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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
Verified

Tim O'Reilly named founding CFO of Frontier Service Partners

Frontier Service Partners named Tim O'Reilly, formerly CFO of Del-Air Heating and Air Conditioning, as its founding chief financial officer.

“Frontier Service Partners announced its partnership with Tim O’Reilly as founding chief financial officer. Tim is a chartered professional accountant with experience in the residential HVAC and plumbing industry, most recently at Del-Air Heating and Air Conditioning, where he served as CFO.”
HVACPlumbing
www.achrnews.com
Verified

Dean Fulton named founding CEO of Frontier Service Partners

Frontier Service Partners, the Imperial Capital-backed platform, named industry veteran Dean Fulton (ex-Hiller, ex-Service Experts) as founding CEO to lead its roll-up of residential HVAC and plumbing brands.

“Frontier Service Partners announced its partnership with Dean Fulton as founding CEO. Fulton is an industry veteran with over 30 years in the residential HVAC and plumbing industry, most recently at Hiller Plumbing, Heating and Cooling, where he served as chief operating officer and vice president of sales.”
HVACPlumbing
www.achrnews.com
Add-on acquisition Sep 2021 · Michigan
Verified

Frontier Service Partners acquires Haley Mechanical (Michigan)

Newly formed PE-backed platform Frontier Service Partners made its first add-on, acquiring Ann Arbor, Michigan residential HVAC company Haley Mechanical, with founder Henry Haley staying on as a division GM and Frontier shareholder.

“Frontier Service Partners acquired Haley Mechanical.”
HVAC
www.achrnews.com
Platform formation Sep 2021 · Nashville, Tenn.
Verified

Imperial Capital launches Frontier Service Partners in residential HVAC/plumbing/electrical

Imperial Capital Group Ltd. launched Frontier Service Partners, a PE-backed platform to roll up residential HVAC, plumbing, and electrical services businesses using a Back/Buy/Build strategy.

“NASHIVLLE, Tenn. — Imperial Capital Group Ltd. announced the launch of Frontier Service Partners.”
ElectricalHVACPlumbing
www.achrnews.com

Frontier signals ongoing roll-up via acquisitions and partnerships

Imperial Capital signaled Frontier would continue expanding through acquisitions and partnerships, framing the Haley deal as 'just the beginning' of the platform's roll-up.

“Frontier will continue to expand through acquisitions and partnerships while maintaining a focus on best-in-class service.”
ElectricalHVACPlumbing
www.achrnews.com
Expansion Sep 2021 · Michigan
Verified

Frontier plans heavy investment in Michigan and multi-regional roll-up

Frontier's CEO stated intent to invest heavily in Michigan and continue expanding through acquisitions and partnerships to build a multi-regional home services company.

“We intend to invest heavily in Michigan, where Haley Mechanical currently operates, as we build a multi-regional home services company.”
ElectricalHVACPlumbing
www.achrnews.com
Add-on acquisition Sep 2021 · Michigan
Verified

Frontier Service Partners acquires Haley Mechanical

Frontier Service Partners, the Imperial Capital-backed platform, acquired Haley Mechanical, a residential HVAC company in the Ann Arbor, Michigan area, as its first add-on. Founder Henry Haley stays on as general manager and shareholder.

“Frontier Service Partners acquired Haley Mechanical.”
Platform formation Sep 2021 · Nashville, TN
Verified

Imperial Capital launches Frontier Service Partners platform

Imperial Capital Group Ltd. launched Frontier Service Partners as a residential HVAC, plumbing, and electrical services roll-up platform pursuing a Back/Buy/Build strategy.

“NASHIVLLE, Tenn. — Imperial Capital Group Ltd. announced the launch of Frontier Service Partners.”
ElectricalHVACPlumbing
www.achrnews.com
Add-on acquisition Sep 2021 · Oregon
Verified

The SEER Group makes 16th acquisition: Columbia NW Heating & Air Conditioning

The SEER Group LLC announced its sixteenth acquisition, Columbia NW Heating & Air Conditioning, its third acquisition in Oregon after Specialty Heating & Cooling and Climate Control in 2019.

