Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 104 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.
Bain Capital and Mubadala acquired Service Logic, a 5,000-technician HVAC services business.
“Bain Capital and Mubadala bought the 5,000-technician Service Logic.”
Goldman Sachs Alternatives acquired a majority stake in Sila Services from Morgan Stanley Capital Partners at a reported valuation of around $1.7 billion, with an implied multiple in the 17 to 20 times range.
“A few months earlier, Goldman Sachs Alternatives acquired a majority stake in Sila Services from Morgan Stanley Capital Partners at a reported valuation of around $1.7 billion, with an implied multiple in the 17 to 20 times range depending on how you count pending add-ons.”
Champions Group was sold to Blackstone BXPE in February 2026.
“Champions Group to Blackstone BXPE in February 2026”
Blackstone acquired Champions Group in February 2026 at approximately $2.5 billion and 18.5x EBITDA, setting a recent public comparable for HVAC platform valuations.
“Blackstone (Champions Group, acquired at roughly $2.5 billion and approximately 18.5x EBITDA in February 2026)”
United Building Solutions (UBS) has acquired DFW Mechanical Group, a Wylie, Texas-based HVAC service provider with operations across Texas, Oklahoma, Georgia, and Florida. The deal expands UBS's reach into the Southern U.S. market and is part of a PE-backed consolidation strategy.
“The acquisition brings Wylie, Texas-based DFW Mechanical Group and its operations across Texas, Oklahoma, Georgia, and Florida under the UBS umbrella.”
Legence Corp. has completed its previously announced acquisition of The Bowers Group, a mechanical contractor in Beltsville, Maryland. The deal was funded with $325 million in upfront cash, a $200 million term loan upsizing, and approximately 2.55 million shares of Legence Class A common stock, with an additional $50 million in deferred consideration.
“Legence Corp. (Nasdaq: LGN) (“Legence” or the “Company”) today announced that it has completed its previously announced acquisition of The Bowers Group (“Bowers”), a premier mechanical contractor headquartered in Beltsville, Maryland, with over 40 years of proven expertise in delivering high quality mechanical, plumbing, and process system solutions to clients in the Northern Virginia and DC Metro area.”
Service Logic, a commercial mechanical platform, was involved in a sponsor-to-sponsor recapitalization in 2025-2026, implying mid-teens EV/EBITDA.
“The disclosed sponsor-to-sponsor platform recap multiples in 2025-2026 (Service Logic, Champions Group) imply mid-teens EV/EBITDA at the platform level”
Altas Partners made a majority investment in Redwood Services, a plumbing and HVAC platform.
“Altas Partners’ majority investment in Redwood”
Champions Group was recapitalized by Blackstone at an implied ~18.5x EBITDA on ~$140M base earnings, according to Bloomberg coverage.
“Champions Group reportedly priced at roughly 18.5x EBITDA on ~$140M base earnings according to Bloomberg coverage.”
Sila Services, backed by Goldman Sachs Alternatives, closed at least 5 publicly disclosed plumbing-specific add-ons in 2025, including Delco Storm & Sewer, My Plumber Plus, Tangney & Sons Plumbing and Sewer, and Oxford Plumbing & Heating.
“Sila Services (Goldman Sachs Alternatives) closed at least 5 publicly disclosed plumbing-specific add-ons in 2025 alone, the most documented volume in our tracker.”
Bain Capital and Mubadala acquired Service Logic, a commercial HVAC platform, from Leonard Green in December 2025.
“Bain Capital and Mubadala acquired it from Leonard Green in December 2025.”
Service Logic was sold to Bain Capital and Mubadala in December 2025. The platform is primarily HVAC-focused with plumbing-incidental services.
“Service Logic to Bain Capital and Mubadala (Dec 2025)”
Bain Capital and Mubadala completed the acquisition of Service Logic in December 2025.
“Service Logic to Bain Capital and Mubadala in December 2025”
The host estimates Goldman Sachs valued the Sila platform at about $1.7 billion, roughly 17 times EBITDA, on what had been a roll-up of an approximately $100 million company.
