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).
The Dallas Plumbing deal is Air Pros USA's second Texas acquisition (after Blue Star Heating and Air in 2019) and expands its national scale to 550+ vehicles, 600 technicians/staff, and a half-million customers across eight states.
“This is Air Pros USA’s second acquisition in Texas, previously acquiring Dallas-based Blue Star Heating and Air in 2019. Through the Dallas Plumbing Company acquisition, Air Pros USA expands its national growth with over 550 vehicles, 600 technicians and staff, and a customer base of over half a million. Air Pros USA operates in eight states and more than a dozen metro areas including Miami, Orlando, Dallas, Atlanta, Colorado Springs, Mobile, and Spokane.”
Air Pros USA acquired Dallas Plumbing Company, a 120-year-old family-owned HVAC and plumbing business in the Dallas/Fort Worth area, integrating it into the Air Pros USA platform.
“Fort Lauderdale-based Air Pros USA announced the acquisition of Dallas Plumbing Company, a family owned and operated HVAC and plumbing business that has been serving home and business owners in the Dallas/Fort Worth area since 1903.”
Reedy Industries, a Deerfield, Illinois–based commercial and industrial HVAC, plumbing, and building controls platform, has acquired Vorpagel Service, Inc., a Burlington, Wisconsin commercial HVAC contractor.
“Reedy Industries, a Deerfield, Illinois–based commercial and industrial HVAC, plumbing, and building controls platform, has acquired Vorpagel Service, Inc., a Burlington, Wisconsin commercial HVAC contractor.”
Heartland Home Services, a Midwestern HVAC/plumbing/electrical home-services roll-up, acquired The Thielmann Group in Southeast Wisconsin, extending into a core Midwest market.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services company, announced that it has acquired The Thielmann Group, a provider of HVAC services in Southeast Wisconsin.”
Heartland's CEO described an ongoing strategy of adding home service partner brands to expand its Midwest reach.
“We are very optimistic about this market as we continue to add fantastic partners that have strong roots and excellent leadership. Our expectations are high as we continue to partner with the best home service brands in the Midwest!”
Heartland Home Services, a Midwestern HVAC/plumbing/electrical home services platform, acquired The Thielmann Group in Southeast Wisconsin, extending into a core Midwestern market.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services company, announced that it has acquired The Thielmann Group, a provider of HVAC services in Southeast Wisconsin.”
Air Pros USA describes itself as a fast-growing national platform with 500 vehicles, 600 staff, and operations in eight states and over a dozen metros, integrating acquired companies onto its platform.
“Air Pros USA operates in eight states and more than a dozen metro areas including Miami, Orlando, Dallas, Atlanta, Colorado Springs, Mobile, and Spokane.”
Fort Lauderdale-based Air Pros USA acquired South Florida HVAC, generator, and home-services company Personalized Air Conditioning, integrating it fully into the Air Pros USA platform and adding electrical, lighting, pool heating, and generator services.
“Fort Lauderdale-based Air Pros USA announced the acquisition of Personalized Air Conditioning, a South Florida-based HVAC, generator, and home services company that has been supporting the local community since 1970.”
Air Pros USA describes itself as a fast-growing platform operating in eight states and more than a dozen metro areas, with 500 vehicles and 600 technicians and staff, integrating acquired companies onto its platform.
“Nationally, Air Pros USA has 500 vehicles, 600 technicians and staff, and a customer base of nearly half a million. Air Pros USA operates in eight states and more than a dozen metro areas including Miami, Orlando, Dallas, Atlanta, Colorado Springs, Mobile, and Spokane.”
Air Pros USA acquired Personalized Air Conditioning, a South Florida HVAC, generator, and home services company, with full operational and sales integration into the Air Pros USA platform.
“Fort Lauderdale-based Air Pros USA announced the acquisition of Personalized Air Conditioning, a South Florida-based HVAC, generator, and home services company that has been supporting the local community since 1970.”
Heartland's CEO frames the Air Master deal as part of an ongoing strategy of partnering with home-service brands across the Midwest, indicating active regional roll-up activity.
