MicroCapClub

Lindbergh SPA (LDB.MI): The HVAC Serial Acquirer Paying 2x EBITDA

Jan 29, 2026
Michele Corradi, co-founder and CEO steering strategy and finance, and Andrea Allegrini, COO running operations and waste services. They trace Lindbergh’s rise from logistics into HVAC roll-ups and waste management. They discuss rapid HVAC consolidation, technician-focused service platforms, acquisition structures that pay ~2x EBITDA, and how network management fuels cash and synergies.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
INSIGHT

Technician-Centric Platform Drives Productivity

  • Lindbergh built a unique technician-centric platform combining night logistics with waste management and ancillary services.
  • This model increases technician productivity by up to ~20% and unlocks many cross-sell opportunities.
ANECDOTE

Customer Problem Led To Waste Business

  • Lindbergh started waste services after a forklift customer had regulatory waste issues and invested in them.
  • That JV with TNT expanded drivers from 10 to 50 in one year, validating the model quickly.
INSIGHT

HVAC Roll-Up Targets Fragmented Market

  • HVAC roll-up taps a highly fragmented market of small, aging firms with strong recurring service revenue.
  • That fragmentation plus retirements creates abundant bolt-on targets for consolidation.
Get the Snipd Podcast app to discover more snips from this episode
Get the app