Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a
verbatim quote from its source. 55 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.
PremiStar, a portfolio company of Partners Group, has acquired Mechanical Service & Systems (MSS), expanding its commercial HVAC footprint into Utah. The transaction was announced on June 10.
“Ropes & Gray represented **PremiStar** in its acquisition of Mechanical Service & Systems (MSS). The [transaction](https://premistar.com/blog/2026/06/09/premistar-partners-with-mechanical-service-systems-expanding-its-commercial-hvac-footprint-to-utah/) was announced on June 10.”
On June 10, 2026, commercial HVAC platform PremiStar, owned by Partners Group, announced the acquisition of Mechanical Service & Systems (MSS), a Salt Lake City-based provider. The deal adds Utah as PremiStar's 19th state and expands its customer base into manufacturing, aerospace, life sciences, and mining.
“On June 10, 2026, commercial HVAC platform PremiStar , owned by Zug-based private equity firm Partners Group , announced the acquisition of Mechanical Service & Systems (MSS) , a Salt Lake City...”
In May 2026, Apollo agreed to put roughly $2 billion into Apex Service Partners, a residential HVAC roll-up, at a valuation of approximately $10 billion. This signals continued large-scale investment in home services consolidation.
“In May 2026, Apollo agreed to put roughly $2 billion into Apex Service Partners at a ~$10 billion valuation.”
United Building Solutions (UBS), a commercial HVAC services platform backed by AE Industrial Partners, has acquired McCarl's Services Incorporated, a commercial HVAC and refrigeration services provider based in Cranberry Township, Pennsylvania. This is UBS's third add-on acquisition as it builds a national commercial HVAC platform. McCarl's will operate as a division of UBS under its current president, Mike McCarl.
“United Building Solutions Acquires McCarl’s Services Incorporated”
Blackstone agreed to pay roughly $2.5 billion for Champions Group, a residential HVAC, plumbing, and electrical platform based in Orange County, California. The deal values the company at approximately 18.5 times EBITDA.
“Blackstone just agreed to pay roughly $2.5 billion for Champions Group, a residential HVAC, plumbing, and electrical platform based in Orange County, California. The deal values the company at approximately 18.5 times EBITDA.”
Blackstone signed a definitive agreement to acquire Champions Group, a residential services platform with 1,800 technicians and 150,000 active members, expanding into the residential repair and replacement market. Expected to close in H1 2026.
“Blackstone has entered a definitive agreement to acquire Champions Group, a residential services platform with 1,800 technicians and 150,000 active members. The acquisition is expected to close in the first half of 2026, expanding Blackstone’s presence in the residential repair and replacement market.”
Blackstone, via its perpetual private equity strategy, has entered a definitive agreement to acquire Champions Group, a residential HVAC/plumbing/electrical services platform, from Odyssey Investment Partners. Odyssey and management will retain a significant minority stake; the deal is expected to close in the first half of 2026.
“Blackstone has entered a definitive agreement to acquire Champions Group, a residential services platform with 1,800 technicians and 150,000 active members.”
Private equity giant Blackstone will acquire Champions Group, a residential HVAC, plumbing, and electrical platform. The deal is valued at $2.5 billion and marks the first major platform-level residential HVAC transaction since May 2025.
“Residential HVAC, plumbing, and electrical platform Champions Group will be acquired by private equity giant Blackstone”
Redwood Services is set to take on a majority investor, described as a merger at play, cited as a recent platform-level transaction in the home-service consolidation cycle.
“More recently, Redwood Services is set to take on a majority investor.”
Redwood Services has partnered with Cardinal Heating, Cooling, Plumbing, & Electric, marking Redwood’s 18th platform investment. The Ouimette family will retain a significant minority stake while Cardinal continues under its existing brand with Redwood providing operational and financial support to accelerate growth in the Madison, Wisconsin market.
“Redwood Services has partnered with Cardinal Heating, Cooling, Plumbing, & Electric, marking Redwood’s 18th platform investment. The Ouimette family (founders/owners) will retain a significant minority stake while Cardinal’s team continues to operate under its existing brand as Redwood provides operational and financial support to accelerate growth in the Madison, Wisconsin market.”
The release confirms Airtron is a portfolio company of New York-based middle-market PE firm Gamut Capital Management, having been acquired by Gamut in September 2024.
“Airtron is a portfolio company of Gamut Capital Management (“Gamut”), having been acquired in September 2024.”
Sila Services has acquired New Berlin Heating & Air Conditioning, a family-run HVAC services provider based in New Berlin, Wisconsin, to accelerate the platform’s Midwest expansion.
“Sila Services has acquired New Berlin Heating & Air Conditioning, a family-run HVAC services provider based in New Berlin, Wisconsin, to accelerate the platform’s Midwest expansion.”