“We are optimistic about this market as we continue to add fantastic partners that have strong roots and excellent company cultures. Our expectations are high as we continue to partner with the best home service brands in the Midwest”
Heartland Home Services, an HVAC/plumbing/electrical home-services provider, acquired Air Master Heating and Air Conditioning of Ferndale, Michigan, adding density to its Detroit market. Terms were not disclosed.
“Heartland Home Services, a provider of HVAC, plumbing, and electrical home services, announced that it has acquired Air Master Heating and Air Conditioning, a provider of HVAC services in Ferndale, Michigan and the surrounding areas in Southeast Michigan.”
Heartland Home Services acquired Air Master Heating and Air Conditioning of Ferndale, Michigan, adding density in the Detroit market. Terms were not disclosed; founder and management team stay on.
“Heartland Home Services, a provider of HVAC, plumbing, and electrical home services, announced that it has acquired Air Master Heating and Air Conditioning, a provider of HVAC services in Ferndale, Michigan and the surrounding areas in Southeast Michigan.”
Midwestern HVAC/plumbing/electrical platform Heartland Home Services acquired Williams Heating and Cooling, a 100+ year HVAC provider in the Detroit Metro area, strengthening its Michigan presence.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services company, announced that it has acquired Williams Heating and Cooling, a provider of HVAC services in the Detroit Metro area for over 100 years. The addition of Williams strengthens Heartland's presence in the state of Michigan and bolsters the company's service offerings in the Detroit Metro area.”
Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services company, acquired Williams Heating and Cooling, strengthening its presence in Michigan and the Detroit Metro area.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services company, announced that it has acquired Williams Heating and Cooling, a provider of HVAC services in the Detroit Metro area for over 100 years.”
Comfort Systems USA entered into an amended and restated senior credit facility on May 25, 2022, increasing its line of credit from $600 million to $850 million. The facility, arranged by Wells Fargo, includes an option to increase commitments further and permits unlimited acquisitions when net leverage is at or below 3.25x.
“the Company entered into an amended and restated senior credit facility (the “Facility”) with certain subsidiaries of the Company, as guarantors (the “Guarantors”), arranged by Wells Fargo Bank, National Association (the “Agent”) and provided by a syndicate of banks including Wells Fargo Bank, National Association and other lenders from time to time party thereto (the “Lenders”).”
SEER Group CEO Darrin Erdahl states the Bertsch acquisition reinforces the company's commitment to expanding in Idaho as it continues toward a national footprint.
“This acquisition reinforces our commitment to expanding in Idaho as we continue towards a national footprint.”
The SEER Group LLC acquired a majority stake in J.A. Bertsch Heating & Cooling of Coeur d'Alene, Idaho — its twenty-fifth acquisition overall and fifth this year, reinforcing its Idaho expansion toward a national footprint.
“The SEER Group LLC announced the acquisition of a majority stake in J. A. Bertsch Heating & Cooling located in Coeur d’Alene, Idaho. This is the twenty-fifth acquisition for The SEER Group LLC and its fifth acquisition this year.”
Southern HVAC operates HVAC, plumbing, and electrical home service businesses; AirNow joins its family of seventeen other service brands across eight states.
“As part of the broader Southern HVAC team, AirNow joins Southern HVAC's family of seventeen other service brands across eight states.”
Southern HVAC Corporation acquired AirNow Cooling & Heating of Montgomery, Alabama, its first acquisition in Alabama, adding AirNow to its family of 17 other service brands across eight states.
“Southern HVAC Corporation announced the recent acquisition of AirNow Cooling & Heating. The acquisition represents Southern HVAC's first acquisition in the state of Alabama.”
The SEER Group framed the Bertsch deal as reinforcing its expansion in Idaho as it builds toward a national footprint, signaling an active roll-up strategy.
“This acquisition reinforces our commitment to expanding in Idaho as we continue towards a national footprint.”
The SEER Group LLC acquired a majority stake in Idaho-based J. A. Bertsch Heating & Cooling, its 25th acquisition overall and fifth of the year, continuing its consolidation push toward a national footprint.
