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).
Frank DiMarco discusses the Blackstone acquisition of Champions Group, a $2.5B transaction significant for the home services industry.
“A $2.5B deal recently happened in home services. Frank DiMarco shares what went into the Blackstone acquisition of Champions Group”
Foundral, a PE-backed platform of mechanical contracting firms, has acquired A. Hattersley & Sons. The deal adds a Midwest-based firm specializing in HVAC and piping systems to Foundral's portfolio, strengthening its national presence.
“Foundral acquires A. Hattersley & Sons, expanding mechanical services platform”
Customer review confirms Freedom Air merged and the new company is honoring existing warranties.
“I found out today that Freedom Air had merged, but the new company is honoring their warranty.”
Aramendia Plumbing, Heating and Air is part of the Service Experts family, indicating an acquisition or roll-up into the national platform.
“Aramendia Plumbing, Heating and Air is proud to be part of the Service Experts family, uniting 36 years of local expertise with a trusted national brand that has been serving communities since 1996.”
Aramendia Plumbing, Heating and Air is part of the Service Experts family, indicating an acquisition or roll-up into the national platform.
“Aramendia Plumbing, Heating and Air is proud to be part of the Service Experts family, uniting 36 years of local expertise with a trusted national brand that has been serving communities since 1996.”
The merger of two industry leaders is described as a strategic move to expand large-scale capabilities while maintaining local responsiveness.
“The integration of Richmond Refrigeration into CoolSys unites the extensive expertise and resources of two industry leaders. This strategic combination significantly expands our large-scale capabilities”
Russell's American Mechanical has joined the NearU roll-up platform, which aims to improve reliability and customer care in home services.
“If you’ve recently learned that your go-to HVAC, plumbing, drains, IAQ, and generator company has joined NearU, then this is something to get excited about!”
The acquisition combines resources of two industry experts to increase large-scale capabilities while maintaining local responsiveness.
“Triangle Refrigeration’s acquisition by CoolSys brings together the knowledge and resources of two industry experts.”
Triangle Refrigeration supports customers across Maryland, New Jersey, New York, and Pennsylvania under CoolSys ownership.
“We continue to support Triangle’s customers in: Maryland New Jersey New York Pennsylvania”
CoolSys acquired Triangle Refrigeration, an industry leader in commercial HVAC and refrigeration services.
“A few years ago, CoolSys acquired Triangle Refrigeration, an industry leader throughout”
Kelvin Group's ARC Mechanical acquired Mullally Bros Inc to expand its refrigeration and mechanical services network.
“Acquisition strengthens Kelvin Group’s ability to support refrigeration and mechanical services customers across a broader regional network”
Hays Cooling and Heating is now operating as Service Experts Tempe, indicating an acquisition or rebranding of a local HVAC/plumbing firm.
“Service Experts Tempe is proud to join the Service Experts family, combining 30+ years of local expertise with a trusted national brand serving communities since 1996.”
Rolf Griffin Heating and AC has joined the Service Experts family, integrating local expertise with national brand support.
“Rolf Griffin Service Experts is proud to join the Service Experts family, blending 126+ years of local expertise with a trusted national brand serving communities since 1996.”
Taylor Heating Inc. operates as part of the Service Experts network, illustrating the trend of local HVAC firms integrating into national roll-up platforms.
“As part of the Service Experts network, serving communities across the U.S. since 1996, we’re equipped with the training and resources needed for consistent, efficient results.”
Arizona's Dukes of Air & Plumbing operates as part of the Service Experts network, blending local expertise with national brand support.
“Arizona's Dukes of Air & Plumbing proudly operates as part of the Service Expertss network, blending over 25 years of local East Valley expertise with a respected national brand”
Taylor Heating Inc. operates as part of the Service Experts network, illustrating the consolidation of local HVAC and plumbing firms under a national brand.
“As part of the Service Experts network, serving communities across the U.S. since 1996, we’re equipped with the training and resources needed for consistent, efficient results.”
Service Experts Tempe joined the Service Experts family, leveraging 30+ years of local expertise under a national brand structure.
“Service Experts Tempe is proud to join the Service Experts family, combining 30+ years of local expertise with a trusted national brand serving communities since 1996.”
Service Experts operates a national home services platform combining local management with national brand support and resources.
“Expert home services—locally managed with national brand support. Quick repairs, full upgrades, or anything in between.”
Customer review confirms Aire Serv recently bought a local HVAC business from its previous owner and honored existing warranties.
“Aire Serv had recently bought the company from the previous owner but they honored the warranty with no problem. Very happy with the service from Hunter and the new Aire Serv company.”
Rocket Group acquired TLS Air Conditioning & Insulation as its first entry into Florida, converting insulation business to full HVAC.
“Rocket Group acquired TLS Air Conditioning & Insulation of Southwest Florida as its 13th acquisition and first entry into Florida”
Rocket Group acquired TLS Air Conditioning as its first entry into Florida, converting it to a full HVAC division.
