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).
Ace Hardware acquired Unique Indoor Comfort's portfolio of 12 independent heating & air, plumbing, and electrical home services companies from Atlanta-based private equity firm Grove Mountain Partners. The deal includes companies across the East and Midwest, such as Moncrief Heating & Air and Clay's Climate Control. Grove Mountain had built the platform through nine add-on acquisitions since June 2021, achieving over 6x revenue growth.
“Ace Hardware acquired Unique Indoor Comfort’s portfolio of 12 independent heating & air, plumbing and electrical home services companies from Atlanta-based private equity firm Grove Mountain.”
Right Time, the acquiring HVAC services group, is majority-owned by San Francisco-based private equity firm Gryphon Investors and operates across Ontario, Manitoba, Saskatchewan, Alberta and B.C.
“Right Time, majority-owned by San Francisco-based private equity firm Gryphon Investors, has operations in Ontario, Manitoba, Saskatchewan, Alberta, and B.C.”
Right Time Group of Companies added two more locations, reaching 25 across central and western Canada, via acquisitions of Thomson Industries Ltd. (Port Coquitlam, B.C.) and Oosterveld Heating and Air Conditioning (Guelph, Ont.); both companies' management and employees joined Right Time.
“Right Time Group of Companies now has 25 locations across central and western Canada with recent acquisitions of Thomson Industries Ltd. of Port Coquitlam, B.C. and Oosterveld Heating and Air Conditioning of Guelph, Ont.”
The Park Ridge deal, combined with Sila's other recent Midwest investments, is described as strengthening its presence across that strategic growth market.
“The acquisition, coupled with Sila Services' other recent Midwest regional investments, strengthens its presence across this strategic growth market.”
PE-backed home-services platform Sila Services acquired Northbrook, Illinois HVAC company Park Ridge Unique Indoor Comfort, expanding its Midwest presence as part of recent regional investments.
“Sila Services LLC acquired Park Ridge Unique Indoor Comfort Inc., a family-owned, Northbrook, Illinois-based HVAC company specializing in heating and cooling installation and repairs since 1967.”
Sila frames the Park Ridge deal as part of a broader pattern of recent Midwest regional investments to strengthen its presence in a strategic growth market.
“The acquisition, coupled with Sila Services' other recent Midwest regional investments, strengthens its presence across this strategic growth market.”
PE-backed roll-up platform Sila Services acquired Northbrook, Illinois HVAC company Park Ridge Unique Indoor Comfort as part of its Midwest regional expansion strategy.
“Sila Services LLC acquired Park Ridge Unique Indoor Comfort Inc., a family-owned, Northbrook, Illinois-based HVAC company specializing in heating and cooling installation and repairs since 1967.”
The article discloses that Right Time Group is majority-owned by Gryphon Investors, a middle-market private equity firm, confirming the PE backing behind the roll-up platform.
“Right Time is majority-owned by Gryphon Investors, a middle-market private equity firm.”
Right Time Group of Companies, a home-services roll-up majority-owned by PE firm Gryphon Investors, acquired Greater Vancouver-based Thomson Industries Ltd. for residential HVAC/electrical/IAQ services in British Columbia. It is Right Time's 18th acquisition.
“Right Time Group of Companies, a home services provider, acquired Greater Vancouver-based Thomson Industries Ltd., furthering its growth in British Columbia.”
The Thomson deal marks Right Time's 18th acquisition as part of its ongoing growth strategy; Right Time is majority-owned by middle-market PE firm Gryphon Investors.
“Thomson is the 18 th acquisition completed by Right Time as part of its ongoing growth strategy.”
Right Time Group of Companies, a Canadian home-services roll-up majority-owned by PE firm Gryphon Investors, acquired Greater Vancouver-based Thomson Industries Ltd., its 18th acquisition, expanding in British Columbia.
“Right Time Group of Companies, a home services provider, acquired Greater Vancouver-based Thomson Industries Ltd., furthering its growth in British Columbia.”
Daikin Applied announced the acquisition of Carroll Air Systems, a Tampa-based HVAC representative serving Central and West Coast Florida. The deal creates a combined entity providing comprehensive HVAC systems, services, and parts, with Carroll Air's CEO leading the merged operations under the Daikin Applied brand.
“Daikin Applied today announced that it has acquired Carroll Air Systems, a Tampa, Fla.-based company that provides heating, ventilation and air-conditioning (HVAC) systems and services for commercial, industrial and institutional facilities.”
