Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 1121 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.
1,092 dated signals shown · 29 undated (excluded from the chart).
Right Time Group of Companies acquired Toronto-based Belyea Bros., a heating/plumbing institution dating to 1908. Right Time now operates 27 locations across Canada and is majority-owned by PE firm Gryphon Investors.
“Right Time Group of Companies has acquired Toronto -based Belyea Bros., an institution in the Toronto plumbing and heating trades dating back to 1908.”
RD&S, a platform company of Kelvin Group and Southfield Capital, made an add-on acquisition of GMS Services to expand its commercial refrigeration service capabilities and geographic reach into the Southeast and Great Lakes region.
“This acquisition marks a significant milestone in RD&S's growth trajectory, significantly expanding its geographic footprint within the Southeast and Great Lakes region as well as enhancing its commercial refrigeration service offerings.”
On May 21 Right Time named Doug Hart as CEO, replacing Craig Goettler. Hart previously led Royal House Partners, a Texas-based HVAC roll-up owned by CPS Capital, and held roles at Reliance Home Comfort.
“on May 21st Right Time named Doug Hart as CEO, taking over the position last held by Craig Goettler.”
Sila's CEO acknowledges widespread industry talk about selling to private equity and says Sila takes a differentiated approach, framing deals as investing in teams and keeping owners involved rather than simply buying companies.
“Yeah, there's a lot of talk in the industry these days about selling your company in private equity. And we've tried to take a different approach to that.”
Sila's CEO states the company has acquired about 35 companies while building its home-services platform, targeting healthy businesses rather than turnarounds.
“in our several years of building a platform, we've acquired about 35 companies along the way. And with all those, we actually want to make them better. We don't acquire companies that are in trouble and try to fix them.”
Jason Rubino, CEO of Sila Services (transcribed as 'CELA/CLS Services'), describes Sila as a platform company in HVAC and other home services, multi-trade across HVAC, plumbing and electrical, with 1,600 team members, 25 brands and 32 locations.
“CELA Services is a platform company in HVAC and other home services.”
Southern Home Services (SHS), which operates home services companies across the U.S., acquired David Gray Electrical, Plumbing, Heating & Air of Jacksonville, Florida. David Gray will continue under its own name and SHS plans to retain employees.
“Southern Home Services (SHS), which operates home services companies across the U.S., has acquired David Gray Electrical, Plumbing, Heating & Air of Jacksonville, Florida.”
Sila Services, a home-services company with more than 30 brands across the Northeast, Mid-Atlantic, and Midwest, acquired T-Mark Plumbing, Heating, Cooling & Electric of the Buffalo, NY area, expanding its presence in New York.
“Sila Services, a home services company with more than 30 brands in the Northeast, Mid-Atlantic, and Midwest regions, has acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.”
Sila Services, a home services company with more than 30 brands across the Northeast, Mid-Atlantic, and Midwest, acquired T-Mark Plumbing, Heating, Cooling & Electric in the Buffalo, New York area, expanding its presence in western New York.
“Sila Services, a home services company with more than 30 brands in the Northeast, Mid-Atlantic, and Midwest regions, has acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.”
PE-backed home-services roll-up Sila Services acquired an HVAC contractor and generator installer (add-on/tuck-in).
“Sila Services Acquires HVAC Contractor, Generator Installer”
PE-backed home-services platform Sila Services made two add-on acquisitions, HVAC contractor Glasco Heating & Air Conditioning (Connecticut) and backup-generator installer Essential Power Systems (New York), expanding its footprint across the Connecticut and New York region.
“Sila Services LLC has made two acquisitions, Glasco Heating & Air Conditioning and Essential Power Systems.”
Roll-up platform Sila Services acquired Glasco Heating & Air Conditioning (CT) and Essential Power Systems (NY), expanding its footprint across Connecticut and New York.
“Sila Services LLC has made two acquisitions, Glasco Heating & Air Conditioning and Essential Power Systems.”
Sila Services, a Philadelphia-based home-services platform, acquired Ainsley Heating & Cooling (Cortland, Ohio) and ECS Comfort Heating & Cooling (Palmyra, Pa.) as add-on acquisitions.
“Sila Services (Philadelphia) acquired Ainsley Heating \& Cooling (Cortland, Ohio) and ECS Comfort Heating \& Cooling (Palmyra, Pa.).”
