Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 1244 signals in the record.
Signals are reports drawn from public coverage and print archives, presented as reported by their sources. Naming a company in a signal is not an accusation against it. See our methodology and legal notes.
1,191 dated signals shown · 53 undated (excluded from the chart).
Service Logic / CustomAir
“CAI Capital Partners Announces Sale of Custom Air Conditioning Ltd. to Service Logic.”
Service Logic / CustomAir
“Service Logic Acquires CustomAir... CustomAir is a mechanical service provider that offers repair, planned maintenance, and installation services”
Roughly two dozen active PE-backed platforms are buying HVAC, plumbing, or multi-trade operators, with add-on acquisition activity in HVAC services rising an estimated 88% year-over-year through mid-2025.
“Roughly two dozen active PE-backed platforms — names like Apex Service Partners, Wrench Group, Sila Services, and Champions Group among them — are actively buying HVAC, plumbing, or multi-trade operators across the country, and add-on acquisition activity in HVAC services alone rose an estimated 88% year-over-year through mid-2025.”
Redwood Services / Hendrick Heat, Air & Plumbing
“Redwood Services... today announced its partnership with Hendrick Heat, Air & Plumbing, a leading residential HVAC and plumbing provider based in Tulsa, Oklahoma.”
Sila Services / Davis Heating and Air Conditioning Company
“Sila Services, a home services platform, announced its expansion into Western Virginia by acquiring Davis Heating and Air Conditioning Company.”
Sila Services / Davis Heating and Air Conditioning Company
“Sila Services, LLC, a leading home services platform, today announced its expansion into Western Virginia through the acquisition of Davis Heating and Air Conditioning Company”
Comfort Systems USA and EMCOR Group, both public mechanical contractors benefiting from the data center and advanced manufacturing construction boom, follow with 48 and 34 acquisitions, respectively.
“Comfort Systems USA and EMCOR Group, both public mechanical contractors benefiting from the data center and advanced manufacturing construction boom, follow with 48 and 34 acquisitions, respectively.”
Named PE-backed platforms including Apex Service Partners, Wrench Group, Sila Services, Authority Brands, and ARS-Rescue Rooter are actively acquiring HVAC companies, with the most active deal band being $1M-$5M EBITDA owner-operated platforms in the South/Southwest/Southeast.
“Active 2026 PE platforms: Apex Service Partners (Alpine Investors), Wrench Group (Leonard Green), Sila Services (Morgan Stanley Capital Partners), Authority Brands (Apax Partners), ARS-Rescue Rooter (American Securities). Most-active deal band: $1M-$5M EBITDA owner-operated HVAC platforms in the South / Southwest / Southeast.”
Plumbing platforms skew toward Florida, Texas, the Carolinas, Pennsylvania, Virginia, Indiana, Illinois, California, Arizona, and the Pacific Northwest. Sila Services concentrates in the Northeast/Mid-Atlantic/Midwest, while ResiXperts and Repipe Specialists are active in California and the Southwest.
“Plumbing platforms skew toward Florida, Texas, the Carolinas, Pennsylvania, Virginia, Indiana, Illinois, California, Arizona, and the Pacific Northwest in geographic concentration, with Sila Services concentrating the Northeast / Mid-Atlantic / Midwest and ResiXperts plus Repipe Specialists active in California and the Southwest.”
Commercial mechanical platforms like EMCOR and Comfort Systems USA trade at premium multiples compared to residential roll-ups, driven by data center construction tailwinds and multi-year mechanical service contracts.
“Commercial mechanical platforms (EMCOR, Comfort Systems USA, PremiStar, Crete United, FirstCall Mechanical, Astra Service Partners, Modigent, United Building Solutions) trade at premium multiples to residential roll-ups.”
PremiStar has raised $2.09 billion in total platform funding since its formation, fueling aggressive add-on acquisitions and geographic expansion across 19 states.
“PremiStar now runs 62 branches across 19 states, employs more than 3,100 people, and has raised $2.09 billion in total platform funding.”
Prior to the MSS acquisition, PremiStar completed add-on acquisitions of Air Temp Holding and Armistead Mechanical, among dozens of other tuck-in deals, as part of its aggressive buy-and-build strategy.
