Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 1670 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.
1,577 dated signals shown · 93 undated (excluded from the chart).
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.”
By its 2021 exit, Wrench Group had consolidated operations across 14 states and over 60 metropolitan markets.
“Coverage: 14 states, 60+ metro markets”
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.”
Right Now Heating and Air Conditioning, founded in 2006, was acquired by Apex Service Partners of Texas in 2021 and folded into its Apex West Region Holdco.
“In 2021, Apex Service Partners of Texas acquired Right Now, according to PitchBook, joining Owyhee Heating as units of Apex. Secretary of State records indicate Apex folded Right Now into its Apex West Region Holdco, based in Tampa, Florida.”
Redwood Services acquired Rite Way, a Tucson-based HVAC company, the year before buying Rice's business. Under Redwood, Rite Way's annual revenue grew from $30 million to around $70 million.
“Rite Way, a larger Tucson-based HVAC operation that Redwood acquired the year before.”
Partners Group acquired Reedy Industries in 2021 at roughly $1 billion enterprise value and rebranded it as PremiStar, creating a commercial HVAC roll-up platform. The platform has since grown to 62 branches across 19 states with over 3,100 employees and $2.09 billion in total platform funding.
“Partners Group acquired Reedy Industries in 2021 at roughly a $1 billion enterprise value. The firm rebranded the platform PremiStar and handed CEO Joe Kirmser a mandate: consolidate fragmented commercial HVAC service providers across the country.”
Comfort Systems USA's Board of Directors approved an amendment to increase the authorized shares under its stock repurchase program, allowing the company to buy back up to an additional 1,000,000 shares.
“the Company’s Board of Directors has approved an amendment to the Company’s stock repurchase program to increase the shares authorized and remaining as available to purchase back up to 1,000,000 shares by authorizing the Company to acquire up to 745,582 additional shares of its outstanding common stock.”
Comfort Systems USA announced that Trent T. McKenna will transition from Senior Vice President to Chief Operating Officer, effective January 1, 2021. This is an internal leadership change at a publicly traded HVAC consolidator.
“On December 11, 2020, Comfort Systems USA, Inc. (the “Company”) announced that Trent T. McKenna will transition from his current role as Senior Vice President and Vice President – Region 4 to Chief Operating Officer within the Company, effective January 1, 2021.”
Air Pros USA acquired One Source Home Service in Colorado Springs and Pueblo, with the target retaining its brand and joining Air Pros USA's multi-state family of companies (FL, GA, CO, TX, WA).
“COLORADO SPRINGS, Colo. — Air Pros Residential and Commercial Air Conditioning Services announced the acquisition of One Source Home Service. Under the agreement, One Source will continue operating under its existing brand in Colorado Springs and Pueblo areas, while becoming a part of Air Pros USA’s family of companies.”
Air Pros USA's roll-up operates across Florida, Georgia, Colorado, Texas, and Washington State, with stated ambitions to grow nationally.
“Currently, the company operates in Florida, Georgia, Colorado, Texas, and Washington State.”
Air Pros USA acquired One Source Home Service in Colorado Springs and Pueblo; One Source keeps its brand and its owners, Scott and Jason Bidwell, remain to lead the local office and help grow Air Pros USA nationally.
“Air Pros Residential and Commercial Air Conditioning Services announced the acquisition of One Source Home Service. Under the agreement, One Source will continue operating under its existing brand in Colorado Springs and Pueblo areas, while becoming a part of Air Pros USA’s family of companies.”
Apex Service Partners describes its roll-up model as providing investment for premier service brands to grow while keeping their existing brands and operations intact, positioning itself as a capital and resource partner rather than an operator.
“we provide investment for these premier service brands to grow.”
Apex Service Partners confirms its primary shareholder, among a handful, is the private equity firm Alpine Investors, which provides capital and acts as a partner in building the home-services platform.
“And our primary shareholder amongst a handful is Alpine Investors. They're a private equity firm.”