Ken Goodrich recounts acquiring and resurrecting the Goettl HVAC brand, which had fallen on hard times, framing the rescue as personal destiny tied to his family history with the brand.
“you know Gettl kind of fell on some hard times and I kind of felt like it was my destiny to save it”
Billy Stevens notes that some of the home-service companies that passed on his early roll-up deals ended up being acquired into the Wrench Group anyway, illustrating broad consolidation in the space.
“And some of those companies that passed ended up being in the wrench group anyway, so that's fine”
Goettl (owned/revived by Ken Goodrich) is described as having made many acquisitions, a topic of high interest to owners who are considering selling or preparing for an eventual sale.
“So you guys have you guys have obviously been making a lot of acquisitions”
Sila's CEO frames the Absolute deal within an ongoing platform strategy of aligning with partner brands across the Connecticut and New York region and investing in best practices, training, and technology.
“As we continue our strategy of aligning with great partners and accelerating their success, Absolute is a tremendous addition to our team.”
Sila Services LLC, a multi-brand home-services platform, acquired Absolute Air Services of Portland, Connecticut, adding it to its existing brands in the Connecticut and New York region as part of its strategy of aligning with partners and accelerating their success.
“PHILADELPHIA — Sila Services LLC acquired Absolute Air Services based in Portland, Connecticut.”
Sila Services LLC, a multi-brand home services platform, acquired Absolute Air Services of Portland, Connecticut, an HVAC installation, repair, and maintenance company, adding to its Connecticut and New York footprint.
“Sila Services LLC acquired Absolute Air Services based in Portland, Connecticut.”
Steve Knowles has been appointed CEO to lead Trinity Hunt Partners' newly formed commercial HVAC services platform, bringing extensive M&A experience to drive accelerated growth.
“Steve Knowles will lead the platform as the CEO, bringing extensive experience in M&A with a proven track record of leading services businesses through accelerated growth.”
Trinity Hunt Partners and platform CEO Steve Knowles plan to scale Alliance Group through strategic acquisitions across the U.S., aiming to establish a national commercial HVAC platform.
“We look forward to scaling the business through strategic acquisitions across the U.S. and supporting management as they continue to execute on organic growth initiatives.”
Trinity Hunt Partners announced its majority investment in Alliance Group, a commercial HVAC services provider serving over 500 clients in the Northeast. The deal establishes a new platform for Trinity Hunt in the commercial HVAC sector.
“Trinity Hunt Partners, a growth-oriented private equity firm focused on services businesses, announced today its majority investment in Alliance Group, a leading provider of commercial heating, ventilation, and air conditioning (HVAC) system services.”
The article discloses that Right Time Group is majority-owned by Gryphon Investors, a middle-market private equity firm, establishing the PE ownership behind this HVAC consolidation platform.
“Right Time is majority-owned by Gryphon Investors, a leading middle-market private equity firm.”
The Oosterveld deal is explicitly Right Time's 17th acquisition under a strategic growth plan, evidencing an active PE-backed residential HVAC roll-up.
“Oosterveld Heating and Air Conditioning is the 17”
Right Time Group of Companies, a Canadian residential HVAC contractor majority-owned by PE firm Gryphon Investors, acquired Guelph-based Oosterveld Heating and Air Conditioning, expanding its southern Ontario presence. It is Right Time's 17th acquisition under its growth plan.
“ST. CATHARINES, Ontario — Right Time Group of Companies, a Canadian residential HVAC contractor, acquired Guelph-based Oosterveld Heating and Air Conditioning, further solidifying its growing presence in southern Ontario.”
The Oosterveld deal marks Right Time's 17th acquisition as part of its strategic growth plan, with Right Time noted as majority-owned by middle-market private equity firm Gryphon Investors.
“Oosterveld Heating and Air Conditioning is the 17 th acquisition completed by Right Time as part of its strategic growth plan.”
Right Time Group of Companies, a Canadian residential HVAC contractor majority-owned by Gryphon Investors, acquired Guelph-based Oosterveld Heating and Air Conditioning — its 17th acquisition under its growth plan.
“ST. CATHARINES, Ontario — Right Time Group of Companies, a Canadian residential HVAC contractor, acquired Guelph-based Oosterveld Heating and Air Conditioning, further solidifying its growing presence in southern Ontario.”
