CEO COMPENSATION IN PE-BACKED HVAC SERVICES FIRMS

We analysed compensation data from 31 CEOs operating within Private Equity-backed HVAC Services businesses across North America.
The data has been segmented by revenue size to provide a clear view of how CEO pay, incentives, and equity participation evolve as businesses scale.

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RESPONDENT BREAKDOWN

• 39% from firms backed by PE funds under $500M AUM

• 32% from firms with $50M–$150M revenue

• 29% from firms with over $150M revenue

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BASE SALARY

Firms < $50M Revenue

• Lowest: $210,000

• Median: $250,000

• Highest: $325,000

Firms $50M–$150M Revenue

• Lowest: $300,000

• Median: $350,000

• Highest: $436,000

Firms > $150M Revenue

• Lowest: $400,000

• Median: $500,000

• Highest: $550,000

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BONUS STRUCTURE

• 88% of CEOs at firms < $50M receive a bonus of 50% or less

• 90% of CEOs at firms $50M–$150M receive a bonus of 50% or less

• 81% of CEOs at firms > $150M receive a bonus of 50% or less

Key insight: Variable compensation remains conservative across all revenue tiers, with PE sponsors prioritising equity alignment over cash upside.

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EQUITY & PROFIT PARTICIPATION

• 61% of CEOs at firms < $50M receive carry or profit/partner share

• 64% of CEOs at firms $50M–$150M receive carry or profit/partner share

• 71% of CEOs at firms > $150M receive carry or profit/partner share

Equity participation increases with scale, reinforcing PE’s focus on long-term value creation rather than short-term cash compensation.

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KEY TAKEAWAYS

• Base salary scales with revenue, moving from ~$250K median in sub-$50M firms to ~$500K median in businesses exceeding $150M.

• Bonuses are capped in most cases, with the vast majority of CEOs receiving ≤50% bonus targets regardless of firm size.

• Equity participation becomes more prevalent as businesses scale, with larger platforms more likely to offer carry or profit-share structures.

• Pay dispersion remains tight, indicating a disciplined approach by PE sponsors despite revenue growth.

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Bottom Line

CEO compensation in PE-backed HVAC services firms is structured, disciplined, and equity-led.
Cash compensation grows with scale, but meaningful upside is increasingly delivered through ownership and value-creation alignment rather than outsized bonuses.

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Looking to benchmark CEO compensation or hire a proven HVAC executive for your portfolio company?
Reach out to mohammed.vali@raw-selection.com

Raw Selection | De-Risking Executive Search for Private Equity firms across Europe & North America

All insights in this salary report are derived from Raw Selection’s proprietary data.