GENERAL MANAGER COMPENSATION IN PE-BACKED HVAC SERVICES FIRMS

We analysed compensation data from 172 General Managers operating within Private Equity-backed HVAC Services businesses across North America.
The data is segmented by revenue size to illustrate how GM compensation, bonus structures, and equity participation scale as operating responsibility and platform complexity increase.

---

RESPONDENT BREAKDOWN

• 52% from firms backed by PE funds under $500M AUM

• 33% from firms with $50M–$150M revenue

• 15% from firms with over $150M revenue

---

BASE SALARY

Firms < $50M Revenue

• Lowest: $62,000

• Median: $160,000

• Highest: $225,000

Firms $50M–$150M Revenue

• Lowest: $120,000

• Median: $185,000

• Highest: $275,000

Firms > $150M Revenue

• Lowest: $150,000

• Median: $210,000

• Highest: $400,000

---

BONUS STRUCTURE

• 93% of GMs at firms < $50M receive a bonus of 50% or less

• 91% of GMs at firms $50M–$150M receive a bonus of 50% or less

• 84% of GMs at firms > $150M receive a bonus of 50% or less

Key insight: Bonus structures are heavily capped across all revenue tiers, reinforcing PE’s preference for predictable cash compensation at the site and regional leadership level.

---

EQUITY & PROFIT PARTICIPATION

• 29% of GMs at firms < $50M receive carry or profit/partner share

• 36% of GMs at firms $50M–$150M receive carry or profit/partner share

• 48% of GMs at firms > $150M receive carry or profit/partner share

Equity participation increases meaningfully at scale, particularly in larger platforms where GMs are accountable for P&L ownership, margin delivery, and organic growth execution.

---

KEY TAKEAWAYS

• GM base salaries scale steadily with revenue, increasing from a $160K median in sub-$50M businesses to $210K in firms exceeding $150M.

• Bonus targets are conservative, with the overwhelming majority of GMs capped at ≤50% bonus levels across all revenue tiers.

• Equity participation is less prevalent than at C-suite level, but increases materially in larger platforms where GM performance directly drives enterprise value.

• Pay dispersion widens at scale, reflecting variation in scope across single-site, multi-site, and regional GM roles.

---

Bottom Line

General Manager compensation in PE-backed HVAC services firms is execution-led and margin-focused, with upside delivered primarily through base salary progression and selective equity participation rather than aggressive bonus structures.

As platforms scale, the GM role becomes increasingly critical to organic growth, EBITDA expansion, and exit readiness—driving greater use of equity alignment in larger businesses.

---

Looking to benchmark GM compensation or hire proven operational leaders across your HVAC portfolio?
Connect with 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.