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.
Signal volume over time
1,191 dated signals shown · 53 undated (excluded from the chart).
PremiStar, a commercial and industrial HVAC, plumbing, and building automation services platform, acquired Entek Solutions (Buford, GA) and its subsidiary Encom (Knoxville, TN), expanding its footprint in the Atlanta metro area and beyond.
“PremiStar, a leader in commercial and industrial HVAC, plumbing, and building automation services, has acquired Entek Solutions, a full-service HVAC company headquartered in Buford, GA, and its subsidiary, Encom, an engineered comfort service provider based in Knoxville, TN.”
Southern Home Services, a multi-market home-services platform, acquired ACE Solves It All, an HVAC/plumbing/electrical contractor in the Orlando residential market; ACE retains its name and employees.
“Southern Home Services, which operates home services companies across the U.S., has acquired ACE Solves It All, an HVAC, plumbing, and electrical services company in the Orlando residential market.”
Southern Home Services, which operates home-services companies across the U.S., acquired ACE Solves It All, a 30-year-old HVAC, plumbing, and electrical contractor in the Orlando residential market.
“ORLANDO, Fla. — Southern Home Services, which operates home services companies across the U.S., has acquired ACE Solves It All, an HVAC, plumbing, and electrical services company in the Orlando residential market.”
PremiStar describes Bear Mountain Mechanical as an addition to its growing family of HVAC companies nationwide, signaling ongoing platform roll-up activity.
““Matt and his team at Bear Mountain Mechanical are a welcome addition to PremiStar’s growing family of leading HVAC companies nationwide,” says Joe Kirmser, CEO of PremiStar.”
PremiStar, a commercial/industrial HVAC, plumbing and building automation platform, acquired Bear Mountain Mechanical of Englewood, CO, expanding its Denver-metro service density. Bear Mountain will expand the capabilities of PremiStar's Colorado Mechanical Systems.
“a leader in commercial and industrial HVAC, plumbing, and building automation services, acquired [Bear Mountain Mechanical](https://stats.newswire.com/x/html?final=aHR0cHM6Ly9iZWFybW91bnRhaW5tZWNoYW5pY2FsLmNvbS8&sig=H_Bm_UfABMOY_oDxTPJ8U8FSx1QKA3VU3OCwPdg5feq3emy9iC1FDlQ586ghiB9FaohyOGHQ3CLuS6qXR6Fbsw&hit%2Csum=WyI0NDdtYzYiLCI0NDdtYzciLCI0NDdtYzUiXQ&__hstc=119435286.6094efe349eb7e1f76a36dd32fd069c3.1704262389013.1704262389013.1704262389013.1&__hssc=119435286.1.1704262389014&__hsfp=242801724), a full-service HVAC company headquartered in Englewood, CO.”
Comfort Systems USA, Inc. announced an agreement to acquire Summit Industrial Construction, LLC, as reported in a press release dated January 2, 2024.
“Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of the Company dated January 2, 2024 reporting the Company’s agreement to acquire Summit Industrial Construction, LLC.”
Crisafulli, a third-generation family HVAC business in Albany, was acquired in 2024 by Redwood Services, a private equity-backed home services holding company. This acquisition is part of the ongoing consolidation trend in the home services industry.
“crisafuli despite their 3rd gen family business ads on the radio was acquired in 2024 by Redwood Services - a private equity-backed home services holding company.”
Dana Spears, co-founder of an HVAC company in Land O'Lakes, Florida, sold her business to P1 Service Group earlier in 2024 after receiving more than 100 offers since 2020. The company had 100 employees at the time of sale.
“Earlier this year, after much deliberation and meeting with numerous buyers, she settled on a firm she felt she could trust, P1 Service Group.”
The SEER Group LLC executed a sustained HVAC contractor roll-up across the Pacific Northwest from 2019 through 2022, acquiring or taking majority stakes in well over a dozen heating and air conditioning companies.
“In 2019, The SEER Group LLC acquired Climate Control Inc., Specialty Heating and Cooling, and The Barton Boys Heating and Air Conditioning. In 2020, The SEER Group LLC acquired Coffman \& Company, and Nolan Heating \& Air. In 2021, The SEER Group LLC acquired majority stakes in Aladdin Air Conditioning \& Heating Inc. and Bower Mechanical. In 2022, The SEER Group LLC acquired Terry's Heating \& Air Conditioning, Hassler Heating and Air Conditioning, First Call Heating \& Cooling, Gropp Heating, Air \& Electric, and a majority stake in J. A. Bertsch Heating \& Cooling.”