Will Matson and AJ Brown describe Apex Service Partners as a group of leading HVAC, plumbing and electrical service businesses whose primary shareholder is the private equity firm Alpine Investors. Apex partners with leading local brands, provides capital and shared resources (data, marketing, talent, finance), and does not rebrand the businesses it acquires.
“we are both at Apex Service Partners And we are a group of leading HVAC plumbing and electrical service businesses”
Wrench Group notes its existing Phoenix footprint via flagship Parker and Sons and newly acquired All About Water, with Collins extending its regional density.
“Wrench Group already has an established footprint in Phoenix with its flagship location Parker and Sons and newly acquired All About Water.”
Wrench Group characterizes the Collins deal as its sixth acquisition in 2020, signaling an active roll-up acquisition cadence in home services.
“This is the firm’s sixth acquisition in 2020.”
Home-services roll-up Wrench Group acquired Collins Comfort Masters, a Phoenix-area HVAC and plumbing contractor, adding to its existing Phoenix platform.
“MARIETTA, Ga.— Wrench Group LLC announced the acquisition of Collins Comfort Masters in Gilbert, Arizona.”
Wrench Group is rolling up home-services businesses in the Phoenix market, already holding Parker and Sons and the newly acquired All About Water, signaling active regional consolidation.
“Wrench Group already has an established footprint in Phoenix with its flagship location Parker and Sons and newly acquired All About Water.”
Wrench Group acquired Collins Comfort Masters in Gilbert, Arizona, its sixth acquisition in 2020, expanding its Phoenix-area home-services footprint alongside Parker and Sons and All About Water.
“Wrench Group LLC announced the acquisition of Collins Comfort Masters in Gilbert, Arizona. This is the firm’s sixth acquisition in 2020.”
Horizon's founder and chairman framed the acquisition as part of a deliberate strategy of foundational growth through partnerships, signaling an ongoing roll-up approach.
“The addition of Hutchinson to Horizon Group Holdings' family of brands further demonstrates our commitment to foundational growth through partnerships, shared principles, and strategy,”
Fred Hutchinson, president of Hutchinson, stated the owners considered selling the business and had many options before partnering with Horizon, indicating an owner sell-side decision.
“We had many options when we were considering the sale of the business, but Horizon was the one we were most excited about partnering with”
Horizon Group Holdings added Hutchinson Heating, Cooling, Plumbing, and Energy Services to its family of brands, acquiring the multi-generation family business which operates both residential and commercial divisions.
“Horizon Group Holdings announced the addition of Hutchinson Heating, Cooling, Plumbing, and Energy Services to its family of brands.”
Wrench Group's Phoenix platform spans HVAC, plumbing, and electrical under the Parker and Sons brand, illustrating a multi-trade home-services roll-up footprint.
“where it operates in the HVAC, plumbing, and electrical space under the flagship name of Parker and Sons.”
Wrench Group acquired Chandler, AZ-based water treatment/plumbing company All About Water, expanding its Phoenix footprint where it operates as Parker & Sons; the company noted this was its fifth acquisition in 2020.
“Wrench Group LLC announced the acquisition of All About Water. This is the firm’s fifth acquisition in 2020. The acquisition of All About Water expands the Wrench Group footprint in Phoenix.”
The All About Water deal marks Wrench Group's fifth acquisition in 2020, indicating active roll-up acquisition pace.
“This is the firm’s fifth acquisition in 2020.”
Wrench Group LLC acquired All About Water, a Chandler-based water/plumbing services firm, expanding its presence in Phoenix where it operates under flagship Parker and Sons. This was Wrench Group's fifth acquisition in 2020.
“Wrench Group LLC announced the acquisition of All About Water. This is the firm’s fifth acquisition in 2020. The acquisition of All About Water expands the Wrench Group footprint in Phoenix.”
