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Market signals

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).

Market signals per year 0 125 250 2000: 4 2005: 3 2006: 8 2007: 20 2008: 43 2009: 8 2010: 23 2011: 20 2012: 10 2013: 8 2014: 14 2015: 13 2016: 53 2017: 16 2018: 18 2019: 53 2020: 83 2021: 137 2022: 237 2023: 103 2024: 104 2025: 128 2026: 85 (partial year) '00 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 '26
2026 (year to date, partial)
All Add-on acquisition 497 Consolidation trend 192 Expansion 129 Deal closed 104 Platform formation 74 Leadership change 56 Market commentary 56 Deal announced 55 Fundraise 24 Divestiture 17 Other 16 Sentiment 15 Bankruptcy 5 Deal rumored 4
Add-on acquisition Apr 2022 · Twin Falls, Idaho, USA
Verified

The SEER Group acquires Terry's Heating & Air Conditioning (24th deal)

The SEER Group LLC acquired Terry's Heating & Air Conditioning Inc., a Twin Falls, Idaho HVAC contractor founded in 1977. This is the platform's twenty-fourth acquisition as it continues consolidating brands in 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.”
The SEER Group · Acquirer Terry’s Heating & Air Conditioning Inc. · Target
Add-on acquisition Apr 2022 · Delaware/Maryland (East Coast); Grand Rapids, Mich.
Verified

Heartland Home Services acquires Custom Mechanical (East Coast entry)

Heartland Home Services, a Midwestern HVAC/plumbing/electrical home services provider, acquired Custom Mechanical, a residential HVAC provider in Delaware/Maryland. The deal is Heartland's first East Coast entry, signaling further consolidation. Custom's leadership stays on.

“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.”
Heartland Home Services · Acquirer Custom Mechanical · Target
HVACPlumbing
www.achrnews.com
Add-on acquisition Apr 2022 · Framingham, Massachusetts
Verified

Strikepoint Group Holdings acquires Nicholson Plumbing, Heating & Air Conditioning

Strikepoint Group Holdings (formerly Horizon Group Holdings) acquired Massachusetts-based Nicholson Plumbing, Heating & Air Conditioning, its seventeenth acquisition in the last 18 months.

“Strikepoint Group Holdings (SGH), formerly known as Horizon Group Holdings, has purchased Massachusetts-based contractor, Nicholson Plumbing, Heating & Air Conditioning. This is SGH's seventeenth acquisition in the last 18 months.”
Horizon Services (Horizon Group Holdings) · Acquirer Nicholson Plumbing, Heating & Air Conditioning · Target Strikepoint Group Holdings · Acquirer
HVACPlumbing
www.achrnews.com
Add-on acquisition Apr 2022 · Framingham, Massachusetts
Verified

Strikepoint Group Holdings acquires Nicholson Plumbing, Heating & Air Conditioning

Strikepoint Group Holdings (formerly Horizon Group Holdings) purchased Massachusetts-based Nicholson Plumbing, Heating & Air Conditioning, its seventeenth acquisition in the last 18 months.

“Strikepoint Group Holdings (SGH), formerly known as Horizon Group Holdings, has purchased Massachusetts-based contractor, Nicholson Plumbing, Heating & Air Conditioning. This is SGH's seventeenth acquisition in the last 18 months.”
Horizon Services (Horizon Group Holdings) · Acquirer Nicholson Plumbing, Heating & Air Conditioning · Target Strikepoint Group Holdings · Acquirer
HVACPlumbing
www.achrnews.com
Consolidation trend Apr 2022 · California

The SEER Group pursuing rapid roll-up of HVAC partner companies

The SEER Group's CEO frames the acquisitions as part of an ongoing search for partner companies sharing core values, signaling a deliberate roll-up strategy and footprint expansion.

