Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 229 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.
Goldman Sachs Alternatives completed the acquisition of Sila Services in late 2024, signaling the entry of top-tier financial institutions into the HVAC roll-up space.
“Goldman Sachs Alternatives acquired Sila Services in late 2024.”
PE-backed Sila Services acquired Pittsburgh-based A-Comfort Service to expand in Western Pennsylvania.
“Sila Services, a PE-backed home services platform, has acquired A-Comfort Service, a Pittsburgh-based heating, cooling and plumbing company founded in 1988.”
Apex Service Partners acquired Y Combinator-backed HomeBreeze to expand residential HVAC, plumbing, and electrical tech capabilities.
“Apex Service Partners has acquired HomeBreeze, a Y Combinator‑backed residential home services startup that provides fast quotes and technology to simplify home upgrades and maintenance.”
Goldman Sachs Alternatives acquired Sila Services, a provider of HVAC, plumbing, and electrical services, from Morgan Stanley Capital Partners. The company had approximately USD 80m in EBITDA, with sellers seeking a mid-teens exit multiple.
“In one of the year’s larger transactions, **Sila Services**, a provider of HVAC, plumbing and electrical services, was acquired earlier this month by the private equity business of **Goldman Sachs Alternatives** from **Morgan Stanley Capital Partners**. Although terms of the deal were undisclosed, sources told this new service Sila had about USD 80m in EBITDA and the [sellers wanted an exit](https://mergermarket.ionanalytics.com/content/1003844340) multiple in the mid-teens.”
Redwood Services acquired a majority stake in Modesto-based Tony's Plumbing, its 16th platform investment in home services.
“Redwood Services has acquired a majority stake in Tony's Plumbing, a Modesto, California-based residential plumbing company founded in 1994; founders/owners will retain a significant minority ownership stake.”
Gunn Heating & Air Conditioning, a family-owned HVAC provider in Apalachicola, Florida, has joined Hiller Plumbing, Heating, Cooling & Electrical. The former Gunn headquarters will operate as Hiller's 18th location.
“After serving customers in Apalachicola for more than four decades, Gunn Heating & Air Conditioning, Inc. is joining Hiller Plumbing, Heating, Cooling & Electrical, the region’s premier provider of plumbing, HVAC, and electrical service, installations, and repair. The former Gunn headquarters will operate as Hiller’s 18”
Goldman Sachs completed the acquisition of Sila Services in November 2024 for $1.7 billion, signaling institutional interest in HVAC.
“$1.7B Goldman Sachs purchase of Sila Services (Nov 2024)”
Goldman Sachs Alternatives completed the acquisition of Sila Services in November 2024, marking a late-cycle platform-level transaction.
“Five platform-level cap-table transactions closed in the eighteen months preceding this paper (Sila Services to Goldman Sachs Alternatives in November 2024, Apex Service Partners 3.4 billion dollar single asset continuation in May 2025, Redwood Services to Altas Partners at approximately 1.1 billion dollars in May 2025, Service Logic to Bain Capital and Mubadala in December 2025, and Champions Group to Blackstone BXPE in February 2026)”
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”
The Finnish subsidiary of Bravida acquired the Finnish company Dimesko. The target has a turnover of EUR 10.3 million and 40 employees.
“The Finnish subsidiary of the installation company Bravida acquires the Finnish company Dimesko. The acquisition has a turnover of EUR 10.3 million and 40 employees.”
CoolSys acquired Mechanical Engineering & Construction Corporation to strengthen commercial/industrial capabilities in the Mid-Atlantic.
“CoolSys has acquired Mechanical Engineering & Construction Corporation (MEC2), a Maryland- and Virginia-based mechanical engineering and construction firm.”
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.”
Gamut Capital acquired Airtron from NRG Energy for $500 million (8.6x EBITDA) in August 2024.