“The SEER Group LLC announced its sixteenth acquisition, Columbia NW Heating & Air Conditioning. This is the third acquisition for The SEER Group LLC in Oregon after its acquisition of Specialty Heating & Cooling and Climate Control in 2019.”
The SEER Group · Acquirer Climate Control · Mentioned Columbia NW Heating & Air Conditioning · Target Specialty Heating & Cooling · Mentioned
HVAC
www.achrnews.com
Add-on acquisition Sep 2021 · Oregon
Verified

The SEER Group acquires Columbia NW Heating & Air Conditioning

The SEER Group LLC announced its sixteenth acquisition, Columbia NW Heating & Air Conditioning, its third acquisition in Oregon, reinforcing its Oregon footprint and national growth plan.

“The SEER Group LLC announced its sixteenth acquisition, Columbia NW Heating & Air Conditioning. This is the third acquisition for The SEER Group LLC in Oregon after its acquisition of Specialty Heating & Cooling and Climate Control in 2019.”
The SEER Group · Acquirer Columbia NW Heating & Air Conditioning · Target
Platform formation Sep 2021 · Florida
Verified

Peak Rock Capital Investment in Air Pros

Peak Rock Capital provided strategic growth financing to Air Pros in September 2021 to support additional acquisitions and market expansion, marking the platform's PE-backed roll-up phase.

“Peak Rock Capital, a middle-market private investment firm, provided strategic growth financing in September 2021. This capital was intended to support additional acquisitions and market expansion.”
ElectricalHVACPlumbing Neutral
elevenflo.com
Expansion Aug 2021 · Southeast region, Georgia, Nashville, Tennessee
Verified

CoolSys Expands Southeast Market Presence

With the acquisition of T&O Refrigeration, CoolSys expands its market presence throughout the Southeast, significantly increasing market share in Georgia and Nashville, Tennessee.

“With this acquisition, CoolSys expands its market presence throughout the Southeast with significantly increased market share in Georgia and Nashville, Tennessee.”
HVACRefrigeration Positive
www.achrnews.com
Consolidation trend Aug 2021 · Canada

Gryphon-backed Right Time continues HVAC roll-up across Canada

The new CEO thanks PE sponsor Gryphon Investors for supporting continued growth across Canada, evidencing an ongoing PE-backed HVAC consolidation play.

“Thank you to our partners at Gryphon Investors for their tremendous support and encouragement as we continue the phenomenal growth throughout Canada.”
HVAC Positive
www.achrnews.com
Add-on acquisition Aug 2021 · Canada
Verified

Right Time acquires Anchor Home Comfort (ninth add-on, Gryphon-backed)

Right Time Group of Companies acquired Anchor Home Comfort, its ninth acquisition and the first led by new CEO Craig Goettler. The CEO credits PE sponsor Gryphon Investors for supporting the Canada-wide growth.

“Anchor Home Comfort is the ninth acquisition completed by Right Time and the first led by the company’s new CEO, Craig Goettler.”
Gryphon Investors · Sponsor Right Time Group of Companies · Acquirer Anchor Home Comfort · Target Craig Goettler · Mentioned
HVAC Positive
www.achrnews.com
Consolidation trend Aug 2021 · Canada
Verified

Right Time's ninth acquisition signals ongoing Canadian HVAC roll-up

Anchor Home Comfort is the ninth acquisition completed by Right Time, reflecting an ongoing PE-backed national HVAC consolidation across Canada under Gryphon Investors.

“Anchor Home Comfort is the ninth acquisition completed by Right Time and the first led by the company’s new CEO, Craig Goettler.”
Add-on acquisition Aug 2021 · Ontario, Canada
Verified

Right Time Group acquires Anchor Home Comfort (ninth acquisition)

Gryphon Investors-backed Right Time Group of Companies acquired Anchor Home Comfort, its ninth acquisition and first under new CEO Craig Goettler, continuing its Canadian HVAC roll-up.

