Accelerating Sponsor-to-Sponsor Transactions in HVAC Sector

The HVAC services sector is experiencing an accelerating wave of sponsor-to-sponsor transactions since 2024, characterized by premium institutional multiples. Recent deals include Blackstone's acquisition of Champions Group and Apollo's investment in Apex Service Partners.

“MSouth launching a sale process for USA Hometown Experts places the company squarely in the accelerating wave of sponsor-to-sponsor transactions that have defined the HVAC services sector since 2024. Recent platform-level deals include Blackstone's acquisition of Champions Group at approximately $2.5 billion and roughly 18.5 times EBITDA in February 2026, Apollo's $2 billion minority investment in Apex Service Partners at a $10 billion total valuation in May 2026, Bain Capital and Mubadala's acquisition of Service Logic from Leonard Green, and Goldman Sachs Alternatives' acquisition of Sila Services from Morgan Stanley Capital Partners at approximately $1.5 to $1.7 billion.”

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