“The SEER Group LLC announced the acquisition of a majority stake in J. A. Bertsch Heating & Cooling located in Coeur d’Alene, Idaho. This is the twenty-fifth acquisition for The SEER Group LLC and its fifth acquisition this year.”
SF&P's Silberstein dates the current consolidation trend to 2015 with the creation of The Wrench Group, noting capital keeps flowing as financing remains available.
“The current consolidation trend started in 2015, with the creation of The Wrench Group, Silberstein said.”
Ken Goodrich, CEO of PE-backed Goettl Air Conditioning & Plumbing, argues a '90s-style collapse is unlikely because today's PE firms bring better management, data, and intellectual capital, and aren't pressured by Wall Street quarterly results.
“Ken Goodrich, CEO of Goettl Air Conditioning & Plumbing, a PE-backed HVAC firm, said a collapse of that scale is unlikely.”
SF&P's Silberstein describes differing buyer strategies: Apex Service Partners wants a presence in each top-50 market, while The Wrench Group focuses on larger operations.
“Apex Service Partners wants a presence in each top 50 market. The Wrench Group focuses on larger operations.”
Broker Fred Silberstein dates the current HVAC consolidation wave to the 2015 creation of The Wrench Group, with capital still flowing as financing remains available.
“The current consolidation trend started in 2015, with the creation of The Wrench Group, Silberstein said. Right now, money keeps pouring in as financing remains available and investors seek returns.”
Ken Goodrich, CEO of PE-backed Goettl Air Conditioning & Plumbing, argues a 1990s-style collapse is unlikely because today's PE firms have better management, more data, and aren't pressured by quarterly Wall Street demands.
“Ken Goodrich, CEO of Goettl Air Conditioning & Plumbing, a PE-backed HVAC firm, said a collapse of that scale is unlikely.”
Ken Goodrich, CEO of Goettl Air Conditioning & Plumbing, a PE-backed HVAC firm, stated that the current consolidation wave is unlikely to collapse like the 1990s because PE firms have better management, more data, and strategic long-term focus.
“Ken Goodrich, CEO of Goettl Air Conditioning & Plumbing, a PE-backed HVAC firm, said a collapse of that scale is unlikely.”
The Wrench Group is identified as a buyer that focuses on larger operations, indicating its acquisition strategy within the HVAC consolidation landscape.
Heartland Home Services, a Midwestern HVAC/plumbing/electrical home services provider, acquired Masters Heating & Cooling, a residential HVAC provider with five locations across Indiana. Terms were not disclosed.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services provider, announced that it has acquired Masters Heating & Cooling Inc., a provider of residential HVAC services with five locations across Indiana, including Fort Wayne and Indianapolis.”
Heartland Home Services, a Midwestern HVAC/plumbing/electrical home services provider, acquired Masters Heating & Cooling Inc., which has five Indiana locations including Fort Wayne and Indianapolis. Terms were not disclosed.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services provider, announced that it has acquired Masters Heating & Cooling Inc., a provider of residential HVAC services with five locations across Indiana, including Fort Wayne and Indianapolis.”
Ian McKeen was named CEO of the Gryphon-backed NAEHS platform; he was previously president/COO of Service Experts (owned by Enercare).
“At the same time lan McKeen was named CEO of NAEHS. McKeen, a dual Canadian and U.S. citizen, was previously president/COO of Service Experts (owned by Enercare).”
Gryphon Investors acquired Southern HVAC, a collection of 15 HVAC brands across six states with over 650 employees, and announced Southern HVAC and Right Time would be rolled under the NAEHS umbrella.
“Last October Gryphon also acquired Southern HVAC, a collection of 15 HVAC brands across Florida, Georgia, Missouri, North Carolina, South Carolina, and Texas with over 650 employees. At that time is was announced that Southern HVAC and Right Time would be rolled under the umbrella of NAEHS (North American Essential Home Services).”
Gryphon Investors acquired Right Time in December 2020 from Clairvest Group, when Right Time had 10 brands and 11 locations; Right Time is majority-owned by Gryphon.