“Right Time Group of Companies announced the acquisition of Anchor Home Comfort. Terms of the transaction were not disclosed.”
Add-on acquisition Aug 2021 · Mid-Atlantic United States
Verified

Wrench Group acquires Boothe's Heating, Air & Plumbing, entering mid-Atlantic

Wrench Group LLC announced that Boothe's Heating, Air & Plumbing joined its family of regional brands, marking Wrench Group's first move into the mid-Atlantic. Terms were not disclosed.

“Wrench Group LLC announced that Boothe’s Heating, Air & Plumbing has joined the company’s family of regional brands. Terms of the transaction were not disclosed.”
Wrench Group · Acquirer Boothe's Heating, Air & Plumbing · Target
HVACPlumbing
www.achrnews.com
Add-on acquisition Aug 2021 · Marietta, GA
Verified

Wrench Group acquires Boothe's Heating, Air & Plumbing

Wrench Group LLC acquired Boothe's Heating, Air & Plumbing, marking Wrench's first expansion into the mid-Atlantic. Terms were not disclosed.

“Wrench Group LLC announced that Boothe’s Heating, Air & Plumbing has joined the company’s family of regional brands. Terms of the transaction were not disclosed.”
Wrench Group · Acquirer Boothe's Heating, Air & Plumbing · Target
HVACPlumbing
www.achrnews.com
Add-on acquisition Aug 2021 · Canada
Verified

Right Time acquired Romaniuk Heating and Air Conditioning (sixth deal)

Right Time acquired Romaniuk Heating and Air Conditioning in April, which was the sixth acquisition completed by Right Time in its national HVAC roll-up.

“In April Right Time acquired Romaniuk Heating and Air Conditioning. Romaniuk was the sixth acquisition completed by Right Time which is focused on developing a national brand through acquisitions or partnerships with existing residential HVAC replacement contractors.”
Leadership change Aug 2021 · Canada

Craig Goettler new CEO of PE-backed Right Time

The Anchor Home Comfort deal is the first acquisition led by Right Time's new CEO Craig Goettler, who has 15 years of residential HVAC experience.

“Anchor Home Comfort is the ninth acquisition completed by Right Time and the first led by new CEO Craig Goettler who has 15 years of experience in the residential HVAC market.”
Consolidation trend Aug 2021 · Canada
Verified

Right Time pursuing national HVAC roll-up across Canada

Anchor Home Comfort is Right Time's ninth acquisition, part of a strategy to build a national brand through acquisitions of residential HVAC replacement contractors. Prior deals cited include Romaniuk, AtlasCare, and Comfort Masters.

“Anchor Home Comfort is the ninth acquisition completed by Right Time and the first led by new CEO Craig Goettler who has 15 years of experience in the residential HVAC market.”
Add-on acquisition Aug 2021 · Ottawa, Ontario, Canada
Verified

Right Time acquires Anchor Home Comfort (Ottawa)

Right Time, the Gryphon Investors-backed Canadian HVAC roll-up, acquired Ottawa-based residential HVAC contractor Anchor Home Comfort. It is the ninth acquisition completed by Right Time and the first under new CEO Craig Goettler.

“Right Time has announced the purchase of Anchor Home Comfort.”
Add-on acquisition Jul 2021 · St. Catharines, Ontario, Canada
Verified

Right Time Group acquires Haven Home ClimateCare (8th acquisition)

Right Time Group of Companies acquired Haven Home ClimateCare (now Haven Home), its eighth acquisition. Management and employees join Right Time; terms undisclosed.