Right Time is majority-owned by PE firm Gryphon Investors; the Oosterveld deal is its 17th acquisition and fourth in a year, with operations now spanning 24 locations across five Canadian provinces.
“Right Time, majority-owned by San Francisco-based private equity firm Gryphon Investors, now operates out of 24 locations in Canada with operations in Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia”
PE-backed Right Time Group of Companies acquired Guelph-based Oosterveld Heating and Air Conditioning, its 17th acquisition and fourth in the past year, expanding its Southern Ontario residential HVAC footprint.
“Right Time Group of Companies continues to grow in Southern Ontario with the acquisition of Guelph -based [Oosterveld Heating and Air Conditioning](https://oosterveldheating.com/).”
The SEER Group LLC describes itself as a platform bringing together HVAC, electrical, and plumbing companies, providing flexible investment solutions that let owners sell all or part of their businesses and facilitate planned exit strategies.
“) was established to bring together industry-leading residential and commercial HVAC, electrical, and plumbing companies. It's mission is to help its partner company owners grow their businesses, achieve their financial goals, and facilitate planned exit strategies. Through flexible investment solutions, The SEER Group LLC provides entrepreneurs with the opportunity to sell all or part of their businesses depending on their financial goals and other objectives.”
The Border Sheet Metal & Heating deal marks The SEER Group's twenty-eighth acquisition as it rapidly grows its footprint in Idaho and expands into new states.
“This is the twenty-eighth acquisition for The SEER Group LLC, rapidly growing its footprint in Idaho while continuing its expansion into new states.”
The SEER Group LLC announced the acquisition of a majority stake in Border Sheet Metal & Heating of Hayden, Idaho. The selling family owners retain their brand and continue leading the company as SEER Group partners.
“recently announced the acquisition of a majority stake in”
The SEER Group LLC acquired a majority stake in Border Sheet Metal & Heating of Hayden, Idaho. This is the platform's twenty-eighth acquisition, growing its Idaho footprint as it expands into new states.
“recently announced the acquisition of a majority stake in [Border Sheet Metal & Heating](http://www.bordersheetmetal.com/) located in Hayden, Idaho. This is the twenty-eighth acquisition for The SEER Group LLC, rapidly growing its footprint in Idaho while continuing its expansion into new states.”
Huron Capital's ExecFactor portfolio platform Exigent Holdco acquired JPG Plumbing & Mechanical Services (Maryland) and ThermaServe (Florida), adding scale in the DMV area and new Southeast locations to its mechanical-services roll-up.
“Lower middle-market private equity firm Huron Capital’s portfolio company Exigent Holdco LLC, a provider of mission-critical HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services, has acquired JPG Plumbing & Mechanical Services Inc. and ThermaServe Inc.”
Huron Capital portfolio company Exigent Holdco LLC, an HVAC/plumbing/mechanical services platform, acquired JPG Plumbing & Mechanical Services Inc. (Maryland) and ThermaServe Inc. (Florida) as add-ons under Huron's ExecFactor platform strategy.
“DETROIT — Lower middle-market private equity firm Huron Capital’s portfolio company Exigent Holdco LLC, a provider of mission-critical HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services, has acquired JPG Plumbing & Mechanical Services Inc. and ThermaServe Inc.”
Southern HVAC Corp. (Southern Home Services) acquired Spartanburg-area HVAC firm George M. Hill & Sons, which will merge with platform brand Five Star Plumbing Heating & Cooling to serve the Greenville-Spartanburg market.
“Southern HVAC Corp. acquired George M. Hill & Sons Inc.”
Southern HVAC Corp. (Southern Home Services) acquired George M. Hill & Sons Inc., which will merge with its Five Star Plumbing Heating & Cooling brand to serve the Greenville-Spartanburg, SC market.
“SPARTANBURG, S.C. — Southern HVAC Corp. acquired George M. Hill & Sons Inc. Since 1945, George M. Hill & Sons has provided customers throughout Spartanburg, Greenville, and the greater upstate market with highly rated heating, air conditioning maintenance, repair, and replacement services. George M. Hill & Sons will merge with Five Star Plumbing Heating & Cooling to provide home service solutions to homeowners in the Greenville-Spartanburg market.”
Huron Capital employs a thematic ExecFactor strategy to consolidate fragmented HVAC, plumbing, and mechanical services sectors. Exigent, launched in 2022, is executing a buy-and-build model to become a market leader.