“Prior add-ons include Air Temp Holding and Armistead Mechanical, among dozens of others.”
PremiStar, a portfolio company of Partners Group, has acquired Mechanical Service & Systems (MSS), expanding its commercial HVAC footprint into Utah. The transaction was announced on June 10.
“Ropes & Gray represented **PremiStar** in its acquisition of Mechanical Service & Systems (MSS). The [transaction](https://premistar.com/blog/2026/06/09/premistar-partners-with-mechanical-service-systems-expanding-its-commercial-hvac-footprint-to-utah/) was announced on June 10.”
Many public companies are very active lower-middle-market acquirers in the trades. Examples include Rollins in pest control, APi Group in fire/safety and specialty services, Comfort Systems USA in commercial HVAC, and Driven Brands in auto service, challenging the assumption that only large businesses are targeted.
“Many public companies are very active LMM acquirers. Rollins (NYSE: ROL) acquires $200K-$10M EBITDA pest control businesses. APi Group (NYSE: APG) acquires $2M-$50M EBITDA fire/safety and specialty services businesses. Comfort Systems USA (NYSE: FIX) acquires $5M-$50M commercial HVAC. Driven Brands (NASDAQ: DRVN) acquires $500K-$5M auto service businesses.”
Apex Service Partners, backed by Alpine Investors and a Partners Group continuation vehicle, led disclosed deal volume in HVAC by a wide margin in 2025. ARS/Rescue Rooter and Service Champions/Wrench Group are identified as the next-tier national multi-trade platforms.
“Apex Service Partners (Alpine Investors with Partners Group continuation vehicle) led 2025 disclosed deal volume in HVAC by a wide margin. ARS / Rescue Rooter (GI Partners with continued Charlesbank Capital Partners participation) and Service Champions / Wrench Group (Leonard Green Partners with TSG Consumer Partners minority) are the next-tier national multi-trade platforms in 2026.”
Following the acquisition of MSS by PremiStar, MSS President Rick Cowley will stay on to lead the Utah operation, ensuring continuity in local leadership.
“Rick Cowley, MSS President, stays on to lead the Utah operation.”
With the MSS acquisition, PremiStar adds Utah as its 19th state of operation, continuing its geographic expansion strategy across the United States.
“MSS adds Utah as state number 19 and plugs PremiStar into customers in manufacturing, aerospace, life sciences, and mining.”
On June 10, 2026, commercial HVAC platform PremiStar, owned by Partners Group, announced the acquisition of Mechanical Service & Systems (MSS), a Salt Lake City-based provider. The deal adds Utah as PremiStar's 19th state and expands its customer base into manufacturing, aerospace, life sciences, and mining.
“On June 10, 2026, commercial HVAC platform PremiStar , owned by Zug-based private equity firm Partners Group , announced the acquisition of Mechanical Service & Systems (MSS) , a Salt Lake City...”
Exigent, a mechanical services platform backed by Huron Capital, acquired Superior Building Services, an Ohio-based provider of boiler, chiller, and HVAC service and retrofit work. This is Exigent's eighth acquisition since Huron Capital launched the platform in 2022, deepening its presence in the Columbus area.
“Exigent, a mechanical services platform backed by Huron Capital, acquired Superior Building Services.”
Apollo made a $2 billion investment in Apex Service Partners at about a $10 billion valuation.
“taking a $2 billion Apollo investment at about a $10 billion valuation.”
Alpine’s Apex Service Partners did roughly 60 bolt-on acquisitions in a single year before taking a $2 billion Apollo investment at about a $10 billion valuation.
“Alpine’s Apex Service Partners did roughly 60 bolt-on acquisitions in a single year before taking a $2 billion Apollo investment at about a $10 billion valuation.”
Bain Capital and Mubadala bought the 5,000-technician Service Logic, a large HVAC service platform.
“Bain Capital and Mubadala bought the 5,000-technician Service Logic.”
Blackstone agreed to buy Champions Group for a reported $2.5 billion, around 18.5 times earnings. This is a major HVAC platform acquisition.
“Blackstone agreed to buy Champions Group for a reported $2.5 billion, around 18.5 times earnings.”