Discussion of technician and employee anxiety when private equity or a buyer acquires their home-services business, including the fear that PE goes in and cuts staff for quick ROI; the integration leader argues this is not the case in this people-driven industry.
“P is known for, you know, going in and the first thing they can do is, is cut over, you know, like cut, uh, you know, a bunch of people so they can, you know, I think get some, you know, quick ROI”
Goettl integration leader describes industry consolidation as a long-running cycle whose speed has picked up notably, with one host noting it has accelerated a lot over the last four years.
“It's the cycle, I think, and the speed has definitely picked up”
Sila Services is a multi-brand home-services consolidator operating 26 brands in 33 locations across the Northeast, Mid-Atlantic, and Midwest in HVAC, plumbing, electrical, and water treatment.
“Sila Services is a Philadelphia-based home services company that operates 26 brands in 33 locations across the Northeast, Mid-Atlantic, and Midwest. Its brands offer services in the HVAC, plumbing, electrical, and water-treatment fields.”
Sila Services acquired residential HVAC company Ainsley Heating & Cooling of Cortland, Ohio, strengthening its presence in the Ohio market and Western Pennsylvania.
“PHILADELPHIA — Sila Services LLC has acquired Ainsley Heating & Cooling, a residential HVAC company based in Cortland, Ohio.”
Sila Services is described as a multi-brand home-services consolidator operating 26 brands in 33 locations across the Northeast, Mid-Atlantic, and Midwest spanning HVAC, plumbing, electrical, and water-treatment.
“Sila Services is a Philadelphia-based home services company that operates 26 brands in 33 locations across the Northeast, Mid-Atlantic, and Midwest. Its brands offer services in the HVAC, plumbing, electrical, and water-treatment fields.”
Sila Services, a PE-backed home-services platform operating 26 brands in 33 locations, acquired Ainsley Heating & Cooling, a residential HVAC company in Cortland, Ohio, as a tuck-in to strengthen its Ohio and Western Pennsylvania presence.
“PHILADELPHIA — Sila Services LLC has acquired Ainsley Heating & Cooling, a residential HVAC company based in Cortland, Ohio.”
PremiStar acquired Mercury Mechanical, a full-service HVAC, sheet metal, and pipe contractor based in Northlake, Illinois, expanding its presence in the Chicagoland area, Illinois, and Southern Wisconsin.
“PremiStar, a leader in commercial and industrial HVAC, plumbing, and building automation services, took over Mercury Mechanical, a full-service HVAC, sheet metal, and pipe contractor based in Northlake, Illinois.”
PE-backed home-services platform Sila Services acquired ECS Comfort Heating & Cooling of Palmyra, PA, extending its footprint in the Central Pennsylvania region.
“PHILADELPHIA — Sila Services is continuing its expansion into Central Pennsylvania with the recent acquisition of ECS Comfort Heating & Cooling.”
An image caption notes Sila Services has acquired T-Mark Plumbing, Heating, Cooling & Electric in western New York.
“Sila Services has acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.”
Sila Services, a multi-brand home-services platform, acquired ECS Comfort Heating & Cooling of Palmyra, Pennsylvania, continuing its roll-up expansion in the Central Pennsylvania region.
“PHILADELPHIA — Sila Services is continuing its expansion into Central Pennsylvania with the recent acquisition of ECS Comfort Heating & Cooling.”
PE-backed home-services roll-up Sila Services acquired a Central Pennsylvania contractor (add-on/tuck-in).
“Sila Services Acquires Central Pennsylvania Contractor”
PremiStar's CEO describes a consistent platform roll-up strategy of acquiring market-leading regional HVAC service providers and resourcing them to grow.
““Our long-standing strategy for expansion at PremiStar has been to acquire market-leading regional service providers and provide them with the resources needed to grow their internal capabilities and client relationships,” says Joe Kirmser, CEO of PremiStar.”
PremiStar, a commercial and industrial HVAC, plumbing, and building automation services platform, acquired Entek Solutions (Buford, GA) and its subsidiary Encom (Knoxville, TN), expanding its footprint in the Atlanta metro area and beyond.