“it looks like goldman sachs paid about 1 .7 or their value, they valued it at 1 .7 billion, about 17 times EBITDA. So of what had been kind of a roll up of about a hundred million dollar company.”
The host recaps the Sila Services platform deal chain: after rolling up companies, Sila was sold to Morgan Stanley, and at the end of last year Morgan Stanley sold the whole platform to Goldman Sachs.
“CELA, you know, started out rolled up a bunch of companies, Sela sold once they had done that to Morgan Stanley as kind of the buyer of that platform. And then at the end of last year, Morgan Stanley sold the whole thing to Goldman Sachs.”
Apex Service Partners closed a $3.4 billion continuation fund transaction in Q4 2025, allowing Alpine Investors to extend its hold on the platform.
“Apex Service Partners $3.4B continuation (Q4 2025)”
Founder Anthony Perera reacquired Air Pros USA's legacy Florida operations through his private equity firm Exuma Capital Partners, returning to lead the HVAC company he launched in 2017. The purchase also includes plumbing brand Drain Genie and generator/electrical brand Personalized Power.
“Florida entrepreneur, Anthony Perera, has successfully reacquired Air Pros USA’s legacy operations in Florida through the investment firm, [Exuma Capital Partners](https://tracking.us.nylas.com/l/316f2d6904ac478d946f7027dd383853/0/d918604cf7ef054996222f915eb092505c853a6c3213b5ab97550b9fa6f1fcde?cache_buster=1748970908).”
Founder Anthony Perera reacquired Air Pros USA's legacy Florida operations through his private equity firm Exuma Capital Partners, returning to lead the company he founded in 2017.
“Florida entrepreneur, Anthony Perera, has successfully reacquired Air Pros USA’s legacy operations in Florida through the investment firm, Exuma Capital Partners”
Anthony Perera, founder of Air Pros USA, reacquired the company's Florida legacy operations through his private equity firm Exuma Capital Partners. The purchase also included plumbing company Drain Genie and electrical/generator brand Personalized Power.
“Florida entrepreneur, Anthony Perera, has successfully reacquired Air Pros USA’s legacy operations in Florida through the investment firm, Exuma Capital Partners . This strategic move brings Air Pros USA back under Perera’s leadership”
Founder Anthony Perera reacquired the Florida operations of Air Pros USA with Exuma Capital Partners in June 2025.
“Founder Anthony Perera reacquired the Florida operations with Exuma Capital Partners in June 2025.”
Founder Anthony Perera reacquired Air Pros USA's legacy Florida operations through his firm Exuma Capital Partners in June 2025, returning the original Florida markets to his ownership.
“In June 2025, founder Anthony Perera reacquired Air Pros USA's legacy Florida operations through Exuma Capital Partners, a firm he founded in 2024.”
Altas Partners agreed to a majority investment in Redwood Services in May 2025, valued at approximately $1.1B.
“Altas Partners agreed to a majority investment (~$1.1B) in May 2025.”
Redwood Services was sold to Altas Partners in May 2025, representing another platform-level cap-table transaction in the residential trades space.
“Redwood Services to Altas Partners (May 2025)”
Redwood Services was sold to Altas Partners at a valuation of approximately $1.1 billion in May 2025.
“Redwood Services to Altas Partners at approximately 1.1 billion dollars in May 2025”
Alpine Investors closed a $3.4 billion single-asset continuation transaction to support the continued growth of Apex Service Partners in May 2025.
“Apex Service Partners 3.4 billion dollar single-asset continuation in May 2025”
Airtron is a portfolio company of PE firm Gamut Capital Management, having been acquired in September 2024; Gamut is backing the expansion plan.
“Airtron is a portfolio company of Gamut Capital Management, having been acquired in September 2024.”
With the three 2025 acquisitions, NexCore has completed eleven total acquisitions since its inception in March 2023, demonstrating rapid consolidation velocity.