““We have been wanting to expand our footprint in California,” stated Darrin Erdahl, CEO and founder of The SEER Group. “In our ongoing search for partner companies that share in our core values, we are thrilled to have Tim, Mike, and the Hassler team join our SEER Group family."”
HVAC Positive
www.achrnews.com
Add-on acquisition Apr 2022 · El Cerrito, California
Verified

The SEER Group acquires majority stake in Hassler Heating and Air Conditioning (23rd acquisition)

The SEER Group announced a majority-stake acquisition of Hassler Heating and Air Conditioning in El Cerrito, California — its 23rd acquisition overall and third of the year — expanding its California footprint.

“The SEER Group LLC announced its twenty-third acquisition, a majority stake in Hassler Heating and Air Conditioning Inc. Located in El Cerrito, California, this is the third acquisition for The SEER Group LLC this year.”
The SEER Group · Acquirer Hassler Heating and Air Conditioning · Target
HVAC
www.achrnews.com
Add-on acquisition Apr 2022 · El Cerrito, California, USA
Verified

The SEER Group acquires majority stake in Hassler Heating and Air Conditioning (23rd acquisition)

The SEER Group acquired a majority stake in Hassler Heating and Air Conditioning of El Cerrito, California, its 23rd acquisition overall and third this year, expanding its footprint into California's East Bay.

“The SEER Group LLC announced its twenty-third acquisition, a majority stake in Hassler Heating and Air Conditioning Inc. Located in El Cerrito, California, this is the third acquisition for The SEER Group LLC this year.”
The SEER Group · Acquirer Hassler Heating and Air Conditioning · Target
Add-on acquisition Apr 2022 · Chicago, Illinois
Verified

Heartland Home Services acquires Deljo Heating and Cooling (Chicago)

Heartland Home Services acquired Deljo Heating and Cooling, a 100-year-old Chicagoland HVAC provider, strengthening Heartland's presence in Illinois and Chicago's North Shore market. Terms were not disclosed.

“Heartland Home Services, an HVAC, plumbing, and electrical home services company, announced that it has acquired Deljo Heating and Cooling, a provider of HVAC services in the Chicagoland area for the past 100 years. The addition of Deljo significantly strengthens Heartland's presence in Illinois and bolsters the company's service offerings in Chicago's North Shore market.”
Heartland Home Services · Acquirer Deljo Heating and Cooling · Target
ElectricalHVACPlumbing
www.achrnews.com
Add-on acquisition Apr 2022 · Chicago / North Shore, Illinois, USA
Verified

Heartland Home Services acquires Deljo Heating and Cooling (Chicago)

Heartland Home Services acquired Deljo Heating and Cooling, a 100-year-old Chicagoland HVAC provider, strengthening its Illinois presence and Chicago North Shore market. Terms were not disclosed.

“Heartland Home Services, an HVAC, plumbing, and electrical home services company, announced that it has acquired Deljo Heating and Cooling, a provider of HVAC services in the Chicagoland area for the past 100 years.”
Heartland Home Services · Acquirer Deljo Heating and Cooling · Target

ARS positions itself as largest HVAC/plumbing operator with a roll-up integration track record

ESCO's president frames the deal around ARS being the largest operator of HVAC and plumbing businesses with a proven track record of acquiring and integrating companies, underscoring an active national roll-up.

“ARS/Rescue Rooter, as the largest operator of HVAC and plumbing businesses in the country, has a proven track record of acquiring and integrating companies like ours and offers us access to many centers of excellence in areas such as recruitment, marketing, and operations.”
HVACPlumbing Positive
www.achrnews.com
Add-on acquisition Apr 2022 · Salt Lake City, Utah
Verified

American Residential Services (ARS/Rescue Rooter) acquires ESCO Heating, Air Conditioning, Plumbing, and Electric (Salt Lake City)

ARS/Rescue Rooter acquired ESCO Heating, Air Conditioning, Plumbing, and Electric of Salt Lake City, Utah, consistent with its strategy of continued growth in the West.