PremiStar has acquired Conditioned Air Design, a commercial HVAC contractor based in West Allis, Wisconsin, expanding PremiStar's footprint in Southeastern Wisconsin.
“PremiStar has acquired Conditioned Air Design, a commercial HVAC contractor based in West Allis, Wisconsin, expanding PremiStar's footprint in Southeastern Wisconsin.”
NRG Energy announced the sale of its Airtron HVAC business, a leading installer of HVAC systems for residential new construction homes, for $500 million. The sale is part of NRG's strategic capital allocation plan.
“Announcing agreement to sell Airtron HVAC business at an accretive multiple”
Middle-market PE firm Gamut Capital Management signed a definitive agreement to acquire HVAC installer/servicer Airtron Heating & Air Conditioning from NRG Energy Inc., describing Airtron as a market-leading HVAC platform.
“NEW YORK — Gamut Capital Management, a middle-market private equity firm, has signed a definitive agreement to acquire Airtron Heating & Air Conditioning, which designs, installs, and services HVAC systems, from NRG Energy Inc.”
Middle-market PE firm Gamut Capital Management signed a definitive agreement to acquire HVAC installer Airtron Heating & Air Conditioning from NRG Energy. Airtron had been part of NRG via its 2021 Direct Energy acquisition.
“NEW YORK — Gamut Capital Management, a middle-market private equity firm, has signed a definitive agreement to acquire Airtron Heating & Air Conditioning, which designs, installs, and services HVAC systems, from NRG Energy Inc.”
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.”
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.”
User Friendly Home Services announced the acquisition of Sal's Heating & Cooling in North Royalton, Ohio. This expands User Friendly's national network of HVAC and home service companies to 10. Sal's Heating & Cooling, founded in 1975, provides HVAC, indoor air quality, water heater, plumbing, and sewer services.
“User Friendly Home Services announced the acquisition of Sal's Heating & Cooling in North Royalton, Ohio.”
Heartland Home Services, a Grand Rapids-based provider of HVAC, plumbing and electrical home services, has acquired Pat's Heating and Air Conditioning, a family-owned HVAC provider serving the greater Milwaukee area.
“Heartland Home Services, a Grand Rapids-based provider of HVAC, plumbing and electrical home services, has acquired Pat's Heating and Air Conditioning, a family-owned HVAC provider serving the greater Milwaukee area.”
OMERS Private Equity signed a definitive agreement to acquire Pueblo Mechanical & Controls, a mechanical services provider, from Huron Capital Partners. Financial terms were not disclosed.
“OMERS Private Equity announced the signing of a definitive agreement to acquire Pueblo Mechanical & Controls, a mechanical services provider, from Huron Capital Partners. Financial details were not disclosed.”
OMERS Private Equity signed a definitive agreement to acquire mechanical services provider Pueblo Mechanical & Controls from Huron Capital Partners. Financial terms were not disclosed.
“OMERS Private Equity announced the signing of a definitive agreement to acquire Pueblo Mechanical & Controls, a mechanical services provider, from Huron Capital Partners. Financial details were not disclosed.”
OMERS Private Equity announced a definitive agreement to acquire Pueblo Mechanical & Controls, a provider of HVAC and plumbing services, from Huron Capital Partners. The acquisition aims to accelerate Pueblo's growth through strategic M&A and organic initiatives.
“OMERS Private Equity announced the signing of a definitive agreement to acquire Pueblo Mechanical & Controls, a mechanical services provider, from Huron Capital Partners.”
OMERS Private Equity announced a definitive agreement to acquire Pueblo Mechanical & Controls from Huron Capital Partners. The acquisition aims to accelerate Pueblo's growth through strategic M&A and organic initiatives. Financial terms were not disclosed.
“OMERS Private Equity announced the signing of a definitive agreement to acquire Pueblo Mechanical & Controls, a mechanical services provider, from Huron Capital Partners.”
Air Pros USA announced the acquisition of Dallas Plumbing Company, a 120-year-old family-owned HVAC and plumbing business in the Dallas/Fort Worth area. This is Air Pros USA's second acquisition in Texas, expanding its national footprint.
“Fort Lauderdale-based Air Pros USA announced the acquisition of Dallas Plumbing Company, a leading family owned and operated HVAC and plumbing business that has been proudly 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 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.”
Southern HVAC Corporation announced the acquisition of The Plumbing & Air Service Company (TPASC), serving the Greensboro and Winston-Salem, NC markets.
“KERNERSVILLE, N.C. — Southern HVAC Corporation announced the acquisition of The Plumbing & Air Service Company servicing the greater Greensboro and Winston-Salem, North Carolina, markets.”