“Gamut Capital Management, a NY-based middle-market private-equity firm, acquired Airtron Heating & Air Conditioning from NRG Energy (NYSE:NRG) _for $500 million, equivalent to 8.6x EBITDA_.”
The most recent acquisition by Comfort Systems USA occurred on January 4, 2024. The target was founded in 1996 in Houston and provides engineering, procurement, and construction services.
“The most recent acquisition, , occurred in January 2024; founded in 1996 in Houston, provides engineering, procurement, and construction services.”
Ryan Plumbing and Heating was acquired by NexCore in 2024.
“Ryan Plumbing and Heating; NexCore, 2024”
Kenedy Mechanical was acquired by NexCore in 2024.
“Kenedy Mechanical; NexCore, 2024”
Goldman Sachs Alternatives completed a majority recapitalization of Sila Services in 2024, allowing early founders who rolled equity to realize significant gains.
“Sila Services, for example, founders who rolled equity into early Sila deals and held through the 2024 Goldman Sachs Alternatives majority recapitalization (financial terms not publicly disclosed) realized 15x EBITDA saw their rolled equity multiply several times over.”
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.”
G.C. Lounsbury announced a merger or acquisition involving BR's Plumbing & Heating, combining their HVAC and plumbing services in Tillsonburg, Ontario.
“We’ve got another exciting development to share – we’re teaming up with Joining forces with BR’s Plumbing & Heating is an exciting chapter in our journey. It’s all about enhancing the services we provide and ensuring our customers receive the highest level of expertise, professionalism, and care. BR’s Plumbing & Heating has a long-standing reputation for their exceptional services in plumbing and heating, just like G.C. Lounsbury. This acquisition is in perfect timing, and it allows us to offer an even broader range of services, all under one roof.”
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”).”
Southern Home Services acquired Presidential Heating & Air Conditioning, marking its first business unit in Maryland.
“Southern Home Services has acquired Presidential Heating & Air Conditioning, Inc., a Gaithersburg, Maryland-based HVAC contractor, marking Southern's first business unit in Maryland.”
Apex Service Partners completed a $3.4B continuation transaction in September 2023, validating mid-teens multiples.
“Apex Service Partners $3.4B continuation transaction. September 2023. Secondary-market validation reinforced mid-teens multiples for tier-one residential platforms.”
Apex Service Partners completed a $3.4 billion continuation transaction in September 2023, validating mid-teens multiples for tier-one residential platforms.
“Apex Service Partners $3.4B continuation transaction. September 2023. Secondary-market validation reinforced mid-teens multiples for tier-one residential platforms.”
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 acquired Tampa-based Carroll Air Systems to integrate into its Central and West Coast Florida regional operations.
“Daikin Applied has acquired Carroll Air Systems, a Tampa, Florida-based HVAC sales representative and service provider that supports the Central and West Coast regions of Florida.”
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.”
Taylor Heating & Air Conditioning was acquired by HomeServe USA in June 2022, with HomeServe having PE backing or involvement in consolidations.
“Taylor Heating & Air Conditioning (Rochester area — HVAC)Acquired by HomeServe USA in June 2022 (HomeServe has PE backing/involvement in consolidations).”
Sila Services acquired TriState Home Services to expand residential HVAC, plumbing, and electrical in Greater Washington D.C.
“Sila Services, a home-services platform, has acquired TriState Home Services, a Frederick, Maryland-based provider of HVAC, plumbing and electrical services.”
Reimer Heating and Air Conditioning was acquired by Apex Service Partners in May 2022.
“Reimer Heating and Air Conditioning (Rochester area — HVAC)Acquired by Apex Service Partners in May 2022.”
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.”
Automated Logic Contracting Services Inc, a subsidiary of Carrier Global Corporation, has acquired the business of Integrated Control Systems Inc (ICSI). The acquisition expands Automated Logic's geographic presence into Arizona, Colorado, and New Mexico.