Airthings, a manufacturer of indoor air quality monitors, has acquired Airtight, a Norwegian proptech company specializing in smart sensor technology to reduce building energy waste. The acquisition positions Airthings as a market leader in combining air quality and energy efficiency solutions for buildings.
“Airthings, a manufacturer of indoor air quality and producer of radon and indoor air quality monitors, has acquired Airtight, a Norwegian proptech company that develops smart sensor technology to significantly reduce energy waste from buildings.”
Wrench Group CEO Ken Haines described the platform's roll-up strategy of partnering with market-leading local home-services operators to grow geographically.
“Part of Wrench’s strategy is to partner with market leaders, and Service Champions has experienced impressive growth over many years and prides itself on its positive customer loyalty,”
Wrench Group acquired Service Champions North, marking its first location in California and an expansion into Northern California.
“Wrench Group LLC also acquired Service Champions North, which will be the first California location for Wrench.”
PE-backed home-services platform Wrench Group acquired Easy A/C in Tampa, Florida, further establishing its presence in the Tampa/St. Petersburg markets; Easy A/C will combine operations with Wrench's CoolToday and rebrand as Easy CoolToday.
“Wrench Group acquired Easy A/C (“Easy A/C”), located in Tampa, Florida.”
Wrench's acquisition of Service Champions marks the company's geographic entry into the Northern California market, part of a strategy to partner with market leaders.
““The Wrench organization is excited to establish a presence in Northern California,” said Ken Haines, Wrench Group CEO.”
Wrench Group LLC acquired Service Champions North, establishing its first presence in California (Northern California).
“Wrench Group LLC also acquired Service Champions North, which will be the first California location for Wrench.”
Wrench Group acquired Tampa-based Easy A/C, which will combine operations with Wrench's CoolToday and rebrand as Easy CoolToday, extending Wrench's presence in the Tampa/St. Petersburg market.
“MARIETTA, Ga. — Wrench Group acquired Easy A/C (“Easy A/C”), located in Tampa, Florida.”
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.”
CEO and founder Darrin Erdahl said the Nolan acquisition strengthens The SEER Group's Northwest footprint and supports a growth plan to expand into multiple US markets.
“This acquisition strengthens our footprint in the Northwest and supports our growth plan to expand into multiple markets across the United States.”
The SEER Group LLC announced its thirteenth acquisition, Nolan Heating & Air, which will become a subsidiary of its Mike's Mechanical Services platform, strengthening its Northwest footprint.
“The SEER Group LLC announced its thirteenth acquisition: Nolan Heating & Air. Nolan Heating & Air will be a subsidiary of Mike’s Mechanical Services LLC, based in Lewiston, Idaho.”
SEER's CEO frames the Nolan acquisition as part of a growth plan to expand into multiple markets across the United States, signaling an active roll-up strategy.
“This acquisition strengthens our footprint in the Northwest and supports our growth plan to expand into multiple markets across the United States.”
The SEER Group LLC announced its thirteenth acquisition, Nolan Heating & Air, which will become a subsidiary of SEER's Mike's Mechanical Services LLC, strengthening SEER's Northwest footprint.
“REDMOND, Wash. – The SEER Group LLC announced its thirteenth acquisition: Nolan Heating & Air. Nolan Heating & Air will be a subsidiary of Mike’s Mechanical Services LLC, based in Lewiston, Idaho.”
Southern HVAC Corporation acquired Precision Heating & Air Conditioning, its seventh transaction and second Texas location, complementing its Austin-based Fox Service Company.
“Southern HVAC Corporation has announced the acquisition of Precision Heating & Air Conditioning. The acquisition was completed on June 30 and marks Southern HVAC’s seventh transaction and second location in Texas, complementing their existing Austin-based Fox Service Company location.”
The acquisition lets Goettl expand its footprint and services in the Las Vegas valley, with Eternal Services rebranding to Goettl Air Conditioning and Plumbing.