The article's footnote cites press releases from Blackstone, Bain Capital, Altas Partners, and Apollo announcing HVAC platform acquisitions of Champions Group, Service Logic, Redwood Services, and Apex Service Partners across 2025-2026.
““HVAC Platform Acquisition Announcements (Champions Group, Service Logic, Redwood Services, Apex Service Partners)”, Blackstone, Bain Capital, Altas Partners, and Apollo, Press Releases, 2025 to 2026.”
Alpine Investors' Apex Service Partners completed roughly 60 bolt-on acquisitions in a single year before taking a $2 billion investment from Apollo at about a $10 billion valuation.
“Alpine’s Apex Service Partners did roughly 60 bolt-on acquisitions in a single year before taking a $2 billion Apollo investment at about a $10 billion valuation.³”
Bain Capital and Mubadala acquired Service Logic, a 5,000-technician HVAC services business.
“Bain Capital and Mubadala bought the 5,000-technician Service Logic.”
Blackstone agreed to acquire Champions Group, a reported $2.5 billion HVAC platform, at around 18.5 times earnings.
“Blackstone agreed to buy Champions Group for a reported $2.5 billion, around 18.5 times earnings.”
A strategic minority investment in Apex Service Partners by Apollo Funds was announced on May 28, 2026, with closing expected in Q4 2026.
“a strategic minority investment in Apex Service Partners by Apollo Funds) was announced May 28, 2026 with closing expected in Q4 2026”
Redwood Services (Memphis) acquired Sierra Platform (Las Vegas), a network of residential HVAC, plumbing, and electrical service providers.
“**Redwood Services** (Memphis, Tenn.) acquired **Sierra Platform** (Las Vegas), a network of residential HVAC, plumbing, and electrical service providers.”
The most active PE firms in home services are KKR (Apex Service Partners), Leonard Green (Wrench Group), Morgan Stanley Capital Partners (Sila Services), Charlesbank (ARS/Rescue Rooter), and Brookfield (Service Experts). Smaller active firms include Levine Leichtman, Knox Capital, Gauge Capital, and Saw Mill Capital.
“KKR (Apex Service Partners), Leonard Green (Wrench Group), Morgan Stanley Capital Partners (Sila Services), Charlesbank (ARS/Rescue Rooter), and Brookfield (Service Experts) are the largest platform sponsors. Smaller PE firms (Levine Leichtman, Knox Capital, Gauge Capital, Saw Mill Capital) hold platforms that are actively rolling up.”
A rising 2026 theme is the multi-trade platform, which achieves approximately 30% higher customer lifetime value compared to single-trade operators by capturing a higher share of whole-home and whole-building spend. UK examples include Tendra Technical Services and Phenna Group, both designed to span multiple disciplines.
“A rising 2026 theme is the multi-trade platform. CFOx data suggests multi-trade platforms achieve approximately 30% higher customer lifetime value compared with single-trade operators because they capture a higher share of whole-home and whole-building spend. UK examples include Tendra Technical Services and Phenna Group, both of which are explicitly designed to span multiple disciplines.”
Redwood Services, founded in 2020, continues to expand its national platform by partnering with residential HVAC, plumbing, and electrical contractors using a centralized-support, local-brand model.
“Redwood Services, founded in 2020, continues to expand its national platform by partnering with residential HVAC, plumbing, and electrical contractors.”
As part of the integration, Sierra Platform leader RJ Magee will join Redwood Services as senior vice president of operations.
“Sierra Platform leader RJ Magee will join Redwood Services as senior vice president of operations.”
Through the Sierra Platform acquisition, Redwood Services enters three new major markets and strengthens its presence in Tucson.
“The acquisition brings Redwood into three new major markets—Las Vegas, Denver, and Boise—while strengthening its presence in Tucson.”
Redwood Services acquired the Sierra Platform, adding five partner companies, ~400 employees, and a customer base of more than 40,000 households annually across Nevada, Arizona, Idaho, and Colorado.
“the transaction adds five partner companies, approximately 400 full-time employees, and a customer base serving more than 40,000 households annually. The Sierra Platform operates across Nevada, Arizona, Idaho, and Colorado, with headquarters in Las Vegas.”
Apollo announced a minority investment in Apex Service Partners in May 2026, with Alpine remaining controlling. Close expected Q4 2026.