“PremiStar, a leader in commercial and industrial HVAC, plumbing, and building automation services, has acquired Entek Solutions, a full-service HVAC company headquartered in Buford, GA, and its subsidiary, Encom, an engineered comfort service provider based in Knoxville, TN.”
Southern Home Services, a multi-market home-services platform, acquired ACE Solves It All, an HVAC/plumbing/electrical contractor in the Orlando residential market; ACE retains its name and employees.
“Southern Home Services, which operates home services companies across the U.S., has acquired ACE Solves It All, an HVAC, plumbing, and electrical services company in the Orlando residential market.”
Southern Home Services, which operates home-services companies across the U.S., acquired ACE Solves It All, a 30-year-old HVAC, plumbing, and electrical contractor in the Orlando residential market.
“ORLANDO, Fla. — Southern Home Services, which operates home services companies across the U.S., has acquired ACE Solves It All, an HVAC, plumbing, and electrical services company in the Orlando residential market.”
PremiStar describes Bear Mountain Mechanical as an addition to its growing family of HVAC companies nationwide, signaling ongoing platform roll-up activity.
““Matt and his team at Bear Mountain Mechanical are a welcome addition to PremiStar’s growing family of leading HVAC companies nationwide,” says Joe Kirmser, CEO of PremiStar.”
PremiStar, a commercial/industrial HVAC, plumbing and building automation platform, acquired Bear Mountain Mechanical of Englewood, CO, expanding its Denver-metro service density. Bear Mountain will expand the capabilities of PremiStar's Colorado Mechanical Systems.
“a leader in commercial and industrial HVAC, plumbing, and building automation services, acquired [Bear Mountain Mechanical](https://stats.newswire.com/x/html?final=aHR0cHM6Ly9iZWFybW91bnRhaW5tZWNoYW5pY2FsLmNvbS8&sig=H_Bm_UfABMOY_oDxTPJ8U8FSx1QKA3VU3OCwPdg5feq3emy9iC1FDlQ586ghiB9FaohyOGHQ3CLuS6qXR6Fbsw&hit%2Csum=WyI0NDdtYzYiLCI0NDdtYzciLCI0NDdtYzUiXQ&__hstc=119435286.6094efe349eb7e1f76a36dd32fd069c3.1704262389013.1704262389013.1704262389013.1&__hssc=119435286.1.1704262389014&__hsfp=242801724), a full-service HVAC company headquartered in Englewood, CO.”
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.”
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.”
The SEER Group, a residential HVAC roll-up platform, acquired The Barton Boys Heating and Air Conditioning in 2019 as an add-on.
“In 2019, The Barton Boys Heating and Air Conditioning was acquired by The SEER Group LLC.”
Pueblo Mechanical & Controls (a PE-backed mechanical services roll-up platform) acquired Innovative Mechanical Systems in 2019 as an add-on.
“In 2019, Innovative Mechanical Systems was acquired by Pueblo Mechanical \& Controls.”
Newgaard Mechanical Inc. of Chandler, Arizona was acquired by Pueblo Mechanical & Controls in 2019.
“In 2019, Newgaard Mechanical Inc. was acquired by Pueblo Mechanical \& Controls LLC.”
The SEER Group LLC executed a sustained HVAC contractor roll-up across the Pacific Northwest from 2019 through 2022, acquiring or taking majority stakes in well over a dozen heating and air conditioning companies.
“In 2019, The SEER Group LLC acquired Climate Control Inc., Specialty Heating and Cooling, and The Barton Boys Heating and Air Conditioning. In 2020, The SEER Group LLC acquired Coffman \& Company, and Nolan Heating \& Air. In 2021, The SEER Group LLC acquired majority stakes in Aladdin Air Conditioning \& Heating Inc. and Bower Mechanical. In 2022, The SEER Group LLC acquired Terry's Heating \& Air Conditioning, Hassler Heating and Air Conditioning, First Call Heating \& Cooling, Gropp Heating, Air \& Electric, and a majority stake in J. A. Bertsch Heating \& Cooling.”
Pueblo Mechanical & Controls rolled up several mechanical and plumbing companies in 2019, acquiring Innovative Mechanical Systems, the Arizona operations of Westover Corporation, Newgaard Mechanical, CFM Mechanical, and Niemeyer Brothers Plumbing.