“This latest acquisition allows Goettl to expand its footprint and services even further into the Las Vegas valley, where it has established strong brand recognition and maintains a commitment to giving back to the community. As part of the acquisition, Eternal Services will rebrand to Goettl Air Conditioning and Plumbing and will also merge its customers into Goettl’s client base.”
Goettl, led by CEO Ken Goodrich, acquired the assets of Las Vegas plumbing company Eternal Services and Plumbing Solutions, expanding its footprint in the Las Vegas valley. Eternal Services will rebrand to Goettl and merge customers into Goettl's base.
“Goettl Air Conditioning and Plumbing announced the acquisition of certain assets of Eternal Services and Plumbing Solutions, a Las Vegas-based plumbing company.”
Goettl Air Conditioning and Plumbing acquired the assets of Eternal Services and Plumbing Solutions, a Las Vegas plumbing company, which will rebrand to Goettl and merge its customers into Goettl's base.
“Goettl Air Conditioning and Plumbing announced the acquisition of certain assets of Eternal Services and Plumbing Solutions, a Las Vegas-based plumbing company.”
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.”
Wrench CEO Ken Haines described the company's strategy as partnering with market leaders, framing the Donovan deal within Wrench's ongoing roll-up of regional HVAC firms.
“Part of Wrench’s strategy is to partner with market leaders, and Donovan has an outstanding reputation in the Jacksonville area, and has experienced very impressive organic growth over many years”
The Wrench Group acquired Donovan Heat and Air Inc. of Jacksonville, expanding the Wrench footprint into northern Florida. Donovan continues operating under its existing brand with its co-owners leading.
“The Wrench Group announced the acquisition of Donovan Heat and Air Inc. (“Donovan”), expanding the Wrench footprint to northern Florida.”
The Wrench Group's CEO described its roll-up strategy as partnering with market leaders, framing the Donovan deal within that acquisition strategy.
““Part of Wrench’s strategy is to partner with market leaders, and Donovan has an outstanding reputation in the Jacksonville area, and has experienced very impressive organic growth over many years,” he said.”
The Wrench Group acquired Donovan Heat and Air Inc. of Jacksonville, Florida, expanding its footprint into northern Florida; Donovan will continue operating under its existing brand.
“The Wrench Group announced the acquisition of Donovan Heat and Air Inc. (“Donovan”), expanding the Wrench footprint to northern Florida.”
Comfort Systems USA, Inc. entered into an Agreement and Plan of Merger to acquire TAS Energy Inc. through a merger with its wholly owned subsidiary OSC Acquisition Corp. The initial purchase price is $106 million in cash plus a $14 million promissory note, with additional earn-out payments based on future EBITDA performance.
“On March 9, 2020, Comfort Systems USA, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) dated as of March 9, 2020 with its wholly owned subsidiary, OSC Acquisition Corp. (“Merger Sub”), TAS Energy Inc. (“TAS Energy”), and Element Partners II, L.P., in its capacity as the exclusive representative of the stockholders of TAS Energy (“TAS Stockholders”). The Merger Agreement provides that Merger Sub will merge with and into TAS Energy and each outstanding share of TAS Energy capital stock will be canceled and converted into the right to receive a portion of the merger consideration (described below) upon the terms and conditions set forth in the Merger Agreement. Upon the consummation of this merger, TAS Energy will become a wholly owned subsidiary of the Company.”
Florida Cool will combine operations with CoolToday in Sarasota, which The Wrench Group acquired in April 2019, illustrating tuck-in consolidation of Florida HVAC brands under Wrench.
“CoolToday, serving Sarasota and the surrounding areas since 1963, was acquired by The Wrench Group in April 2019, and has quickly expanded its service offerings to the Tampa and St. Pete area.”
The Wrench Group acquired Florida Cool Inc., expanding its footprint in the Southwest Florida market. Florida Cool will combine operations with CoolToday, a prior Wrench acquisition.
“The Wrench Group (“Wrench”) announced the acquisition of Florida Cool Inc. (“Florida Cool”), expanding its footprint in the Southwest Florida market.”