“The three 2025 acquisitions bring NexCore's total to eleven since its inception, demonstrating the velocity of this strategy.”
Sila Services was acquired by Goldman Sachs Alternatives from Morgan Stanley Capital Partners in November 2024.
“Acquired by Goldman Sachs Alternatives from Morgan Stanley Capital Partners in November 2024.”
Sila Services was sold to Goldman Sachs Alternatives in November 2024, representing a closed platform-level cap-table transaction in the residential HVAC services consolidation cycle.
“Sila Services to Goldman Sachs Alternatives in November 2024”
Airtron is a portfolio company of private investment firm Gamut Capital Management, having been acquired in September 2024; Gamut is funding Airtron's acquisition-driven expansion.
“Airtron is a portfolio company of Gamut Capital Management (“Gamut”), having been acquired in September 2024.”
Dana Spears, co-founder of an HVAC company in Land O'Lakes, Florida, sold her business to P1 Service Group earlier in 2024 after receiving more than 100 offers since 2020. The company had 100 employees at the time of sale.
“Earlier this year, after much deliberation and meeting with numerous buyers, she settled on a firm she felt she could trust, P1 Service Group.”
Huron Capital's Exigent Group acquired Ambient Temperature Corp. (ATCO) and Global Facility Solutions (GFS), marking its fourth and fifth acquisitions, expanding into the New England region and broadening energy efficiency and sustainability capabilities.
“Leading lower middle-market private equity firm Huron Capital (“Huron”) today announced that The Exigent Group (“Exigent” or the “Company”), a provider of commercial HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services, has acquired Ambient Temperature Corp. (“ATCO”) and, in a separate transaction, Global Facility Solutions (“GFS”).”
The Finnish Competition and Consumer Authority (FCCA) approved Triton's acquisition of Caverion, subject to the condition that Triton divests its portfolio company Fidelix's building automation unit in Joensuu, North Karelia. The European Commission had previously approved the acquisition for markets outside Finland on 31 August 2023.
“The FCCA has investigated the competitive effects of the proposed acquisition of Caverion by Triton in Finland. The European Commission has investigated the competitive effects outside Finland and approved the acquisition on 31 August 2023.”
PE-backed roll-up platform Southern Home Services completed the acquisition of Pro-Tech Air Conditioning & Plumbing, an Orlando-based HVAC, IAQ and plumbing contractor, as an add-on expanding its presence in its home market.
“Southern Home Services, a provider of essential residential and light commercial home services, has completed the acquisition of Pro-Tech Air Conditioning & Plumbing, a home services contractor specializing in heating, air conditioning, IAQ, and plumbing services to residential customers throughout the greater Orlando market.”
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.”
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.”
The combined Coolray/Parker & Sons/Abacus group was sold to New York PE firm Investcorp in March 2016; Haines was appointed CEO in July 2016, describing it as the beginning of private equity in the space.
“So we sold it to a PE firm called Invest Corp based in New York in March of 2016. And they appointed me CEO in July of 16.”
After Blue Dot's parent went bankrupt, Ken Haines bought the Cool Ray Atlanta HVAC business from his employer in 2003 (then doing roughly $5M).
“And so I ended up buying the business from my employer in 2003.”
Southeastern Home Services, a residential home services provider backed by WhitneyWilder, has acquired Stay Cool Air Conditioning and Heating, a Port Richey, Florida-based HVAC company. This marks the third acquisition for Southeastern Home Services in 2022, following purchases of Mario's Air Conditioning and Heating and Pro-Team Plumbing.
“Southeastern Home Services, a residential home services provider specializing in HVAC, plumbing, and electrical services, has purchased Port Richey, Florida -based Stay Cool Air Conditioning and Heating. The deal, backed by WhitneyWilder, marks the third acquisition of Southeastern Home Services following their purchases of Mario's Air Conditioning and Heating and Pro-Team Plumbing this year.”
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.”
CoolSys, a national refrigeration and HVAC service provider, acquired Triangle Refrigeration, a commercial HVAC/refrigeration/plumbing services provider, expanding its footprint across Pennsylvania, Maryland, New Jersey, and New York.