“Founded in 2014 and headquartered in St. Catharines, Ont., Right Time is majority-owned by Gryphon Investors, a San Francisco-based private equity firm. Gryphon acquired Right Time in December 2020 from Clairvest Group when Right Time had 10 brands and 11 locations.”
Right Time Group made three recent acquisitions: 360 Super Techs and The Comfort Group on Vancouver Island and Wardlaw Heating and Cooling in Sault Ste. Marie, bringing the home-services rollup to 21 locations and over 1,000 employees.
“Right Time Group of Companies continues its growth across Canada with three recent acquisitions, two on Vancouver Island (360 Super Techs and The Comfort Group) and one in Sault Ste. Marie, Ont. (Wardlaw Heating and Cooling).”
Heartland Home Services acquired Blue Frost Heating & Cooling, a residential HVAC provider in West Chicago, expanding the platform's Chicagoland footprint.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services company, announced that it has acquired Blue Frost Heating & Cooling, a provider of residential HVAC services in West Chicago and surrounding suburbs.”
Heartland Home Services acquired Blue Frost Heating & Cooling, a residential HVAC provider in West Chicago and surrounding suburbs, expanding Heartland's Midwest/Chicagoland footprint. Owner Tom Byrne and team stay on.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services company, announced that it has acquired Blue Frost Heating & Cooling, a provider of residential HVAC services in West Chicago and surrounding suburbs.”
Strikepoint Group Holdings (formerly Horizon Group Holdings) acquired New Jersey-based Olson's Air Conditioning and Heating, its second acquisition of 2022 and eighteenth of the last 18 months.
“Strikepoint Group Holdings (SGH), a home services company, announced it has acquired Monmouth Junction, NJ-based Olson’s Air Conditioning and Heating, Inc. The addition of Olson’s into SGH’s portfolio of home services brands marks the second acquisition of 2022 and the eighteenth of the last 18 months for the company, formerly known as Horizon Group Holdings.”
Strikepoint Group Holdings (formerly Horizon Group Holdings) acquired New Jersey-based Olson's Air Conditioning and Heating, its second acquisition of 2022 and eighteenth in the last 18 months. Terms were not disclosed.
“Strikepoint Group Holdings (SGH), a home services company, announced it has acquired Monmouth Junction, NJ-based Olson’s Air Conditioning and Heating, Inc. The addition of Olson’s into SGH’s portfolio of home services brands marks the second acquisition of 2022 and the eighteenth of the last 18 months for the company, formerly known as Horizon Group Holdings.”
CEO Darrin Erdahl frames the acquisition as part of an ongoing strategy to add HVAC brands in Idaho and other markets, indicating an active roll-up program.
““Terry assembled a committed and talented team and we are excited to welcome them into The SEER Group family as we continue to add brands in Idaho and other markets,” said Darrin Erdahl, CEO and founder of The SEER Group LLC.”
The SEER Group LLC acquired Terry's Heating & Air Conditioning of Twin Falls, Idaho — its twenty-fourth acquisition — continuing a brand roll-up across Idaho and other markets.
“The SEER Group LLC announced its acquisition of Terry’s Heating & Air Conditioning Inc. This is the twenty-fourth acquisition for The SEER Group. Terry’s Heating & Air Conditioning has been providing HVAC services in the Twin Falls, Idaho area since 1977.”
Heartland describes Custom Mechanical as a platform to expand in the Delaware/Maryland market, its first East Coast entry, signaling further regional growth.
“"The Custom Mechanical team, under Regan's leadership, gives us a solid platform to expand in their market. We welcome them to the Heartland family of equally fantastic brands.”
Heartland Home Services, a Midwestern HVAC/plumbing/electrical platform, acquired Custom Mechanical, a residential HVAC provider in Delaware. The deal marks Heartland's first East Coast entry and is framed as a platform for further expansion.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services provider, announced that it has acquired Custom Mechanical, a provider of residential HVAC services in the Delaware marketplace. The addition of Custom marks Heartland's first entry on the East Coast, signaling more to come.”
