Active PE-Backed Platforms and Add-On Acquisition Surge in HVAC

Roughly two dozen active PE-backed platforms are buying HVAC, plumbing, or multi-trade operators, with add-on acquisition activity in HVAC services rising an estimated 88% year-over-year through mid-2025.

“Roughly two dozen active PE-backed platforms — names like Apex Service Partners, Wrench Group, Sila Services, and Champions Group among them — are actively buying HVAC, plumbing, or multi-trade operators across the country, and add-on acquisition activity in HVAC services alone rose an estimated 88% year-over-year through mid-2025.”

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