The SEER Group · Platform Bower Mechanical · Target Hassler Heating and Air Conditioning · Target Specialty Heating and Cooling · Target
Pueblo Mechanical & Controls rolled up several mechanical and plumbing companies in 2019, acquiring Innovative Mechanical Systems, the Arizona operations of Westover Corporation, Newgaard Mechanical, CFM Mechanical, and Niemeyer Brothers Plumbing.
“In 2019, Pueblo Mechanical \& Controls acquired Innovative Mechanical Systems, the Arizona operations of Westover Corporation, Newgaard Mechanical Inc., and CFM Mechanical LLC. It also acquired Niemeyer Brothers Plumbing Inc.”
Pueblo Mechanical & Controls · Acquirer CFM Mechanical LLC · Target Innovative Mechanical Systems · Target Newgaard Mechanical Inc. · Target Niemeyer Brothers Plumbing Inc. · Target
Wrench Group LLC acquired Superior Service, NexGen Air Conditioning & Plumbing, and Parker & Sons in 2022 as part of its multi-trade home-services roll-up.
“In 2022, Wrench Group LLC acquired Superior Service, NexGen Air Conditioning \& Plumbing, and Parker \& Sons.”
EMCOR Group, Inc. and its UK subsidiary entered into a Seventh Amended and Restated Credit Agreement providing a $1.30 billion five-year revolving credit facility, with an option to increase the facility by up to an additional $900 million or more based on EBITDA. The facility matures on December 20, 2028, and is guaranteed by substantially all U.S. subsidiaries and secured by assets.
“The 2023 Credit Agreement provides for a $1.30 billion five year revolving credit facility under which the Company may borrow up to $1.30 billion and EMCOR UK may borrow up $100.0 million. The Company has the ability to increase the revolving credit facility by up to an additional amount equal to the greater of (a) $900 million and (b) the Company’s Adjusted EBITDA (as such term is defined in the 2023 Credit Agreement) for the twelve-month period then ended.”
Huron Capital's Exigent Group acquired Ambient Temperature Corp. (ATCO) and Global Facility Solutions (GFS), marking its fourth and fifth acquisitions, expanding into the New England region and broadening energy efficiency and sustainability capabilities.
“Leading lower middle-market private equity firm Huron Capital (“Huron”) today announced that The Exigent Group (“Exigent” or the “Company”), a provider of commercial HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services, has acquired Ambient Temperature Corp. (“ATCO”) and, in a separate transaction, Global Facility Solutions (“GFS”).”
Sila Services LLC acquired Burns & McBride Home Comfort, a residential HVAC company founded in 1949 in New Castle, Delaware, strengthening Sila's position in the Mid-Atlantic region.
“Sila Services LLC has acquired Burns & McBride Home Comfort, a residential HVAC company based in Delaware.”
Sila Services LLC acquired Burns & McBride Home Comfort, a residential HVAC company founded in 1949 in Delaware, strengthening its position in the Mid-Atlantic region.
“PHILADELPHIA — Sila Services LLC has acquired Burns & McBride Home Comfort, a residential HVAC company based in Delaware.”
MechCan portfolio company BR's Plumbing and Heating acquired G.C. Lounsbury of Tillsonburg, Ont., consolidating MechCan's presence in the Tillsonburg area.
“MechCan portfolio company BR's Plumbing and Heating acquired G.C. Lounsbury of Tillsonburg, Ont., consolidating MechCan's presence in the Tillsonburg area.”
In October 2023, Alpine Investors and Partners Group completed a $3.4 billion continuation fund for Apex Service Partners, one of the largest single-business continuation transactions in PE history. This structure allows Alpine to hold Apex indefinitely rather than pursuing a typical 3-5 year exit.
“The company is backed by Alpine Investors and Partners Group, the latter having participated in a $3.4 billion continuation fund in October 2023 — one of the largest single-business continuation transactions in PE history.”
Enercare made its first expansion into British Columbia through an investment in Vancouver-based Pioneer Plumbing and Heating Inc. (est. 1976, ~45 employees), which will continue operating under its own name and leadership.