Reedy Industries’ Building Automation Solutions (BAS) division has acquired Control Works, Inc., a Madison, Wisconsin-based building automation and controls services provider.
“Reedy Industries’ Building Automation Solutions (BAS) division has acquired Control Works, Inc., a Madison, Wisconsin-based building automation and controls services provider.”
Comfort Systems USA, Inc. entered into an Agreement and Plan of Merger to acquire TAS Energy Inc. through a merger with its wholly owned subsidiary OSC Acquisition Corp. The initial purchase price is $106 million in cash plus a $14 million promissory note, with additional earn-out payments based on future EBITDA performance.
“On March 9, 2020, Comfort Systems USA, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) dated as of March 9, 2020 with its wholly owned subsidiary, OSC Acquisition Corp. (“Merger Sub”), TAS Energy Inc. (“TAS Energy”), and Element Partners II, L.P., in its capacity as the exclusive representative of the stockholders of TAS Energy (“TAS Stockholders”). The Merger Agreement provides that Merger Sub will merge with and into TAS Energy and each outstanding share of TAS Energy capital stock will be canceled and converted into the right to receive a portion of the merger consideration (described below) upon the terms and conditions set forth in the Merger Agreement. Upon the consummation of this merger, TAS Energy will become a wholly owned subsidiary of the Company.”
Comfort Systems USA, Inc. entered into a Purchase Agreement to acquire all outstanding securities of Walker TX Holding Company, Inc. The initial purchase price is approximately $178 million in cash plus a $25 million promissory note, with additional earn-out payments based on future EBITDA through December 31, 2023.
“On February 21, 2019, Comfort Systems USA, Inc. (the “Company”) entered into a Purchase Agreement (the “Purchase Agreement”) with Walker TX Holding Company, Inc., a Texas corporation (“Walker”), the holders of all the outstanding securities of Walker (collectively, the “Shareholder Sellers”) and Scott Walker, as representative of the Shareholder Sellers, pursuant to which the Company will acquire all of the outstanding securities of Walker.”
Comfort Systems USA entered into a Purchase Agreement on February 21, 2019 to acquire all outstanding securities of Walker TX Holding Company, LLC. The deal was subsequently completed on April 1, 2019.
“the Purchase Agreement (the “Purchase Agreement”), dated as of February 21, 2019, by and among the Company, the holders of all the outstanding securities of Walker (collectively, the “Selling Shareholders”), and Scott Walker, as representative of the Selling Shareholders.”
Comfort Systems USA, Inc. entered into a Stock Purchase Agreement to acquire all outstanding securities of BCH Holdings, Inc., a Florida corporation. The initial purchase price is approximately $85.7 million in cash plus $14.3 million in unsecured promissory notes, with additional earn-out payments possible through 2021.
“On February 21, 2017, Comfort Systems USA, Inc. (the “Company”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with BCH Holdings, Inc., a Florida corporation (“BCH”), the holders of all the outstanding securities of BCH (collectively, the “Selling Shareholders”) and Daryl W. Blume, as representative of the Selling Shareholders, pursuant to which the Company will acquire all of the outstanding securities of BCH.”
GDI Integrated Facility Services and its subsidiary Ainsworth entered an agreement to acquire Airtron Canada (Direct Energy Business Services) from Direct Energy Marketing for approximately $19.5 million, expanding GDI's Technical Services segment to ~$225M proforma revenue.
“GDI Integrated Facility Services Inc. announced that it and its wholly-owned subsidiary Ainsworth Inc. have entered into an agreement to acquire Direct Energy Business Services Limited, doing business as Airtron Canada, a subsidiary of Direct Energy Marketing Limited.”
Canadian home and commercial services company Enercare Inc. is reported to have agreed to acquire U.S. HVAC services provider Service Experts (Plano, TX) for a reported $340.75 million, giving Enercare entry into the U.S. HVAC services market.
“PLANO, Texas — Canadian home and commercial services company Enercare Inc., Toronto, is reported to have entered into an agreement to acquire Service Experts, a U.S. provider of HVAC services based in Plano, Texas. The purchase price is said to be $340.75 million.”
Canadian home and commercial services company Enercare entered into an agreement to acquire U.S. HVAC services provider Service Experts for a reported $340.75 million, giving Enercare access to the U.S. HVAC services market. Service Experts was owned by PE firm American Capital, which acquired it in 2013.
“Canadian home and commercial services company Enercare Inc., Toronto, is reported to have entered into an agreement to acquire Service Experts, a U.S. provider of HVAC services based in Plano, Texas. The purchase price is said to be $340.75 million.”