“Apollo announced a minority investment in May 2026; Alpine remains controlling (close expected Q4 2026).”
Grizzly MEP acquired Stegall Mechanical, an Alabama-based contractor founded in 1957, operating an integrated plumbing, HVAC, and electrical business serving industrial, healthcare, education, and hospitality customers across Alabama and the broader Southeast.
“Grizzly MEP acquired Stegall Mechanical, an Alabama-based contractor founded in 1957.”
Kansas City-based residential HVAC company Flint Group acquired Air Around the Clock, a nearly 40-year-old HVAC and plumbing provider based in South Florida, serving Miami-Dade, Broward, and Palm Beach counties.
“Flint Group acquired Air Around the Clock, a nearly 40-year-old HVAC and plumbing provider based in South Florida.”
In May 2026, Apollo agreed to put roughly $2 billion into Apex Service Partners, a residential HVAC roll-up, at a valuation of approximately $10 billion. This signals continued large-scale investment in home services consolidation.
“In May 2026, Apollo agreed to put roughly $2 billion into Apex Service Partners at a ~$10 billion valuation.”
Leap Partners / Air Hawk Heating & Cooling
“April 30, 2026. Leap Partners Acquires Air Hawk Heating & Cooling.”
With the acquisition of McCarl's, United Building Solutions extends its geographic reach into western Pennsylvania, eastern Ohio, and northern West Virginia, aligning with its strategy to provide specialized service solutions in critical market sectors.
“In addition to extending our geographic reach, the acquisition of McCarl’s aligns with our broader strategy of providing specialized service solutions that support organizations in critical market sectors.”
The acquisition of McCarl's Services is the third add-on for United Building Solutions since its formation as a national commercial HVAC services platform by AE Industrial Partners. This reflects ongoing consolidation in the commercial HVAC sector.
“The transaction is UBS’ third add-on acquisition following its establishment as a national commercial HVAC services platform by”
United Building Solutions (UBS), a commercial HVAC services platform backed by AE Industrial Partners, has acquired McCarl's Services Incorporated, a commercial HVAC and refrigeration services provider based in Cranberry Township, Pennsylvania. This is UBS's third add-on acquisition as it builds a national commercial HVAC platform. McCarl's will operate as a division of UBS under its current president, Mike McCarl.
“United Building Solutions Acquires McCarl’s Services Incorporated”
Sila Services reportedly reached a valuation of approximately $1.5 billion.
“Sila Services reportedly reached a valuation of approximately 1.5 billion dollars”
SkyKnight Capital formed FirstCall Mechanical as a multi-entity platform from inception.
“SkyKnight Capital formed FirstCall Mechanical as a multi-entity platform from inception”
Huron Capital expanded Pueblo Mechanical and Controls through more than a dozen acquisitions.
“Huron Capital expanded Pueblo Mechanical and Controls through more than a dozen acquisitions”
Service Logic's most recent recapitalization with Warburg Pincus cleared a reported 12x to 13x EBITDA, reflecting strong platform valuations.
“Service Logic’s most recent recap with Warburg Pincus cleared a reported 12x to 13x.”
Wrench Group's recapitalization with Leonard Green valued the platform at roughly 13x EBITDA, indicating a high-multiple transaction in the home services space.
“Wrench Group’s recapitalization with Leonard Green valued the platform at roughly 13x EBITDA.”
Alpine Investors, with ~$17B AUM, pursues a PeopleFirst strategy in home services, believing residential trades are essential, recurring, and fragmented — ideal for platform building. Apex is Alpine's flagship home services investment.
“Alpine's home services thesis centers on the belief that residential trades are essential, recurring, and massively fragmented — ideal conditions for platform building. Apex Service Partners is Alpine's flagship home services investment and one of the largest platforms in their portfolio.”
In April 2026, HFI acquired Eco Friendly Mechanical, a Bloomington HVAC and plumbing contractor, as its first bolt-on acquisition under New State Capital Partners' ownership. This marks the beginning of the platform's consolidation run.
“In April 2026, HFI acquired Eco Friendly Mechanical — a Bloomington HVAC and plumbing contractor — as its first bolt-on.”