“Enercare establishes itself in the B.C. market thanks to its recent investment in Pioneer Plumbing and Heating Inc. Th s investment will mark Enercare's fi st expansion into B.C.”
Comfort Systems USA, Inc. appointed Rhoman J. Hardy as a director and member of the Audit Committee, effective October 1, 2023. This leadership change is disclosed in an SEC 8-K filing.
“On September 25, 2023, based on the recommendation of the Nominating, Governance and Sustainability committee of the Board of Directors (the “Board”) of Comfort Systems USA, Inc. (the “Company), the Board appointed Rhoman J. Hardy as a director commencing on October 1, 2023. Mr. Hardy has also been appointed as a member of the Audit Committee, effective October 1, 2023.”
The acquisition marks Southern Home Services' first business unit in Maryland and expands its footprint in the greater Mid-Atlantic, which its CEO calls a key market.
“The acquisition strengthens Southern Home Services’ offerings and market share with its first business unit in Maryland, and further solidifies its position as a leader in the home services industry”
Roll-up platform Southern Home Services acquired Presidential Heating & Air Conditioning, a Gaithersburg, Maryland residential HVAC/IAQ/electrical contractor, establishing its first business unit in Maryland.
“Southern Home Services has acquired Presidential Heating & Air Conditioning Inc., a local residential contractor specializing in HVAC, IAQ, and electrical services.”
HVAC technicians on Reddit express overwhelmingly negative sentiment about private equity-backed companies like Apex, Sila, and Heartland. They report being forced into high-pressure sales roles, seeing dramatic price increases for customers, and experiencing a decline in service quality and company culture.
“Talking about PE backed companies like Apex, Sila, Heartland, etc to name a few. How bad is it really for the techs and customers? It seems like the Owner gets a nice payday, and everybody else gets screwed. Techs are forced to turn into salesmen (rarely ethical ones in my experience) and customers get every dollar squeezed out of them.”
The Finnish Competition and Consumer Authority (FCCA) approved Triton's acquisition of Caverion, subject to the condition that Triton divests its portfolio company Fidelix's building automation unit in Joensuu, North Karelia. The European Commission had previously approved the acquisition for markets outside Finland on 31 August 2023.
“The FCCA has investigated the competitive effects of the proposed acquisition of Caverion by Triton in Finland. The European Commission has investigated the competitive effects outside Finland and approved the acquisition on 31 August 2023.”
CoolSys, the nationwide commercial refrigeration/HVAC consolidator, acquired Philadelphia-based Lima Company, a blended commercial/industrial HVAC, refrigeration, plumbing and energy services provider, to deepen its Mid-Atlantic presence.
“the market-leading nationwide provider of sustainable refrigeration, HVAC, energy and engineering solutions, announced it has acquired Lima Company, a respected, blended service provider of commercial and industrial HVAC, refrigeration, plumbing and energy services throughout Eastern Pennsylvania, Delaware, Maryland and New Jersey.”
Southern frames the acquisition as part of a strategy to expand in the lower Southeast, Midwest and Mid-Atlantic, with plans to add electrical and home standby generator service lines.
“This acquisition aligns perfectly with our goal of enhancing our service offerings in the lower Southeast, Midwest and Mid-Atlantic regions and expands our market presence in our own home market of Orlando.”
Southern Home Services completed the acquisition of Pro-Tech Air Conditioning & Plumbing, an Orlando-area HVAC and plumbing contractor, expanding its market presence and service offerings under a 'One Call. One Company.' multi-trade home services model.
“Southern Home Services (“Southern”), a leading provider of essential residential and light commercial home services has completed the acquisition of Pro-Tech Air Conditioning & Plumbing (“Pro-Tech”), a leading local customer-focused home services contractor, specializing in heating, air conditioning, indoor air quality and plumbing services to their many residential customers throughout the greater Orlando market.”
The article discloses that acquirer Right Time Group of Companies is majority-owned by middle-market private equity firm Gryphon Investors, identifying the PE sponsor behind the home-services roll-up.
“Right Time is majority-owned by Gryphon Investors, a middle-market private equity firm.”
Right Time Group of Companies, a Canadian home-services consolidator with more than two dozen locations, acquired Calgary-based Knight Plumbing, Heating & Air Conditioning, expanding its Western Canada footprint. Terms were not disclosed.
