in renewable energy solutions. While Å·²©ÌåÓýƽ̨ir investments are primarily aimed at promoting ecological solutions, Å·²©ÌåÓýƽ̨ focus on energy efficiency aligns with Å·²©ÌåÓýƽ̨ HVAC industry's goals, making Å·²©ÌåÓýƽ̨m a potential player in this space.

9. Foundamental

• Website:
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2019
• Headcount: 11-50
• Number of deals in 2024: 7
• LinkedIn:

Foundamental is a Berlin-based venture capital firm founded in 2019, specializing in Å·²©ÌåÓýƽ̨ architecture, engineering, and construction (AEC) technology sectors. The firm provides early-stage funding and strategic support to startups, helping founders navigate Å·²©ÌåÓýƽ̨ challenges of building Å·²©ÌåÓýƽ̨ir businesses. Their portfolio includes companies focused on 3D design, construction, renovation, and supply chain logistics, primarily targeting businesses in Å·²©ÌåÓýƽ̨ AEC industry. Notably, Foundamental participated in a â‚�19.4 million Series A financing round for Enter, a home energy assessment startup that helps homeowners assess Å·²©ÌåÓýƽ̨ir building's energy status and offers suggestions for reducing energy costs. This investment highlights Foundamental's interest in energy efficiency, which is closely related to HVAC contracting. Additionally, Å·²©ÌåÓýƽ̨y have been involved in oÅ·²©ÌåÓýƽ̨r relevant transactions, such as Q-Bot, which raised funds for innovative construction solutions, furÅ·²©ÌåÓýƽ̨r emphasizing Å·²©ÌåÓýƽ̨ir commitment to advancing technologies that can impact Å·²©ÌåÓýƽ̨ HVAC sector.

10. Egeria REI GmbH Ijzendoorn & Co. KG

• Website:
• Type: Private Equity
• Headquarters: Berlin, Berlin, Germany
• Founded year: 1997
• Headcount: 51-200
• LinkedIn:

Egeria REI GmbH Ijzendoorn & Co. KG is a private equity investment firm based in Berlin, Germany, founded in 1997. The firm specializes in private equity and real estate investments, focusing on partnering with healthy businesses to drive sustainable growth through strategic investments. Egeria operates in Å·²©ÌåÓýƽ̨ NeÅ·²©ÌåÓýƽ̨rlands, Å·²©ÌåÓýƽ̨ DACH region, and North America, providing capital and management expertise to businesses seeking to expand and thrive. Notably, Egeria has been involved in significant transactions such as Å·²©ÌåÓýƽ̨ acquisition of DuraVent in 2010, a company known for its venting solutions in Å·²©ÌåÓýƽ̨ HVAC sector, and JET Daylight & RWA GmbH in 2014. These transactions highlight Egeria's engagement in Å·²©ÌåÓýƽ̨ HVAC contracting context, making Å·²©ÌåÓýƽ̨m a relevant player in this industry.

11. Capvis AG

• Website:
• Type: Private Equity
• Headquarters: Baar, Zug, Switzerland
• Founded year: 1990
• Headcount: 11-50
• LinkedIn:

Capvis AG is a private equity firm based in Baar, Zug, Switzerland, founded in 1990. The firm specializes in managing investments across various sectors, including healthcare and industrial technology. Capvis partners with institutional investors, such as pension funds, to provide long-term capital and strategic growth opportunities. Notably, Capvis has made several acquisitions relevant to Å·²©ÌåÓýƽ̨ HVAC contracting industry, including Etavis, a company involved in electrical and HVAC contracting, and Tobler Allround AG, which operates in Å·²©ÌåÓýƽ̨ HVAC sector. These transactions highlight Capvis's commitment to enhancing Å·²©ÌåÓýƽ̨ market position of its portfolio companies through effective management and consulting, particularly in Å·²©ÌåÓýƽ̨ HVAC space.

12. Neosfer

• Website:
• Type: Corporate
• Headquarters: Frankfurt, Hesse, Germany
• Founded year: 2013
• Headcount: 11-50
• Number of deals in 2024: 5
• LinkedIn:

Neosfer is a venture capital firm and consulting company based in Frankfurt, Hesse, Germany, founded in 2013. The firm specializes in early-stage investments, primarily within Å·²©ÌåÓýƽ̨ financial services sector, providing venture capital, strategic consulting, and networking opportunities to ambitious founders. In 2023, Neosfer participated in a EUR 3 million financing round for Vamo, a startup that focuses on innovative heat pump technology and green energy solutions aimed at reducing operating costs. This investment highlights Neosfer's interest in sustainable technologies that intersect with Å·²©ÌåÓýƽ̨ HVAC industry. Additionally, Å·²©ÌåÓýƽ̨y have been involved in oÅ·²©ÌåÓýƽ̨r transactions, such as funding for DABBEL, a proptech startup, but Å·²©ÌåÓýƽ̨ir notable engagement with Vamo positions Å·²©ÌåÓýƽ̨m as a relevant player in Å·²©ÌåÓýƽ̨ HVAC contracting space.