“Rocket Group acquired TLS Air Conditioning & Insulation of Southwest Florida as its 13th acquisition and first entry into Florida”
Arizona's Dukes of Air & Plumbing operates as part of the Service Experts network, blending local expertise with national brand support.
“Arizona's Dukes of Air & Plumbing proudly operates as part of the Service Expertss network, blending over 25 years of local East Valley expertise with a respected national brand”
Russell's American Mechanical has joined the NearU roll-up platform, indicating a consolidation of home services in Virginia.
“If you’ve recently learned that your go-to HVAC, plumbing, drains, IAQ, and generator company has joined NearU, then this is something to get excited about!”
Redwood Services (Memphis) acquired Sierra Platform (Las Vegas), a network of residential HVAC, plumbing, and electrical service providers.
“**Redwood Services** (Memphis, Tenn.) acquired **Sierra Platform** (Las Vegas), a network of residential HVAC, plumbing, and electrical service providers.”
Customer notes that Sila, Boston Standard, and New England Ductless are all part of the same company, indicating a consolidated platform.
“Know that Sila, Boston Standard and New England Ductless are all part of the same company so you’ll want to look outside of those firms for a legit second opinion.”
ABC Refrigeration, acquired by CoolSys years ago, has now fully transitioned and rebranded as CoolSys in the Northeast.
“Now, we are pleased to announce that ABC Refrigeration is becoming CoolSys. As one unified organization, the newly rebranded CoolSys team in your region will deliver enhanced capabilities”
Duquette Refrigeration has fully transitioned to the CoolSys brand, indicating an acquisition or rebranding within the CoolSys platform.
“Duquette Refrigeration has fully transitioned to the CoolSys brand. While our name and logo have changed, our unwavering commitment to excellent customer service”
CoolSys acquired CRM HVAC & Refrigeration eight years ago, integrating it into the CoolSys brand to expand commercial capabilities in Wisconsin.
“Eight years ago, CoolSys acquired CRM HVAC & Refrigeration, a trusted provider of commercial HVAC and refrigeration services for supermarkets”
The most active PE firms in home services are KKR (Apex Service Partners), Leonard Green (Wrench Group), Morgan Stanley Capital Partners (Sila Services), Charlesbank (ARS/Rescue Rooter), and Brookfield (Service Experts). Smaller active firms include Levine Leichtman, Knox Capital, Gauge Capital, and Saw Mill Capital.
“KKR (Apex Service Partners), Leonard Green (Wrench Group), Morgan Stanley Capital Partners (Sila Services), Charlesbank (ARS/Rescue Rooter), and Brookfield (Service Experts) are the largest platform sponsors. Smaller PE firms (Levine Leichtman, Knox Capital, Gauge Capital, Saw Mill Capital) hold platforms that are actively rolling up.”
Stevenson HVAC (Beavercreek) joined the Service Experts network, combining local Dayton operations with national brand support and resources.
“Service Experts Beavercreek is proud to be part of the Service Experts family. This partnership combines our locally rooted experience—serving Dayton since 1927—with the strength of a nationally respected home services network supporting U.S. homeowners since 1996.”
Customer review confirms Freedom Air merged and the new company is honoring existing warranties.
“I found out today that Freedom Air had merged, but the new company is honoring their warranty.”
Unique Indoor Comfort is now part of the Ace Hardware Home Services family, indicating a rebrand or acquisition.
“Unique Indoor Comfort is now part of the Ace Hardware Home Services family! It’s still the same trusted service backed by four generations of serving the greater Philadelphia area”
A rising 2026 theme is the multi-trade platform, which achieves approximately 30% higher customer lifetime value compared to single-trade operators by capturing a higher share of whole-home and whole-building spend. UK examples include Tendra Technical Services and Phenna Group, both designed to span multiple disciplines.
“A rising 2026 theme is the multi-trade platform. CFOx data suggests multi-trade platforms achieve approximately 30% higher customer lifetime value compared with single-trade operators because they capture a higher share of whole-home and whole-building spend. UK examples include Tendra Technical Services and Phenna Group, both of which are explicitly designed to span multiple disciplines.”
MSouth Equity Partners has initiated a sale process for its residential HVAC, plumbing, and electrical platform, USA Hometown Experts. The company is valued at potentially $480 million or more based on current peer multiples of roughly 16x EBITDA.
“MSouth Equity Partners is exploring a sale of residential HVAC, plumbing, and electrical platform USA Hometown Experts, with the company generating $30–40M in EBITDA and potentially valued at $480M or more at current peer multiples.”
RJ Magee, who previously led the Sierra Platform, will join Redwood Services as Senior Vice President of Operations to oversee the integration of the newly acquired companies.
“The Sierra Platform’s team will join the Redwood Partner Support Center, where RJ Magee, who currently leads the Sierra Platform, will join Redwood as Senior Vice President of Operations.”