“CoolSys announced Nov.10 it has acquired Triangle Refrigeration, a provider of commercial HVAC, refrigeration, plumbing, and monitoring services in Pennsylvania, Maryland, New Jersey, and New York. With this acquisition, CoolSys expands its market presence throughout the Northeast and Mid-Atlantic regions.”
Gryphon deal/operating partners reference Right Time, in which Gryphon invested the prior December and which has performed ahead of expectations, as highly complementary to the Southern HVAC acquisition.
““The acquisition of Southern HVAC represents an excellent strategic fit for Gryphon’s North American residential services strategy and is highly complementary to Right Time, which has performed ahead of expectations since our investment this past December,” said Alex Earls, Gryphon deal partner, and Jeff Balagna, Gryphon operating partner.”
ABM Industries announced the closing of its previously announced acquisition of Able Services, a facilities services company headquartered in San Francisco. The deal adds scale to ABM's core businesses, expands its engineering and technical services, and bolsters sustainability and energy efficiency offerings.
“ABM Industries (NYSE: ABM) announced today the closing of its previously announced acquisition of Able Services, a leading facilities services company headquartered in San Francisco.”
Redwood Services acquired Rite Way, a Tucson-based HVAC company, the year before buying Rice's business. Under Redwood, Rite Way's annual revenue grew from $30 million to around $70 million.
“Rite Way, a larger Tucson-based HVAC operation that Redwood acquired the year before.”
Airthings, a manufacturer of indoor air quality monitors, has acquired Airtight, a Norwegian proptech company specializing in smart sensor technology to reduce building energy waste. The acquisition positions Airthings as a market leader in combining air quality and energy efficiency solutions for buildings.
“Airthings, a manufacturer of indoor air quality and producer of radon and indoor air quality monitors, has acquired Airtight, a Norwegian proptech company that develops smart sensor technology to significantly reduce energy waste from buildings.”
Johnson Controls has completed the acquisition of Termo Aire, a Costa Rican engineering consulting firm. The deal strengthens Johnson Controls' MEP design capabilities and expands its Sales Support Center of Excellence network in Latin America.
“Johnson Controls recently acquired Termo Aire, a Costa Rican engineering consulting company that offers services to more than 20 countries throughout Latin America and the Caribbean.”
Comfort Systems USA, Inc. completed its previously announced acquisition of TAS Energy Inc. through a merger with its wholly owned subsidiary, OSC Acquisition Corp., on April 1, 2020. TAS Energy became a wholly owned subsidiary of Comfort Systems USA.
“On April 1, 2020, the Merger contemplated by the Merger Agreement was completed and TAS Energy became a wholly owned subsidiary of the Company.”
Huron Capital acquired Pueblo in 2017 via its ExecFactor strategy and brought in Dan Bueschel as CEO to execute a buy-and-build thesis; the Niemeyer deal was Pueblo's sixth acquisition since Huron's involvement.
“Huron acquired Pueblo in 2017 and brought in Dan Bueschel as CEO through the ExecFactor® program.”
Goettl CEO Ken Goodrich partnered with Baum Capital Partners, a lower-middle-market PE firm, to expand his acquisitions; Goettl operates locations in the West and entered Texas via a 2019 acquisition.
“Goodrich partnered with Baum Capital Partners, a PE firm that focuses on the lower middle market, last year to expand his acquisitions. Goettl operates several locations in the West and recently entered the Texas market via a 2019 acquisition.”
Alpine previously built the Wrench Group, an HVAC and plumbing services platform serving Atlanta, Dallas, Houston, and Phoenix, which grew to over $150 million in revenue and was sold to Investcorp in 2016.
“The firm will follow the strategy it used to build the Wrench Group, an HVAC and plumbing services platform serving the Atlanta, Dallas, Houston, and Phoenix markets, which grew to over $150 million in revenues and was subsequently sold to Investcorp in 2016.”