Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a
verbatim quote from its source. 93 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.
Presidential Heating & Air Conditioning announced the acquisition of Shipley Plumbing, Heating & Air Conditioning, effective August 24, 2026. The deal expands Presidential's service offerings to include plumbing and whole-home services in Montgomery County.
“Presidential Heating & Air Conditioning, a trusted home-comfort provider serving Montgomery County and the surrounding communities, today announced the acquisition of Shipley Plumbing, Heating & Air Conditioning, effective August 24, 2026.”
Toronto-based Go Lime announced the acquisition of Cobourg, Ontario-based Comfort Zone Heating & Air Conditioning. This is Go Lime's first acquisition of 2026 and part of a planned series of investments in local Canadian HVAC businesses.
“With stated intentions of expanding across the Canada, both organically and through acquisition, Toronto-based residential HVAC home services company Go Lime has announced its first acquisition of 2026 with the addition of Cobourg, Ontario-based Comfort Zone Heating & Air Conditioning.”
Rocket Group has announced a partnership with Encore Heating and Air, marking its first entry into the Upper Midwest. The deal expands Rocket's national home services network into Minnesota, specifically the greater Minneapolis-St. Paul area.
“Rocket Group has expanded its national home services network into Minnesota through a partnership with Encore Heating and Air, marking the company's first entry into the Upper Midwest.”
Thermogenics, a provider of boiler lifecycle solutions in North America, announced a corporate activity likely involving an acquisition or expansion, though the specific target is not named in the snippet.
“AURORA, ON, June 25, 2026 /CNW/ - Thermogenics, the premier provider of comprehensive Boiler Lifecycle Solutions in North America, announced its...”
Altas Partners is set to invest a majority stake in HVAC platform Redwood Services, valuing the company at approximately $1.1 billion.
“Redwood Services is set to receive a majority investment from Toronto-based private equity firm Altas Partners, valuing the company at around $1.1 billion”
Southern Home Services announced a strategic partnership to implement e-commerce across its 27 HVAC, plumbing, and electrical brands.
“Southern Home Services, a leading provider of HVAC, plumbing and electrical services, has announced a strategic partnership with Contractor Commerce”
Caverion Denmark has agreed to acquire security company BS Sikring og Elteknik ApS, which has an annual turnover of approximately DKK 22 million and 14 employees. The acquisition strengthens Caverion's position in security solutions in Denmark.
“Caverion Denmark has entered into an agreement to acquire the security company BS Sikring og Elteknik ApS. The company has an annual turnover of approximately DKK 22 million and 14 employees.”
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...”
Goldman Sachs completed a $1.5 billion acquisition of Sila Services, a notable transaction highlighting strong investor appetite for the HVAC sector.
“Notable transactions include Goldman Sachs’ $1.5 billion acquisition of Sila Services”
Redwood Services announced a significant equity investment from Altas Partners, expected to close in Q2 2025 pending regulatory approvals.
“Redwood Services (“Redwood”), a leading national platform in the essential home services sector, today announced a significant equity investment from Altas Partners”
Altas Partners announced a significant equity investment in Redwood Services, expected to close in Q2 2025 pending regulatory approvals.
“Redwood Services (“Redwood”), a leading national platform in the essential home services sector, today announced a significant equity investment from Altas Partners”
Altas Partners announced a significant equity investment in Redwood Services, expected to close in Q2 2025 pending regulatory approvals.
“Redwood Services (“Redwood”), a leading national platform in the essential home services sector, today announced a significant equity investment from Altas Partners”
Bain Capital and Mubadala bought the 5,000-technician Service Logic, a large HVAC service platform.
“Bain Capital and Mubadala bought the 5,000-technician Service Logic.”
Blackstone agreed to buy Champions Group for a reported $2.5 billion, around 18.5 times earnings. This is a major HVAC platform acquisition.
“Blackstone agreed to buy Champions Group for a reported $2.5 billion, around 18.5 times earnings.”
Blackstone agreed to acquire Champions Group, a reported $2.5 billion HVAC platform, at around 18.5 times earnings.
“Blackstone agreed to buy Champions Group for a reported $2.5 billion, around 18.5 times earnings.”
Apollo Funds announced a strategic minority investment in Apex Service Partners on May 28, 2026, with closing expected in Q4 2026.
“and a sixth (a strategic minority investment in Apex Service Partners by Apollo Funds) was announced May 28, 2026 with closing expected in Q4 2026, together documenting the late-cycle dynamic with particular clarity.”
A strategic minority investment in Apex Service Partners by Apollo Funds was announced on May 28, 2026, with closing expected in Q4 2026.
“a strategic minority investment in Apex Service Partners by Apollo Funds) was announced May 28, 2026 with closing expected in Q4 2026”
Apollo will invest $2 billion in Apex Service Partners, a PE-backed residential HVAC platform, at a $10 billion valuation.