“American Residential Services (ARS/Rescue Rooter), a provider of residential heating, ventilation, air conditioning (HVAC), and plumbing services, announced it has acquired ESCO Heating, Air Conditioning, Plumbing, and Electric in Salt Lake City, Utah.”
American Residential Services (ARS/Rescue Rooter) · Acquirer ESCO Heating, Air Conditioning, Plumbing, and Electric · Target
ElectricalHVACPlumbing
www.achrnews.com
Expansion Apr 2022 · Western USA

ARS strategic vision for continued growth in the West

ARS CEO Scott Boose framed the ESCO deal as consistent with the company's strategic vision for continued growth in the western US.

“"Acquiring ESCO Heating, Air Conditioning, Plumbing and Electrical is consistent with our strategic vision for continued growth in the West," said Scott Boose, CEO, ARS/Rescue Rooter.”
ElectricalHVACPlumbing
www.achrnews.com
Consolidation trend Apr 2022 · USA

ARS positioned as largest HVAC/plumbing operator with active acquisition track record

ESCO's president describes ARS as the largest operator of HVAC and plumbing businesses in the country with a proven track record of acquiring and integrating companies, signaling sustained roll-up activity.

“ARS/Rescue Rooter, as the largest operator of HVAC and plumbing businesses in the country, has a proven track record of acquiring and integrating companies like ours”
HVACPlumbing
www.achrnews.com
Add-on acquisition Apr 2022 · Salt Lake City, Utah, USA
Verified

American Residential Services (ARS/Rescue Rooter) acquires ESCO Heating, Air Conditioning, Plumbing, and Electric

ARS/Rescue Rooter acquired ESCO of Salt Lake City, Utah, advancing its strategic growth in the West; ARS is described as the largest operator of HVAC and plumbing businesses in the country.

“American Residential Services (ARS/Rescue Rooter), a provider of residential heating, ventilation, air conditioning (HVAC), and plumbing services, announced it has acquired ESCO Heating, Air Conditioning, Plumbing, and Electric in Salt Lake City, Utah.”
American Residential Services (ARS/Rescue Rooter) · Acquirer ESCO Heating, Air Conditioning, Plumbing, and Electric · Target
ElectricalHVACPlumbing
www.achrnews.com
Sentiment Apr 2022 · Ontario, Canada

HVAC owner cites PE-backed consolidator's reputation for integrating local businesses while keeping the local brand

Wardlaw's co-owner explains he chose Right Time for its reputation for integrating and optimizing local HVAC businesses while maintaining the local brand — owner sentiment toward a PE-backed roll-up acquirer.

“We chose Right Time because they have a great reputation for integrating and optimizing local HVAC businesses while maintaining the company’s local brand and reputation, which we believe will benefit both our dedicated team and customers.”
Right Time Group of Companies · Acquirer Wardlaw Heating and Cooling · Target
HVAC Positive
www.achrnews.com
Add-on acquisition Apr 2022 · Sault Ste. Marie, Ontario, Canada
Verified

Right Time Group of Companies acquires Wardlaw Heating and Cooling (14th acquisition)

Canadian HVAC consolidator Right Time Group of Companies acquired Wardlaw Heating and Cooling of Sault Ste. Marie, Ontario — its fourteenth acquisition — continuing its national growth. Terms were not disclosed.

“Right Time Group of Companies continued its national growth with the acquisition of Wardlaw Heating and Cooling. Founded in 1981, Wardlaw Heating and Cooling is an installer and service provider for heating, air conditioning, and air quality equipment in Sault Ste. Marie, Ontario.”
Right Time Group of Companies · Acquirer Wardlaw Heating and Cooling · Target
HVAC
www.achrnews.com
Add-on acquisition Apr 2022 · Sault Ste. Marie, Ontario, Canada
Verified

Right Time Group acquires Wardlaw Heating and Cooling (14th acquisition)

Gryphon Investors-backed Right Time Group of Companies acquired Wardlaw Heating and Cooling of Sault Ste. Marie, Ontario, its fourteenth acquisition, continuing its Canadian national growth. Terms were not disclosed.