“ExecFactor is Huron Capital’s proprietary, thematic investment strategy where we underwrite an industry and partner with an executive to deploy our build-and-build investment model.”
The acquisitions of JPG and ThermaServe allow Exigent to expand its geographic footprint into the Southeast, including Florida and Georgia, and enhance its service capabilities in the DMV area.
“Our newest partnerships with JPG and ThermaServe allow Exigent to better serve its customer base with further scale in the Washington, D.C., Maryland, and Virginia area, new locations in the Southeast, and additional service capabilities across the platform”
Per Wrench Group's CEO, despite recent acquisition activity, private equity holds only about $10 billion of an estimated $130 billion market, with 80%+ still represented by mom-and-pop operators, signaling large remaining consolidation runway.
“PE, Haines said, has helped professionalize HVAC service businesses, but, despite the flurry of acquisitions in the last few years still only holds about $10 billion of an estimated $130 billion market.”
Wrench Group began in 2016 as a partnership of four service businesses (including Haines' Coolray), was purchased by a private equity firm in 2016, sold again in 2019, and now has three private equity investors.
“Haines, formerly the owner and operator of Coolray Heating and Cooling Inc. in Atlanta, said Wrench Group began in 2016 as a partnership of four service businesses, including his, in different markets. The new company was purchased by a private equity firm in 2016, sold again in 2019, and now has three private equity investors.”
Ken Haines, CEO of PE-backed home-services platform Wrench Group, reports a substantial slowing of HVAC deal activity and declining multiples, attributed partly to higher interest rates, though he sees continued opportunity.
““We’ve seen substantial slowing down of deals, multiples coming down,” said Ken Haines, CEO of Wrench Group, which has home services businesses — concentrated in HVAC, electrical work, and plumbing — in 25 markets across 14 states.”
Bankers and a buyer agree higher interest rates have put a damper on HVAC M&A, with lenders being more careful and economic/geopolitical uncertainty weighing on the outlook.
“Haines said higher interest rates have recently put a damper on some M&A activity in HVAC, and Polk and Wilson agreed.”
Despite the acquisition flurry, PE still holds only about $10 billion of an estimated $130 billion HVAC market, with 80%+ still represented by mom-and-pop firms, signaling a long consolidation runway.
“PE, Haines said, has helped professionalize HVAC service businesses, but, despite the flurry of acquisitions in the last few years still only holds about $10 billion of an estimated $130 billion market.”
From a buyer's perspective, Wrench Group CEO Ken Haines reports a substantial slowdown in deals and declining multiples, attributing some of the cooling to higher interest rates.
““We’ve seen substantial slowing down of deals, multiples coming down,” said Ken Haines, CEO of Wrench Group, which has home services businesses — concentrated in HVAC, electrical work, and plumbing — in 25 markets across 14 states.”
NexCore was formed in March 2023 as a platform company by Trinity Hunt Partners to consolidate the commercial HVAC services market through a buy-and-build strategy.
“Trinity Hunt's approach involves acquiring a strong platform company—in this case, NexCore, formed in March 2023—and then aggressively pursuing add-on acquisitions of smaller, successful businesses.”
Strikepoint Group Holdings (formerly Horizon Group Holdings), a US home-services platform, acquired Weeks Service Company in the Greater Houston area, marking its expansion into the Texas home-services market. Weeks provides HVAC, plumbing, electrical, IAQ, and generator services.
“Strikepoint Group Holdings (SGH), formerly Horizon Group Holdings, a home services company in the United States, announced that it has acquired Weeks Service Company, which serves customers in the Greater Houston metropolitan area. The deal marks SGH’s expansion into the Texas home services market.”
Strikepoint Group Holdings (formerly Horizon Group Holdings) acquired Houston-area Weeks Service Company (HVAC, plumbing, electrical), marking its entry into the Texas home services market.
“Strikepoint Group Holdings (SGH), formerly Horizon Group Holdings, a home services company in the United States, announced that it has acquired Weeks Service Company, which serves customers in the Greater Houston metropolitan area. The deal marks SGH’s expansion into the Texas home services market.”
FirstCall's launch was anchored by four regional acquisitions across the Southeast: STR Mechanical, Technical Services, TimCo Heating and Air, and the services assets of JAX Refrigeration.
“To date, FirstCall has welcomed four regional operations to the platform: STR Mechanical in the Carolinas, Technical Services in Virginia, TimCo Heating and Air in Georgia, and the services assets of JAX Refrigeration in Florida.”