“In 2019, Pueblo Mechanical \& Controls acquired Innovative Mechanical Systems, the Arizona operations of Westover Corporation, Newgaard Mechanical Inc., and CFM Mechanical LLC. It also acquired Niemeyer Brothers Plumbing Inc.”
Wrench Group LLC acquired Superior Service, NexGen Air Conditioning & Plumbing, and Parker & Sons in 2022 as part of its multi-trade home-services roll-up.
“In 2022, Wrench Group LLC acquired Superior Service, NexGen Air Conditioning \& Plumbing, and Parker \& Sons.”
Wrench Group LLC, a PE-backed home-services roll-up platform, acquired Buckeye Heating & Cooling in 2021.
“In 2021, Wrench Group LLC acquired Buckeye Heating \& Cooling.”
CoolSys, a refrigeration and HVAC services platform, acquired Triangle Refrigeration in 2021.
“In 2021, Triangle Refrigeration was acquired by CoolSys.”
The SEER Group LLC, a home-services roll-up platform, acquired Specialty Heating and Cooling in 2019.
“In 2019, Specialty Heating and Cooling was acquired by The SEER Group LLC.”
EMCOR Group, Inc. and its UK subsidiary entered into a Seventh Amended and Restated Credit Agreement providing a $1.30 billion five-year revolving credit facility, with an option to increase the facility by up to an additional $900 million or more based on EBITDA. The facility matures on December 20, 2028, and is guaranteed by substantially all U.S. subsidiaries and secured by assets.
“The 2023 Credit Agreement provides for a $1.30 billion five year revolving credit facility under which the Company may borrow up to $1.30 billion and EMCOR UK may borrow up $100.0 million. The Company has the ability to increase the revolving credit facility by up to an additional amount equal to the greater of (a) $900 million and (b) the Company’s Adjusted EBITDA (as such term is defined in the 2023 Credit Agreement) for the twelve-month period then ended.”
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”).”
Sila Services LLC acquired Burns & McBride Home Comfort, a residential HVAC company founded in 1949 in New Castle, Delaware, strengthening Sila's position in the Mid-Atlantic region.
“Sila Services LLC has acquired Burns & McBride Home Comfort, a residential HVAC company based in Delaware.”
An image caption notes Sila Services has acquired T-Mark Plumbing, Heating, Cooling & Electric in western New York.
“Sila Services has acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.”
Sila Services LLC acquired Burns & McBride Home Comfort, a residential HVAC company founded in 1949 in Delaware, strengthening its position in the Mid-Atlantic region.
“PHILADELPHIA — Sila Services LLC has acquired Burns & McBride Home Comfort, a residential HVAC company based in Delaware.”
In October 2023, Alpine Investors and Partners Group completed a $3.4 billion continuation fund for Apex Service Partners, one of the largest single-business continuation transactions in PE history. This structure allows Alpine to hold Apex indefinitely rather than pursuing a typical 3-5 year exit.
“The company is backed by Alpine Investors and Partners Group, the latter having participated in a $3.4 billion continuation fund in October 2023 — one of the largest single-business continuation transactions in PE history.”
Enercare made its first expansion into British Columbia through an investment in Vancouver-based Pioneer Plumbing and Heating Inc. (est. 1976, ~45 employees), which will continue operating under its own name and leadership.
“Enercare establishes itself in the B.C. market thanks to its recent investment in Pioneer Plumbing and Heating Inc. Th s investment will mark Enercare's fi st expansion into B.C.”
Comfort Systems USA, Inc. appointed Rhoman J. Hardy as a director and member of the Audit Committee, effective October 1, 2023. This leadership change is disclosed in an SEC 8-K filing.
“On September 25, 2023, based on the recommendation of the Nominating, Governance and Sustainability committee of the Board of Directors (the “Board”) of Comfort Systems USA, Inc. (the “Company), the Board appointed Rhoman J. Hardy as a director commencing on October 1, 2023. Mr. Hardy has also been appointed as a member of the Audit Committee, effective October 1, 2023.”
The acquisition marks Southern Home Services' first business unit in Maryland and expands its footprint in the greater Mid-Atlantic, which its CEO calls a key market.
“The acquisition strengthens Southern Home Services’ offerings and market share with its first business unit in Maryland, and further solidifies its position as a leader in the home services industry”