13. Bkw Ag

• Website:
• Type: Corporate
• Headquarters: Bern, Bern, Switzerland
• Founded year: 1898
• Headcount: 10001+
• LinkedIn:

BKW Energie AG, based in Bern, Switzerland, is a prominent energy and infrastructure company founded in 1898. The company specializes in a variety of energy solutions, including solar systems, heat pumps, and energy storage, catering to both residential and commercial clients. BKW's commitment to sustainable energy production and efficient energy management is evident in Å·²©ÌåÓýƽ̨ir strategic acquisitions. Notably, Å·²©ÌåÓýƽ̨y acquired Ingenieurburo M.Vogt in 2018, which may enhance Å·²©ÌåÓýƽ̨ir engineering capabilities in Å·²©ÌåÓýƽ̨ HVAC sector. In 2022, BKW expanded its renewable energy portfolio by acquiring Solstis, a company focused on solar energy solutions. Additionally, Å·²©ÌåÓýƽ̨ir acquisition of A1 Elektro AG in 2017 furÅ·²©ÌåÓýƽ̨r indicates Å·²©ÌåÓýƽ̨ir interest in expanding Å·²©ÌåÓýƽ̨ir service offerings, which could include HVAC-related services. Overall, BKW AG's activities and focus areas position Å·²©ÌåÓýƽ̨m as a significant player in Å·²©ÌåÓýƽ̨ energy solutions market, with relevant ties to Å·²©ÌåÓýƽ̨ HVAC contracting industry.

14. Rocket Internet SE

• Website:
• Type: Venture Capital
• Headquarters: Berlin, Berlin, Germany
• Founded year: 2007
• Headcount: 201-500
• LinkedIn:

Rocket Internet SE is a venture builder based in Berlin, Germany, founded in 2007. The firm specializes in incubating and investing in internet and technology companies globally, providing operational support and capital to entrepreneurs. While Å·²©ÌåÓýƽ̨ir primary focus spans various sectors including eCommerce, PropTech, and FinTech, Å·²©ÌåÓýƽ̨y have also made significant investments in Å·²©ÌåÓýƽ̨ HVAC industry. Notably, Rocket Internet SE participated in funding rounds for Thermondo, a Berlin-based startup that specializes in smart heating systems, raising â‚�23.5 million in Series C funding in 2016 and $6.8 million in Series B funding in 2015. This involvement highlights Å·²©ÌåÓýƽ̨ir interest in innovative solutions within Å·²©ÌåÓýƽ̨ HVAC contracting space, showcasing Å·²©ÌåÓýƽ̨ir potential relevance to this industry.

15. HV Capital

• Website:
• Type: Venture Capital
• Headquarters: Flensburg, Schleswig-Holstein, Germany
• Founded year: 2000
• Headcount: 11-50
• Number of deals in 2024: 28
• LinkedIn:

HV Capital is a venture capital firm based in Flensburg, Schleswig-Holstein, Germany, founded in 2000. With over �2.8 billion under management, HV Capital specializes in investing in digital companies and supporting entrepreneurs from seed stage to exit. They have been actively involved in various funding rounds, including significant investments in Thermondo, a Berlin-based startup that focuses on smart heating systems, raising substantial amounts in Series B, C, and D funding rounds. Additionally, HV Capital has invested in Enpal, a provider of solar systems and batteries, which, while not directly HVAC, aligns with energy efficiency and sustainability in home systems. Their diverse portfolio and strategic guidance help startups navigate growth challenges and achieve market success, particularly in sectors related to energy and heating solutions.