“Automated Logic Contracting Services Inc (Automated Logic), a leading provider of innovative building-management solutions, has acquired the business of Integrated Control Systems Inc (ICSI), an independent Automated Logic controls contractor with offices in Arizona, Colorado and New Mexico.”
Perfect Plumbing & Air of Boise and its sister company Magic Electric of Jerome were acquired by Utah-based Any Hour Group in 2022, which is backed by San Francisco private equity firm Knox Lane.
“Perfect Plumbing & Air of Boise and its sister company, Magic Electric of Jerome, were acquired by Utah-based Any Hour Group in 2022. Any Hour owns 23 brands across the region. Any Hour is backed by San Francisco private equity firm Knox Lane.”
Owyhee Heating & Air, founded in 1946, was acquired by Texas-based Apex Service Partners in 2022, joining Right Now Heating and Air Conditioning under the PE firm's umbrella.
“Owyhee was acquired in 2022 by Apex Service Partners of Texas, joining Right Now Heating and Air Conditioning under the umbrella of the large private equity company.”
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.”
Murphy Company, a mechanical contractor in Missouri and Colorado, has closed the asset acquisition of St. Louis-based State Mechanical. The deal is intended to expand Murphy's refrigeration construction and service capabilities by integrating State's team and resources.
“ST. LOUIS – Murphy Company, a mechanical contractor based in Missouri and Colorado, has closed on the asset acquisition of State Mechanical. State Mechanical is based in St. Louis and has provided refrigeration construction and service expertise since 1991.”
Bonney Plumbing, Electrical, Heating and Air announced the acquisition of Sacramento-based Boyd Plumbing, Inc. on October 26. The merger expands Bonney's plumbing service area to nine counties in Northern California.
“Bonney Plumbing, Electrical, Heating and Air (Bonney), a home services company headquartered in Rancho Cordova, CA, announced Oct. 26 it has acquired Sacramento-based Boyd Plumbing, Inc.”
Daikin Applied acquired St. Louis-based Dynamic Controls to add building-integration and controls expertise to its commercial HVAC offerings.
“Daikin Applied, a division of Daikin Industries, has acquired Dynamic Controls, Inc., a St. Louis–based building systems integrator with offices across the Midwest”
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.”
Bonney Plumbing, Electrical, Heating and Air acquired Big Air Heating & Air Conditioning to expand into Contra Costa County and the San Francisco Bay Area. Big Air will continue operating under its own brand with operational support from Bonney.
“Bonney Plumbing, Electrical, Heating and Air (Bonney), a Rancho Cordova-based home services company, acquired Concord-based Big Air Heating & Air Conditioning to expand its service territory into Contra Costa County and the San Francisco Bay Area.”
Bonney, a Sacramento-based home services company, announced the acquisition of Concord-based HVAC firm Big Air. The deal expands Bonney's service territory into Contra Costa County in the Bay Area.
“Bonney Plumbing, Electrical, Heating and Air (Bonney), a home services company headquartered in Rancho Cordova, CA, announced it has acquired the award-winning HVAC company, Big Air Heating & Air Conditioning (Big Air), based in Concord, CA.”
RPM International Inc. announced that its Tremco Construction Products Group has acquired Pure Air Control Services, Inc., a Florida-based provider of indoor air quality solutions with approximately $10 million in annual net sales.
“RPM International Inc., announces that its Tremco Construction Products Group has acquired Pure Air Control Services, Inc., a provider of indoor air quality solutions.”
Finance professional Rick Vazza purchased a plumbing company from former owner John Padilla in 2021, transitioning into the trades.
“With zero knowledge about plumbing, in 2021, Vazza took a leap of faith. It wasn’t a blind leap. Vazza and former owner John Padilla developed a strong rapport.”
Wrench Group, a roll-up of 450+ home service companies, was acquired by Apax Partners in 2021 for $14 billion.
“Sold to private equity in 2021 for $14 billion.”