“Right Time Group of Companies announced the acquisition of Haven Home ClimateCare, which now operates as Haven Home. Management and employees of Haven Home will join the Right Time team. Terms of the transaction were not disclosed. Haven Home is the eighth acquisition completed by Right Time.”
Right Time Group of Companies · Acquirer Haven Home ClimateCare · Target
Add-on acquisition Jul 2021 · St. Catharines, Ontario, Canada
Verified

Right Time acquires Haven Home ClimateCare (eighth add-on)

Right Time Group of Companies acquired Haven Home ClimateCare, now operating as Haven Home, its eighth completed acquisition. This is a tuck-in into Right Time's national HVAC platform; terms were not disclosed.

“Right Time Group of Companies announced the acquisition of Haven Home ClimateCare, which now operates as Haven Home. Management and employees of Haven Home will join the Right Time team. Terms of the transaction were not disclosed. Haven Home is the eighth acquisition completed by Right Time.”
Right Time Group of Companies · Acquirer Haven Home ClimateCare · Target
HVAC
www.achrnews.com
Consolidation trend Jul 2021 · Sun Belt, USA
Verified

Pueblo completes seventh acquisition under Huron Capital ExecFactor buy-and-build

Since Huron Capital partnered with Dan Bueschel in 2017 to acquire Pueblo, the platform has completed seven acquisitions pursuing a buy-and-build strategy in commercial HVAC and plumbing in the US Sun Belt.

“Pueblo has completed seven acquisitions since Huron Capital partnered with Bueschel in 2017 to acquire Pueblo and pursue an ExecFactor buy-and-build strategy in the commercial HVAC and plumbing market in the Sun Belt region of the United States.”
HVACPlumbing Positive
www.achrnews.com
Add-on acquisition Jul 2021 · Texas, USA
Verified

Huron Capital's Pueblo Mechanical & Controls acquires Infinity Contractors

Huron Capital's HVAC and plumbing services platform Pueblo Mechanical & Controls acquired Infinity Contractors, expanding into the Texas market. It is Pueblo's seventh acquisition since Huron Capital partnered with CEO Dan Bueschel in 2017 under an ExecFactor buy-and-build strategy.

“Huron Capital Partners announced that its HVAC and plumbing installation, retrofit, and repair services platform, Pueblo Mechanical & Controls, has acquired Infinity Contractors.”
HVACPlumbing Positive
www.achrnews.com
Platform formation Jul 2021 · Sun Belt, United States
Verified

Huron Capital's ExecFactor buy-and-build of Pueblo since 2017

Huron Capital partnered with CEO Dan Bueschel in 2017 to acquire Pueblo and pursue an ExecFactor buy-and-build strategy in commercial HVAC and plumbing in the Sun Belt; Pueblo has completed seven acquisitions since.

“Pueblo has completed seven acquisitions since Huron Capital partnered with Bueschel in 2017 to acquire Pueblo and pursue an ExecFactor buy-and-build strategy in the commercial HVAC and plumbing market in the Sun Belt region of the United States.”
HVACPlumbing
www.achrnews.com
Add-on acquisition Jul 2021 · Texas, USA
Verified

Huron Capital's Pueblo Mechanical & Controls acquires Infinity Contractors

Huron Capital Partners' commercial HVAC/plumbing platform Pueblo Mechanical & Controls acquired Infinity Contractors, expanding into the Texas market. It is Pueblo's seventh acquisition since Huron's 2017 ExecFactor buy-and-build investment.

“Huron Capital Partners announced that its HVAC and plumbing installation, retrofit, and repair services platform, Pueblo Mechanical & Controls, has acquired Infinity Contractors.”
HVACPlumbing
www.achrnews.com
Add-on acquisition Jul 2021 · Boise, Idaho, USA
Verified

The SEER Group acquires majority stake in Western Heating & Air Conditioning

The SEER Group LLC announced its fifteenth acquisition, taking a majority stake in Western Heating & Air Conditioning, marking its first investment in the Boise, Idaho market as it moves toward a national footprint.