“Right Time Group of Companies continued its national growth with the acquisition of Wardlaw Heating and Cooling.”
Add-on acquisition Apr 2022 · Sault Ste. Marie, Ontario, Canada
Verified

Right Time Group acquires Wardlaw Heating and Cooling (14th acquisition)

Right Time Group acquired Wardlaw Heating and Cooling in Sault Ste. Marie, Ontario — its 14th acquisition — as it continues rolling up residential HVAC and home-services locations across Canada.

“Wardlaw is the 14th acquisition completed by Right Time.”
Right Time Group of Companies · Acquirer Wardlaw Heating and Cooling · Target
HVAC Positive
www.hpacmag.com

Heartland Home Services Continues HVAC Roll-Up with Multiple Acquisitions

Heartland Home Services continues to consolidate the residential HVAC market by acquiring multiple companies across the Midwest. The article references additional recent acquisitions by Heartland, including Blue Frost Heating & Cooling, Air Master Heating and Air Conditioning, and Thielmann Group, indicating an active roll-up strategy.

“Heartland Home Services Acquires Blue Frost Heating & Cooling”
HVAC Neutral
www.achrnews.com
Verified

Heartland Home Services Adds Three HVAC Companies to Platform

Heartland Home Services, a home-services roll-up platform, added three HVAC companies as add-on acquisitions: Buckner's Heating and Cooling, Faszold Heating and Cooling, and National Heating and Air Conditioning Company. These acquisitions expand Heartland's footprint in Kansas City, St. Louis, and Cincinnati.

“Heartland Home Services announced the acquisition of three HVAC companies: Buckner's Heating and Cooling in Kansas City, Missouri; Faszold Heating and Cooling in St. Louis, Missouri; and National Heating and Air Conditioning Company, serving the greater Cincinnati Area.”
HVAC Positive
www.achrnews.com
Deal announced Mar 2022 · Kansas City, Missouri
Verified

Heartland Home Services Acquires Buckner's Heating and Cooling

Heartland Home Services announced the acquisition of Buckner's Heating and Cooling, a residential HVAC company serving Kansas City, Missouri for over 39 years. The acquisition supports Heartland's expansion in the Kansas City area.

“Heartland Home Services announced the acquisition of three HVAC companies: Buckner's Heating and Cooling in Kansas City, Missouri; Faszold Heating and Cooling in St. Louis, Missouri; and National Heating and Air Conditioning Company, serving the greater Cincinnati Area.”
HVAC Positive
www.achrnews.com
Consolidation trend Mar 2022 · St. Louis, Missouri

Heartland building a multi-brand HVAC platform anchored by local brands (St. Louis / Classic Aire)

Heartland is folding Faszold into its existing St. Louis presence anchored by Classic Aire Care, illustrating a multi-brand roll-up that retains local brands while pooling collective strength.

“Faszold will partner with Heartland Home Services' other brands in the St. Louis market anchored by Classic Aire Care.”
Heartland Home Services · Platform Classic Aire Care · Subsidiary Faszold Heating and Cooling · Subsidiary
HVAC Positive
www.achrnews.com
Add-on acquisition Mar 2022 · Missouri and Cincinnati, Ohio
Verified

Heartland Home Services acquires three HVAC companies (Buckner's, Faszold, National)

Heartland Home Services announced the simultaneous acquisition of three HVAC companies: Buckner's Heating and Cooling (Kansas City, MO), Faszold Heating and Cooling (St. Louis, MO), and National Heating and Air Conditioning Company (greater Cincinnati).

“Heartland Home Services announced the acquisition of three HVAC companies: Buckner's Heating and Cooling in Kansas City, Missouri;”
Heartland Home Services · Acquirer Buckner's Heating and Cooling · Target Faszold Heating and Cooling · Target National Heating and Air Conditioning Company · Target
HVAC
www.achrnews.com
Expansion Mar 2022 · Hudson Valley, New York, USA

Sila accelerates growth in expanding Hudson Valley market

Sila CEO Jason Rabbino frames the Heckeroth acquisition as accelerating growth and serving the expanding Hudson Valley market.