The acquisition of the Sierra Platform allows Redwood Services to enter three new major markets: Las Vegas, Denver, and Boise, while also deepening its presence in Tucson.
“The transaction, advised by Piper Sandler, brings Redwood Services into three new major markets, Las Vegas, Denver, and Boise, while deepening its presence in Tucson.”
The acquisition marks the second instance of a platform buying another platform in the residential HVAC, plumbing, and electrical sector, following a similar move by Apex Service Partners. Sources suggest this deal could serve as a springboard for similar transactions going forward.
“Monday’s deal marks just the second platform-buys-platform transaction among today’s residential HVAC, plumbing, and electrical platforms, following Apex Service Partners’ It’s also the larger of the two from an acquired-EBITDA standpoint, as Frontier counted roughly $15 million of EBITDA at the time, according to two people with knowledge of the transaction. The deal could serve as a springboard for similar transactions going forward, sources say.”
Redwood Services has acquired a group of five contracting businesses from investment firm SE Capital for $220 million. The transaction values the target at roughly 11x to 13x EBITDA and increases Redwood's total annualized EBITDA to over $100 million.
“Residential HVAC, plumbing, and electrical platform Redwood Services has acquired a group of five contracting businesses from investment firm SE Capital, the company The valuation represents a multiple of roughly 11x on around $20 million of EBITDA, according to one of the people, while another source placed the figures at roughly 13x on approximately $17 million. The deal pushes Redwood’s total annualized EBITDA to “over” $100 million, one of the people said, without specifying — and its total number of contractor partners from 19 to 24 across the U.S., excluding tuck-in acquisitions.”
RJ Magee, who previously led the Sierra Platform, is joining Redwood Services as Senior Vice President of Operations to oversee the integration of the newly acquired companies and support their growth within the network.
“The Sierra Platform’s team will join the Redwood Partner Support Center, where RJ Magee, who currently leads the Sierra Platform, will join Redwood as Senior Vice President of Operations.”
The acquisition expands Redwood Services into three new major markets: Las Vegas, Denver, and Boise, while deepening its presence in Tucson. This move extends the platform's reach across Nevada, Arizona, Idaho, and Colorado.
“The transaction, advised by Piper Sandler, brings Redwood Services into three new major markets, Las Vegas, Denver, and Boise, while deepening its presence in Tucson.”
Redwood Services, founded in 2020, continues to expand its national platform by partnering with residential HVAC, plumbing, and electrical contractors using a centralized-support, local-brand model.
“Redwood Services, founded in 2020, continues to expand its national platform by partnering with residential HVAC, plumbing, and electrical contractors.”
As part of the integration, Sierra Platform leader RJ Magee will join Redwood Services as senior vice president of operations.
“Sierra Platform leader RJ Magee will join Redwood Services as senior vice president of operations.”
Through the Sierra Platform acquisition, Redwood Services enters three new major markets and strengthens its presence in Tucson.
“The acquisition brings Redwood into three new major markets—Las Vegas, Denver, and Boise—while strengthening its presence in Tucson.”
Redwood Services acquired the Sierra Platform, adding five partner companies, ~400 employees, and a customer base of more than 40,000 households annually across Nevada, Arizona, Idaho, and Colorado.
“the transaction adds five partner companies, approximately 400 full-time employees, and a customer base serving more than 40,000 households annually. The Sierra Platform operates across Nevada, Arizona, Idaho, and Colorado, with headquarters in Las Vegas.”
In May 2026, Apollo agreed to a roughly $2 billion minority investment in Apex Service Partners at a valuation of approximately $10 billion, joined by an additional check from founding sponsor Alpine.
“In May 2026, Apollo agreed to a roughly $2 billion minority investment in Apex Service Partners at an approximate $10 billion valuation, alongside an additional check from founding sponsor Alpine.”
Apollo announced a minority investment in Apex Service Partners in May 2026, with Alpine remaining controlling. Close expected Q4 2026.
“Apollo announced a minority investment in May 2026; Alpine remains controlling (close expected Q4 2026).”
Grizzly MEP acquired Stegall Mechanical, an Alabama-based contractor founded in 1957, operating an integrated plumbing, HVAC, and electrical business serving industrial, healthcare, education, and hospitality customers across Alabama and the broader Southeast.
“Grizzly MEP acquired Stegall Mechanical, an Alabama-based contractor founded in 1957.”
Kansas City-based residential HVAC company Flint Group acquired Air Around the Clock, a nearly 40-year-old HVAC and plumbing provider based in South Florida, serving Miami-Dade, Broward, and Palm Beach counties.
“Flint Group acquired Air Around the Clock, a nearly 40-year-old HVAC and plumbing provider based in South Florida.”
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.”
Leap Partners / Air Hawk Heating & Cooling
“April 30, 2026. Leap Partners Acquires Air Hawk Heating & Cooling.”