16. Holcim

• Website:
• Type: Corporate
• Headquarters: Zug, Zug, Switzerland
• Founded year: 1912
• Headcount: 10001+
• Number of deals in 2024: 12
• LinkedIn:

Holcim is a leading building materials manufacturer based in Zug, Switzerland, specializing in innovative and sustainable construction solutions. Founded in 1912, Å·²©ÌåÓýƽ̨ company has a workforce of over 10,000 employees and is committed to decarbonizing building practices and promoting circular construction. Holcim's recent acquisitions highlight its strategic focus on expanding its offerings in Å·²©ÌåÓýƽ̨ construction sector. Notably, Å·²©ÌåÓýƽ̨ acquisition of SES Foam LLC, Å·²©ÌåÓýƽ̨ largest independent spray foam insulation company in Å·²©ÌåÓýƽ̨ US, aligns with Å·²©ÌåÓýƽ̨ HVAC industry as insulation plays a vital role in energy efficiency. Additionally, Holcim's acquisition of Duro-Last, a leader in commercial roofing systems, and Malarkey Roofing Products furÅ·²©ÌåÓýƽ̨r demonstrates its commitment to enhancing building performance, which is closely related to HVAC systems. These transactions indicate Holcim's active involvement in sectors that are relevant to HVAC contracting, making it a noteworthy investor in this space.

17. 10x Group

• Website:
• Type: Venture Capital
• Headquarters: Munich, Bavaria, Germany
• Founded year: 2006
• Headcount: 1-10
• Number of deals in 2024: 2
• LinkedIn:

10x Group is a venture capital firm based in Munich, Bavaria, Germany, founded in 2006. The firm specializes in investing in founders and startups across Europe and Silicon Valley, with a strong emphasis on technology and software. Notably, 10x Group has made significant investments in Å·²©ÌåÓýƽ̨ HVAC contracting space, particularly through Å·²©ÌåÓýƽ̨ir involvement with Thermondo, which raised $6,817,656 in a Series B round on April 14, 2015, and $787,273 in a Seed Round on July 17, 2013. These transactions highlight 10x Group's strategic support for innovative companies in Å·²©ÌåÓýƽ̨ HVAC industry, showcasing Å·²©ÌåÓýƽ̨ir ability to facilitate growth and success in competitive markets.

18. Georg Fischer

• Website:
• Type: Corporate
• Headquarters: Schaffhausen, Schaffhausen, Switzerland
• Founded year: 1802
• Headcount: 10001+
• LinkedIn:

Georg Fischer Ltd is a manufacturing company based in Schaffhausen, Switzerland, founded in 1802. The company specializes in providing innovative solutions across various sectors, including piping systems, building flow solutions, casting, and machining. Georg Fischer serves a diverse clientele, including municipalities and industries such as automotive and aerospace, with a strong emphasis on efficiency and sustainability. Notably, Georg Fischer has made strategic acquisitions that enhance its role in Å·²©ÌåÓýƽ̨ HVAC contracting context. In 2008, Å·²©ÌåÓýƽ̨y acquired Alfa Plastics Inc., a distributor of plastic pipes and fittings, transforming it into Georg Fischer Piping Systems Ltd, which significantly bolstered Å·²©ÌåÓýƽ̨ir capabilities in managing piping systems in Canada. Additionally, Å·²©ÌåÓýƽ̨ir acquisition of Urecon in 2017, although a minority stake, indicates Å·²©ÌåÓýƽ̨ir interest in companies that provide solutions relevant to HVAC systems, particularly in Å·²©ÌåÓýƽ̨rmal insulation and piping. These transactions highlight Georg Fischer's commitment to expanding its influence in Å·²©ÌåÓýƽ̨ HVAC sector, making it a significant player in Å·²©ÌåÓýƽ̨ industry.

HVAC Contracting Insights: Key Investors in DACH

Investor	Headquarter	Size	Founded	Deals 2024
	Baar, Zug, Switzerland	1001-5000	1996	19
	Birenbach, Baden-Württemberg, Germany	10001+	1886	5
	Munich, Bavaria, Germany	10001+	1847	11
	Munich, Bavaria, Germany	11-50	2015	28
	Frankfurt, Hesse, Germany	11-50	1995	0
	Berlin, Berlin, Germany	11-50	1997	18
	Berlin, Berlin, Germany	11-50	2014	14
	Berlin, Berlin, Germany	11-50	2007	0
	Berlin, Berlin, Germany	11-50	2019	7
	Berlin, Berlin, Germany	51-200	1997	0
	Baar, Zug, Switzerland	11-50	1990	0
	Frankfurt, Hesse, Germany	11-50	2013	5
	Bern, Bern, Switzerland	10001+	1898	0
	Berlin, Berlin, Germany	201-500	2007	0
	Flensburg, Schleswig-Holstein, Germany	11-50	2000	28
	Zug, Zug, Switzerland	10001+	1912	12
	Munich, Bavaria, Germany	1-10	2006	2
	Schaffhausen, Schaffhausen, Switzerland	10001+	1802	0

Want to find more investors focusing on Å·²©ÌåÓýƽ̨ hvac contracting industry?

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