“Bringing the highly skilled team from Heckeroth on board will allow us to accelerate our growth and better serve the growing needs of homeowners and businesses in this expanding market," said Jason Rabbino, CEO of Sila Services, LLC.”
Sila Services · Platform Heckeroth Plumbing & Heating · Target
HVACPlumbing
www.achrnews.com
Add-on acquisition Mar 2022 · Western New York, USA

Sila Services acquires T-Mark Plumbing, Heating, Cooling & Electric (western NY)

A photo caption states Sila Services has acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York — a separate add-on referenced alongside the Heckeroth deal.

“Sila Services has acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.”
Sila Services · Acquirer T-Mark Plumbing, Heating, Cooling & Electric · Target
ElectricalHVACPlumbing
www.achrnews.com
Add-on acquisition Mar 2022 · Highland / Hudson Valley, New York, USA
Verified

Sila Services acquires Heckeroth Plumbing & Heating (Hudson Valley)

Sila Services acquired Heckeroth Plumbing & Heating of Highland, New York, adding to its growing presence in the Hudson Valley region.

“Sila Services, LLC has acquired Heckeroth Plumbing & Heating, adding to its growing presence in the Hudson Valley region of New York.”
Sila Services · Acquirer Heckeroth Plumbing & Heating · Target
ElectricalHVACPlumbing
www.achrnews.com
Add-on acquisition Mar 2022 · Highland / Hudson Valley, New York, USA
Verified

Sila Services acquires Heckeroth Plumbing & Heating

Sila Services, LLC acquired Heckeroth Plumbing & Heating of Highland, New York, expanding its presence in the Hudson Valley region. Heckeroth offers heating, cooling, plumbing, electrical, and water-treatment services.

“Sila Services, LLC has acquired Heckeroth Plumbing & Heating, adding to its growing presence in the Hudson Valley region of New York. Based in Highland, New York, Heckeroth Plumbing & Heating has over 45 years of experience in providing residential and commercial services, specializing in custom repair, maintenance, and installation for heating, cooling, plumbing, electrical, and water treatment needs.”
Sila Services · Acquirer Heckeroth Plumbing & Heating · Target
ElectricalHVACPlumbing
www.achrnews.com
Add-on acquisition Mar 2022 · Vancouver Island, BC, Canada
Verified

Right Time acquires 360 Super Techs (12th acquisition)

Gryphon Investors-backed Right Time Group of Companies acquired 360 Super Techs of Vancouver Island, BC (encompassing 360 Comfort Systems and The Super Plumber), its twelfth acquisition, supporting western Canadian expansion.

“Right Time Group of Companies announced it is continuing its western expansion with the acquisitions of 360 Super Techs and The”
ElectricalHVACPlumbing
www.achrnews.com
Add-on acquisition Mar 2022 · Vancouver Island, British Columbia, Canada
Verified

Right Time Group acquires 360 Super Techs (12th acquisition)

Right Time Group of Companies acquired 360 Super Techs (360 Comfort Systems and The Super Plumber) of Vancouver Island, BC, its twelfth acquisition, as part of western Canadian expansion.

“360 Super Techs of Vancouver Island is the twelfth acquisition completed by Right Time.”
ElectricalHVACPlumbing
www.achrnews.com
Expansion Feb 2022 · United States
Verified

Air Pros USA expands national footprint to seven states

With the Doug's Service Company deal, its first in Louisiana, Air Pros USA grows to operations in seven states and more than a dozen metro areas, totaling 450+ vehicles and 500 technicians.

“Its first acquisition in Louisiana, Air Pros USA will now operate in seven states and more than a dozen metro areas including Miami, Orlando, Dallas, Atlanta, Colorado Springs, Mobile, and Spokane.”
HVAC
www.achrnews.com
Add-on acquisition Feb 2022 · Thibodaux, LA
Verified

Air Pros USA acquires Doug's Service Company (LA expansion)

Fort Lauderdale-based Air Pros USA acquired Doug's Service Company, an HVAC and home services business in Lafourche Parish, Louisiana, its first acquisition in the state.

