Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 83 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)”
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 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 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.”
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.”
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”).”
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.”
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.”
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.”
Huron Capital acquired Pueblo in 2017 under its ExecFactor buy-and-build strategy and brought in Dan Bueschel as CEO. The Niemeyer deal was the sixth add-on since 2017.
“Huron acquired Pueblo in 2017 and brought in Dan Bueschel as CEO through the ExecFactor® program.”
Goettl CEO Ken Goodrich partnered with PE firm Baum Capital Partners to expand his acquisition activity; Goettl 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 HVAC and plumbing platform to over $150 million in revenue and sold it 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.”
Ares Management acquired HVAC contractor CoolSys from Audax Private Equity earlier in 2020. Audax had owned CoolSys for three years prior to the sale.
“CoolSys is an HVAC contractor owned by PE firm Ares Management. Ares bought CoolSys from Audex, another PE firm, earlier this year. Audex had owned CoolSys for three years before that.”
Goettl CEO Ken Goodrich partnered with Baum Capital Partners to expand acquisitions, and Goettl entered the Texas market 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.”
The article references Alpine's prior playbook in what became the Wrench Group, an HVAC and plumbing platform that grew past $150 million in revenue and was sold to Investcorp in 2016.
“The firm applied a similar strategy successfully in what later became known as 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.”
The Arcticom Group (TAG) has acquired Victory Construction and Refrigeration, marking TAG's first HVACR company in Colorado. The deal expands TAG's operations into the Denver and Front Range market, connecting with its existing service area across multiple western states.
“The Arcticom Group (TAG) announced it has acquired Victory Construction and Refrigeration.”
CoolSys was acquired by a fund managed by the private equity group of Ares Management Corp., with the existing executive team retaining a significant equity stake; the prior PE backer was Audax Group. Financial terms were undisclosed.
“CoolSys™ was acquired by a fund managed by the private equity group of Ares Management Corp. CoolSys will continue to operate under its current executive team, which will collectively maintain a significant equity investment in the company. Financial terms of the private transaction were not disclosed.”
Ken Goodrich partnered with Baum Capital Partners in 2019 to expand Goettl's acquisitions. Goettl operates in the West and recently entered the Texas market 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.”
Comfort Systems USA, Inc. completed its previously-announced acquisition of all outstanding securities of BCH Holdings, Inc., a Florida corporation, on April 1, 2017. The initial purchase price was approximately $85.7 million in cash and $14.3 million in promissory notes, with additional earn-out payments possible based on future EBITDA performance.
“On April 1, 2017, Comfort Systems USA, Inc. (the “Company”) completed its previously-announced acquisition of all of the outstanding securities of BCH Holdings, Inc., a Florida corporation (“BCH”) pursuant to the terms of the Stock Purchase Agreement (the “Purchase Agreement”), dated as of February 21, 2017, by and among the Company, BCH, the holders of all the outstanding securities of BCH (collectively, the “Selling Shareholders”) and Daryl W. Blume, as representative of the Selling Shareholders.”
Enercare's subsidiary Enercare Solutions completed its acquisition of SEHAC Holdings (Service Experts), a multi-state/province HVAC services company, as part of Enercare's North American expansion strategy.
“Enercare Inc. and its wholly-owned subsidiary, Enercare Solutions Inc., a home and commercial HVAC services and energy solutions company, recently announced that Enercare Solutions had completed its acquisition of SEHAC Holdings Corporation (“ [Service Experts](http://www.serviceexperts.ca) “).”
Canadian home and commercial services company Enercare completed its acquisition of HVAC/plumbing services provider Service Experts via a merger of an indirect wholly owned subsidiary of Enercare Solutions for a purchase price of $340.75 million.
“The transaction was completed by way of a merger of an indirect wholly owned subsidiary of Enercare Solutions with Service Experts for a purchase price of $340.75 million.”
Canadian home and commercial services company Enercare completed its acquisition of Service Experts, a residential/commercial HVAC, plumbing and home-energy services provider, via merger for a purchase price of $340.75 million, expanding Enercare from Canada into the U.S.
“Canadian home and commercial services company, [Enercare Inc.](http://www.enercare.ca/), recently completed its [previously announced acquisition](https://www.achrnews.com/articles/132024-service-experts-to-be-acquired-by-enercare) of [Service Experts](http://www.serviceexperts.com/). The transaction was completed by way of a merger of an indirect wholly owned subsidiary of Enercare Solutions with Service Experts for a purchase price of $340.75 million.”
Service Experts was owned by American Capital of Bethesda, Md., which acquired the company in 2013 before the reported Enercare deal.
“Service Experts is currently owned by American Capital, Bethesda, Md., which [acquired the company in 2013](https://www.achrnews.com/articles/122843-march-26-2013-american-capital-completes-buyout-of-service-experts).”
The article references Alpine's prior successful platform, the Wrench Group, an Atlanta/Dallas/Houston/Phoenix HVAC and plumbing platform that grew to over $150 million in revenues and was sold to Investcorp in 2016.
“The firm applied a similar strategy successfully in what later became known as 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.”
Alpine Investors built the Wrench Group, an HVAC and plumbing services platform, and subsequently sold it to Investcorp in 2016. Wrench Group had grown to over $150 million in revenues.
“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.”