“The SEER Group LLC announced its fifteenth acquisition, a majority stake in Western Heating & Air Conditioning. This is the first investment for The SEER Group LLC in the Boise, Idaho, market.”
The SEER Group · Acquirer Western Heating & Air Conditioning · Target
HVAC Positive
www.achrnews.com
Add-on acquisition Jul 2021 · Boise, Idaho, USA
Verified

The SEER Group acquires majority stake in Western Heating & Air Conditioning (15th acquisition)

The SEER Group LLC acquired a majority stake in Western Heating & Air Conditioning, its fifteenth acquisition and first investment in the Boise, Idaho market, as it moves toward a national footprint.

“The SEER Group LLC announced its fifteenth acquisition, a majority stake in Western Heating & Air Conditioning. This is the first investment for The SEER Group LLC in the Boise, Idaho, market.”
The SEER Group · Acquirer Western Heating & Air Conditioning · Target
Add-on acquisition Jul 2021 · Northern Virginia, USA
Verified

ARS/Rescue Rooter acquires Total Comfort LLC

American Residential Services (ARS/Rescue Rooter) acquired Total Comfort LLC on July 1, 2021, expanding its residential and commercial HVAC and plumbing presence in Northern Virginia.

“American Residential Services (ARS/Rescue Rooter) announced that on July 1, 2021, it acquired Total Comfort LLC.”
HVACPlumbing Positive
www.achrnews.com
Add-on acquisition Jul 2021 · Northern Virginia, USA
Verified

American Residential Services (ARS/Rescue Rooter) acquires Total Comfort LLC

ARS/Rescue Rooter acquired Total Comfort LLC on July 1, 2021, expanding its presence in the Northern Virginia market across residential and commercial HVAC and plumbing.

“American Residential Services (ARS/Rescue Rooter) announced that on July 1, 2021, it acquired Total Comfort LLC.”
HVACPlumbing
www.achrnews.com
Add-on acquisition Jun 2021 · Myrtle Beach, South Carolina, USA
Verified

Southern HVAC acquires Swift Services Heating, Cooling & Electrical

Southern HVAC Corporation announced the acquisition of Swift Services Heating, Cooling & Electrical in the Myrtle Beach market, described internally as a partnership led by Southern's VP of operations and acquisitions.

“MYRTLE BEACH, S.C. — Southern HVAC Corporation announced the acquisition of Swift Services Heating, Cooling & Electrical.”
Southern HVAC (Southern Home Services) · Acquirer Swift Services Heating, Cooling & Electrical · Target
ElectricalHVAC
www.achrnews.com
Add-on acquisition Jun 2021 · Myrtle Beach, South Carolina
Verified

Southern HVAC acquires Swift Services Heating, Cooling & Electrical

Southern HVAC Corporation announced the acquisition of Swift Services Heating, Cooling & Electrical, expanding its home-services platform into the Myrtle Beach market.

“Southern HVAC Corporation announced the acquisition of Swift Services Heating, Cooling & Electrical.”
Southern HVAC (Southern Home Services) · Acquirer Swift Services Heating, Cooling & Electrical · Target
ElectricalHVAC
www.achrnews.com
Consolidation trend Jun 2021 · Canada
Verified

Gryphon-backed Right Time pursues national roll-up of residential HVAC contractors

Right Time Group, owned by Gryphon Investors, is rolling up residential HVAC replacement contractors to build a national Canadian brand, now operating 14 locations across four provinces with over 600 employees.

“Right Time which is focused on developing a national brand through acquisitions or partnerships with existing residential HVAC replacement contractors”
Add-on acquisition Jun 2021 · Ontario, Canada
Verified

Right Time acquires Comfort Masters (seventh acquisition)

Right Time Group acquired Ontario-based Comfort Masters LTD in June 2021, marking its seventh acquisition; Comfort Masters serves the Oshawa, York, Durham and Simcoe regions.

“The expansion continued in June when Comfort Masters LTD became Right Time’s seventh acquisition.”