“Fort Lauderdale-based Air Pros USA announced the acquisition of Doug’s Service Company, an HVAC and home services business that has been serving home and business owners in Lafourche Parish, Louisiana since 1988.”
Air Pros USA · Acquirer Doug’s Service Company · Target
ElectricalHVACPlumbingRefrigeration
www.achrnews.com
Expansion Feb 2022 · USA
Verified

Air Pros USA national footprint expands to multiple states and metros

The acquisition expands Air Pros USA's national footprint to over 450 vehicles, 500 staff, and roughly half a million customers across multiple states and metros.

“Its first acquisition in Louisiana, Air Pros USA will now operate in seven states and more than a dozen metro areas including Miami, Orlando, Dallas, Atlanta, Colorado Springs, Mobile, and Spokane.”
Add-on acquisition Feb 2022 · Lafourche Parish, Louisiana, USA
Verified

Air Pros USA acquires Doug's Service Company, entering Louisiana

Fort Lauderdale-based Air Pros USA acquired Doug's Service Company of Lafourche Parish, Louisiana (HVAC, plumbing, electrical, refrigeration), its first Louisiana acquisition and eighth-state expansion.

“Fort Lauderdale-based Air Pros USA announced the acquisition of Doug’s Service Company, an HVAC and home services business that has been serving home and business owners in Lafourche Parish, Louisiana since 1988.”
Air Pros USA · Acquirer Doug’s Service Company · Target
ElectricalHVACPlumbingRefrigeration
www.achrnews.com
Add-on acquisition Feb 2022 · Oregon and Idaho
Verified

The SEER Group acquires First Call Heating & Cooling and Gropp Heating, Air & Electric

The SEER Group LLC announced acquisitions of First Call Heating & Cooling (Oregon City, OR) and Gropp Heating, Air, & Electric (Moscow, ID), bringing its family to 22 brands.

“The SEER Group LLC announced its acquisitions of First Call Heating & Cooling located in Oregon City, Oregon, and Gropp Heating, Air, & Electric located in Moscow, Idaho. There are now 22 brands in The SEER Group LLC family.”
The SEER Group · Acquirer First Call Heating & Cooling · Target Gropp Heating, Air, & Electric · Target
ElectricalHVAC
www.achrnews.com
Add-on acquisition Feb 2022 · Oregon / Idaho
Verified

The SEER Group acquires First Call Heating & Cooling and Gropp Heating, Air, & Electric

The SEER Group LLC announced two acquisitions: First Call Heating & Cooling (Oregon City, OR) and Gropp Heating, Air, & Electric (Moscow, ID), bringing its family to 22 brands.

“The SEER Group LLC announced its acquisitions of First Call Heating & Cooling located in Oregon City, Oregon, and Gropp Heating, Air, & Electric located in Moscow, Idaho. There are now 22 brands in The SEER Group LLC family.”
The SEER Group · Acquirer First Call Heating & Cooling · Target Gropp Heating, Air, & Electric · Target
ElectricalHVAC
www.achrnews.com
Add-on acquisition Jan 2022 · Western New York, USA

Sila Services acquires T-Mark Plumbing, Heating, Cooling & Electric

An image caption in the article states Sila Services acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York, indicating an additional add-on acquisition by the Sila platform.

“Sila Services has acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.”
Sila Services · Acquirer T-Mark Plumbing, Heating, Cooling & Electric · Target
ElectricalHVACPlumbing
www.achrnews.com
Add-on acquisition Jan 2022 · Boston / New England, USA
Verified

Sila Services acquires Boston Standard Company and New England Ductless

Sila Services, an HVAC/plumbing roll-up platform, acquired Boston Standard Company and New England Ductless (both Massachusetts), expanding its presence in the New England region.

“Sila Services, LLC has acquired Boston Standard Company and New England Ductless, adding to its rapidly growing”
Sila Services · Acquirer Boston Standard Company · Target New England Ductless · Target
HVACPlumbing
www.achrnews.com