Canadian home and commercial services company Enercare Inc. is reported to have agreed to acquire U.S. HVAC services provider Service Experts (Plano, TX) for a reported $340.75 million, giving Enercare entry into the U.S. HVAC services market.
“PLANO, Texas — Canadian home and commercial services company Enercare Inc., Toronto, is reported to have entered into an agreement to acquire Service Experts, a U.S. provider of HVAC services based in Plano, Texas. The purchase price is said to be $340.75 million.”
Canadian home services company Enercare reportedly agreed to acquire U.S. HVAC services provider Service Experts for about $340.75 million, gaining access to the U.S. HVAC services market. Service Experts, with 90 locations across 29 states and three Canadian provinces, was then owned by PE-type firm American Capital, which had acquired it in 2013.
“Canadian home and commercial services company Enercare Inc., Toronto, is reported to have entered into an agreement to acquire Service Experts, a U.S. provider of HVAC services based in Plano, Texas. The purchase price is said to be $340.75 million.”
Enercare Inc. has entered into an agreement to acquire Service Experts, a U.S. HVAC services provider, for $340.75 million. The deal would give Enercare access to the U.S. HVAC market and allow cross-selling of rental products. The transaction is expected to close in Q2 2016.
“Canadian home and commercial services company Enercare Inc., Toronto, is reported to have entered into an agreement to acquire Service Experts, a U.S. provider of HVAC services based in Plano, Texas. The purchase price is said to be $340.75 million.”
The amended credit facility for Comfort Systems USA permits acquisitions of up to $30 million per transaction, with an aggregate annual limit of $65 million, subject to leverage ratio thresholds.
“The Amended Facility permits acquisitions of up to $30 million per transaction, provided that the aggregate purchase price of all such acquisitions in the same fiscal year do not exceed $65 million.”
Audax Private Equity announced it partnered with management to acquire Source Refrigeration & HVAC Inc., a leading independent commercial refrigeration and HVAC services provider, from Arsenal Capital Partners. Terms were undisclosed.
“BOSTON — Audax Private Equity announced that it has partnered with management to acquire Source Refrigeration & HVAC Inc. from Arsenal Capital Partners. Terms of the transaction were not disclosed.”
Service Experts Heating & Air Conditioning announced a multimillion-dollar acquisition of Maryland-based A-Plus Air Conditioning & Heating Co. to expand its footprint into northeast Virginia and south central Maryland.
“Service Experts Heating & Air Conditioning
has announced the acquisition of Bryans Road, Maryland-based
A-Plus Air Conditioning & Heating Co.
The multimillion dollar purchase allows Service Experts to expand its footprint into northeast Virginia and south central Maryland.”
Comfort Systems USA, Inc. entered into an Agreement and Plan of Merger to acquire Dyna Ten Corporation for $37.5 million in cash, subject to post-closing adjustments. Dyna Ten will merge into a wholly owned subsidiary of Comfort Systems USA and survive as a wholly owned subsidiary.
“On April 7, 2014, Comfort Systems USA, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Dyna Ten Corporation (“Dyna Ten”), certain of its shareholders, and CSUSA (20), Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”). Subject to the terms and conditions of the Merger Agreement, Dyna Ten will merge with and into the Merger Sub (the “Merger”), with Dyna Ten surviving the Merger as a wholly owned subsidiary of the Company.”
EMCOR Group, Inc. entered into a Purchase and Sale Agreement to acquire all outstanding capital stock of RepconStrickland, Inc. from a group of sellers for approximately $455 million in cash. The acquisition will be financed through available cash and borrowings under EMCOR's revolving credit facility. The transaction is subject to customary closing conditions including HSR clearance.
“On June 17, 2013, EMCOR Group, Inc. (the “Company”), a Delaware corporation, entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Texas Turnaround LLC, a Delaware limited liability company, Altair Strickland Group, Inc., a Texas corporation, Rep Holdings LLC, a Texas limited liability company, ASG Key Employee LLC, a Texas limited liability company, Repcon Key Employee LLC, a Texas limited liability company, Gulfstar MBII, Ltd., a Texas limited partnership, The Trustee of the James T. Robinson and Diana J. Robinson 2010 Irrevocable Trust, The Trustee of the Steven Rothbauer 2012 Descendant’s Trust, The Co-Trustees of the Patia Strickland 2012 Descendant’s Trust, The Co-Trustees of the Carter Strickland 2012 Descendant’s Trust, and The Co-Trustees of the Walton 2012 Grandchildren’s Trust (collectively, “Sellers”) for the Company to acquire all of the outstanding capital stock of RepconStrickland, Inc., a Delaware corporation (along with its subsidiaries, “RepconStrickland”), in exchange for approximately $455 million in cash to be paid to Sellers.”