“Residential HVAC, plumbing, and electrical platform Apex Service Partners is set to receive a minority investment from asset management giant Apollo”
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”
PremiStar acquired Armistead Mechanical to expand commercial HVAC and plumbing footprint into NJ and NY.
“PremiStar, LLC acquired Armistead Mechanical, Inc., expanding PremiStar’s commercial HVAC, plumbing, and building automation footprint into New Jersey”
Residential Services Group (SRS), a Home Depot unit, announced the acquisition of Mingledorff's, an HVAC distributor with 42 locations across five states. The deal adds HVAC distribution as a new vertical for SRS and is expected to close in Q2 fiscal 2026.
“Mingledorff’s, founded in 1939 and headquartered in Georgia, operates 42 locations across five states and supplies HVAC equipment, parts and supplies to residential and commercial customers.
The acquisition will add HVAC distribution as a new vertical within SRS, which already operates in roofing, building products, interior construction, landscaping and pool supplies.”
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.”
Blackstone announced a definitive agreement to acquire home services platform Champions Group from Odyssey Investment Partners.
“funds managed by Blackstone’s perpetual private equity strategy (BXPE) (“Blackstone”) have entered into a definitive agreement to acquire Champions Group”
Blackstone has entered into a definitive agreement to acquire Champions Group, a residential home services provider, from Odyssey Investment Partners. Odyssey and management will retain a significant minority investment in the company post-transaction.
“New York, NY – February 17, 2026 – Blackstone (NYSE: BX) announced today that funds managed by Blackstone’s perpetual private equity strategy (BXPE) (“Blackstone”) have entered into a definitive agreement to acquire Champions Group, a premier provider of essential home services, from Odyssey Investment Partners, LLC (“Odyssey”). Odyssey and management are retaining a significant minority investment alongside Blackstone.”
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”
Eiffage Énergie Systèmes announced an agreement to purchase a majority stake in French industrial refrigeration firm Quercy Réfrigération.
“announcement, today, of an agreement to purchase a majority stake in the French company Quercy Réfrigération.”
Champions Group announced a deal with Blackstone's BXPE perpetual capital vehicle at ~$2.5B enterprise value (~18.5x EBITDA).
“Champions Group to Blackstone's BXPE perpetual capital vehicle. ~$2.5B enterprise value on ~$140M EBITDA. Implied ~18.5x EBITDA. Announced February 2026.”
Blackstone announced the acquisition of Champions Group in February 2026, with the deal expected to close in the first half of 2026.
“Champions Group (Blackstone acquisition announced Feb 2026, expected close H1 2026)”
Service Logic announced a transaction with Bain Capital and Mubadala at ~$3.1B enterprise value in December 2025.
“Service Logic to Bain Capital + Mubadala. ~$3.1B enterprise value per trade-press estimates. Announced December 2025.”
Triton-backed bluu unit has signed an agreement to acquire Switzerland-based IPS Gruppe, marking its first international expansion. The deal includes IPS Gebäudetechnik and Berger Klima Biel, strengthening the group's position in cooling, climate, and ventilation technologies.
“Triton-backed bluu unit has signed an agreement to acquire Switzerland-based IPS Gruppe, marking its first international expansion and a strategic milestone in the group’s mission to become a European leader in cooling, climate, and ventilation technologies.”
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 announced an acquisition by Altas Partners at ~$1.1B enterprise value (~17x EBITDA) in May 2025.
“Redwood Services to Altas Partners. ~$1.1B enterprise value. Implied ~17x EBITDA per PE Hub coverage. Announced May 2025.”
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.”
HVAC Neutral
hvacinsider.com Redwood Services announced an investment in Tony's Plumbing, a family-run business in Modesto, California.
“today announced it has invested in Tony's Plumbing (Tony's).”
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.”
MSCP announced the sale of residential HVAC, plumbing, and electrical platform Sila Services to Goldman Sachs Alternatives.
“Investment funds managed by Morgan Stanley Capital Partners (“MSCP”) today announced they have entered an agreement for the sale of Sila Services (“Sila” or the “Company”) to the Private Equity business at Goldman Sachs Alternatives”
Gamut Capital Management, a New York-based middle market private equity firm, announced it has signed a definitive agreement to acquire Airtron Heating & Air Conditioning from NRG Energy. The deal involves the sale of one of the largest residential new construction HVAC installation providers in the US.
“NEW YORK – August 8, 2024 - Gamut Capital Management, L.P. (“Gamut”), a leading New York-based middle market private equity firm, announced today it has signed a definitive agreement to acquire Airtron Heating & Air Conditioning (“Airtron” or the “Company”), a leading designer, installer, and maintenance provider for heating, ventilation, and air conditioning (HVAC) systems, from NRG Energy, Inc. (“NRG”) (NYSE: NRG).”
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.”
HVAC Positive
www.achrnews.com 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.”
The source text contains a blog post title indicating that BR's Plumbing & Heating has acquired G.C. Lounsbury, representing an add-on acquisition in the home services sector.
“BR’s Plumbing & Heating Acquires G.C. Lounsbury”
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.”