“Right Time Group of Companies, a home services provider with more than two dozen locations in Canada, has acquired Knight Plumbing, Heating & Air Conditioning, expanding its growth in Western Canada.”
Right Time Group of Companies, a Canadian home-services platform majority-owned by PE firm Gryphon Investors, acquired Calgary-based Knight Plumbing, Heating & Air Conditioning, expanding its presence in Western Canada.
“ST. CATHARINES, Ontario — Right Time Group of Companies, a home services provider with more than two dozen locations in Canada, has acquired Knight Plumbing, Heating & Air Conditioning, expanding its growth in Western Canada.”
Knight is the 20th acquisition by Right Time as part of its continued growth strategy; the platform now operates from 26 locations across six provinces with over 1,400 employees.
“Knight is the 20 th acquisition completed by Right Time as part of its continued growth strategy.”
Gryphon Investors-backed Right Time Group, Canada's leading residential HVAC operator, acquired Calgary-based Knight Plumbing Heating & Air Conditioning, its 20th acquisition, expanding in Western Canada.
“Right Time Group of Companies ("Right Time"), Canada's leading home services provider, announced today the acquisition of Calgary, Alberta -based Knight Plumbing Heating & Air Conditioning ("Knight" or the "Company"), expanding its growth in Western Canada.”
Knight is the 20th acquisition by Right Time as part of its continued growth strategy; the platform now operates from 26 locations across six provinces with over 1,400 employees.
“Knight is the 20 th acquisition completed by Right Time as part of its continued growth strategy.”
Gryphon Investors-backed Right Time Group, Canada's leading residential HVAC operator, acquired Calgary-based Knight Plumbing Heating & Air Conditioning, its 20th acquisition, expanding in Western Canada.
“Right Time Group of Companies ("Right Time"), Canada's leading home services provider, announced today the acquisition of Calgary, Alberta -based Knight Plumbing Heating & Air Conditioning ("Knight" or the "Company"), expanding its growth in Western Canada.”
American Residential Services (ARS/Rescue Rooter) acquired San Diego-based Tarpy Plumbing, Heating & Air, a ~50-employee residential HVAC/plumbing contractor, expanding ARS's home-services presence in California.
“American Residential Services (ARS/Rescue Rooter), a provider of HVAC and plumbing services, has acquired San Diego-based of Tarpy Plumbing, Heating & Air.”
American Residential Services (ARS/Rescue Rooter) acquired San Diego-based Tarpy Plumbing, Heating & Air, a residential HVAC and plumbing contractor with ~50 employees, expanding ARS's home-services presence in Southern California.
“Memphis, Tenn. — American Residential Services (ARS/Rescue Rooter), a provider of HVAC and plumbing services, has acquired San Diego-based of Tarpy Plumbing, Heating & Air.”
Pro-Tech president/owner Hector Rebollo expressed a positive rationale for selling into the Southern Home Services platform, citing its customer-first approach.
““We decided to partner with Southern Home Services because of their customer-first approach,” said Hector Rebollo, president and owner of Pro-Tech.”
Southern Home Services completed the acquisition of Pro-Tech Air Conditioning & Plumbing, an Orlando-area residential HVAC/IAQ/plumbing contractor; Pro-Tech keeps its name, branding, and employees.
“Southern Home Services, a provider of essential residential and light commercial home services, has completed the acquisition of Pro-Tech Air Conditioning & Plumbing, a home services contractor specializing in heating, air conditioning, IAQ, and plumbing services to residential customers throughout the greater Orlando market.”
PE-backed roll-up platform Southern Home Services completed the acquisition of Pro-Tech Air Conditioning & Plumbing, an Orlando-based HVAC, IAQ and plumbing contractor, as an add-on expanding its presence in its home market.
“Southern Home Services, a provider of essential residential and light commercial home services, has completed the acquisition of Pro-Tech Air Conditioning & Plumbing, a home services contractor specializing in heating, air conditioning, IAQ, and plumbing services to residential customers throughout the greater Orlando market.”
Since its initial investment in June 2021, Grove Mountain Partners completed nine add-on acquisitions for Unique Indoor Comfort, growing total revenue over 6x. This roll-up strategy consolidated independent home service businesses in the East and Midwest.
“Since our initial investment in June 2021, the company completed nine add-on acquisitions and grew total revenue over 6x”
