Carrier acquires Viessmann Climate Solutions: price, structure and what it means for HVAC buyers

Carrier Global Corporation

acquires

Viessmann Climate Solutions SE

Price

€12B cash + stock

Cash at close

€10.2B

Shares issued

58.6M Carrier

Multiple

~13x synergized 2023 EBITDA

Closed

2 Jan 2024

Advisors

J.P. Morgan / Goldman Sachs

Published 23 October 2026 · Deal announced 2023-04-25 · Acquisitions.com Deal Reports

Part of the HVAC guide: buying, selling, valuation and who is buying.

This report is for anyone who owns, buys or plans to buy an HVAC contracting business. Carrier's purchase of Viessmann Climate Solutions is one of the largest HVAC deals of recent years, and buyers still ask about it. By the end you will know what Carrier bought, how it paid, and which parts of the deal matter to a small contractor.

What did Carrier buy?

Carrier bought the climate business of Viessmann Group, a family company with a 106-year history, according to the release. The rest of the Viessmann Group stayed with the family.

Viessmann Climate Solutions makes heat pumps, heating systems, solar panels, home batteries and smart controls. Carrier said 70% of its business was heat pumps and related accessories, solar PV, batteries and services.

The unit sells straight to installers. Carrier's release counts more than 75,000 installers in 25 countries. It also lists more than 1,300 service and support staff, over 90,000 maintenance contracts and more than 500,000 connected devices on its ViCare app.

What did Carrier pay, and how?

The headline price was €12 billion. Carrier said 80% would be paid in cash and 20% in Carrier shares, delivered to Viessmann Family Holdings.

The closing 8-K gives the final figures. Carrier paid €10.2 billion in cash and issued 58,608,959 shares of its common stock. Part of the cash came from a 60-day bridge loan from JPMorgan Chase Bank: €113 million plus $349 million. Carrier said it would fund the cash from cash on hand and new committed borrowing.

The Viessmann family agreed to long-term lock-up terms on its Carrier shares. It also got the right to name one Carrier director for ten years, as long as it keeps at least half of those shares. Max Viessmann joined Carrier's board at closing.

J.P. Morgan advised Carrier, with Paul, Weiss and Linklaters as lawyers. Goldman Sachs advised Viessmann, with Hengeler Mueller and Davis Polk as lawyers.

Why did Carrier want it?

Carrier's answer is the energy transition in Europe. Its release said the $5 billion European heat pump segment was expected to triple to $15 billion by 2027. Viessmann's sales and EBITDA had grown over 15% a year since 2020, according to Carrier.

David Gitlin, Carrier's Chairman and CEO, said the deal would help make Carrier "a higher growth business". At the same time, Carrier said it would exit its Fire & Security and Commercial Refrigeration businesses. It planned to use the money from those sales to cut debt and buy back the shares it gave the Viessmann family.

Carrier expected about €200 million a year of cost savings, mostly from buying and making parts in-house. It said the deal would add more than 100 basis points to its revenue growth.

What does it mean for a small HVAC buyer or seller?

You will never write a €12 billion cheque. But three parts of this deal carry down to the $500K to $50M revenue businesses most buyers look at.

Service contracts are part of the price. Carrier listed the maintenance contracts and connected devices in its own release. A buyer pays more for steady, repeat revenue than for one-off installs. If you own an HVAC company, a growing book of maintenance agreements is one of the clearest things you can build before a sale. See how to sell an HVAC business.

Heat pumps are where the growth is. Carrier paid for a heat pump leader, not a boiler maker. Contractors who are trained and certified on heat pumps may look more attractive to buyers than shops that only do traditional systems.

Stock and lock-ups are normal. The Viessmann family took part of its price in Carrier shares and agreed not to sell for a time. Small deals use a smaller version of the same idea: rollover equity, where the seller keeps a piece of the buyer. If you are offered one, ask a lawyer and a CPA how it is taxed and when you can sell.

What does not carry down is the financing. Carrier used its own cash, bonds and a bank bridge loan. A first-time buyer usually combines an SBA loan, a seller note and investor money. Start at /buy if that is you.

Who else is buying HVAC companies?

Manufacturers like Carrier sit at one end. Most small HVAC businesses are bought by private equity platforms, regional contractors and individual buyers using SBA loans. Our guide to who is buying HVAC businesses names the active platforms. The HVAC hub covers what buyers pay.

What to watch

Watch how Carrier sells Viessmann products through US contractors. The deal was built on Europe, but Carrier said it plans to scale the combined products globally.

Watch heat pump demand in Europe. Carrier's growth case depended on government rules and incentives there. Trade press such as ACHR News covered the closing and the change in leadership.