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.
Signal volume over time
1,577 dated signals shown · 93 undated (excluded from the chart).
NexCore acquired Action Air, Accutemp Engineering, and FX Automation to expand its Northeast footprint and add building controls expertise.
“NexCore, the Trinity Hunt Partners-backed commercial HVAC platform, has acquired Action Air Systems (Connecticut), Accutemp Engineering (Massachusetts) and FX Automation”
ESA, a local HVAC/plumbing firm in Columbia, MD, is part of the Service Experts family, illustrating regional consolidation under a national brand.
“Environmental Systems Associates is proud to be part of the Service Experts family, blending years of local knowledge with the strength of a nationally recognized brand”
Local HVAC/plumbing firm Wesley Wood (est. 1967) is part of the Service Experts family, combining local experience with national brand support.
“Wesley Wood Service Experts is honored to be part of the Service Experts family. This partnership combines decades of Southeast Pennsylvania experience—serving this region since 1967—with the depth of a leading national provider supporting homeowners nationwide since 1996.”
Local HVAC and plumbing firm Arizona's Dukes of Air & Plumbing operates as part of the Service Experts network, indicating a roll-up or partnership.
“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”
Independent business owners in Nashville consolidated in 1996 to form Service Experts, creating a unified HVAC and plumbing platform.
“Formed in 1996 outside of Nashville, several independent business owners realized they’d be stronger together and formed what is now Service Experts.”
Champions Group announced a deal with Blackstone's BXPE perpetual capital vehicle at ~$2.5B enterprise value (~18.5x EBITDA).
“Champions Group to Blackstone's BXPE perpetual capital vehicle. ~$2.5B enterprise value on ~$140M EBITDA. Implied ~18.5x EBITDA. Announced February 2026.”
Blackstone's perpetual capital vehicle, BXPE, acquired Champions Group for an enterprise value of approximately $2.5 billion, implying a multiple of ~18.5x EBITDA.
“Champions Group to Blackstone's BXPE perpetual capital vehicle. ~$2.5B enterprise value on ~$140M EBITDA. Implied ~18.5x EBITDA. Announced February 2026.”
Blackstone acquired the residential HVAC, plumbing, and electrical platform Champions Group at a valuation of $2.5 billion (18.5x EBITDA) and placed it within its perpetual-capital vehicle BXPE.
“The headline deal. Blackstone acquired the residential HVAC, plumbing, and electrical platform at roughly 18.5x EBITDA on around $140M in EBITDA — and parked it inside BXPE, its perpetual-capital vehicle built to hold for decades.”
Blackstone’s perpetual-capital vehicle purchased Champions Group in February 2026 for approximately $2.5 billion at an estimated 18.5x EBITDA multiple.
“Blackstone’s perpetual-capital vehicle bought Champions Group at a reported ~$2.5 billion and ~18.5x EBITDA in February 2026.”
Tweet Garot Mechanical, a Wisconsin-based mechanical contractor, acquired Prime Specialty Contracting and its offices in Marquette and Escanaba, Michigan. The deal closed in February 2026 and expands Tweet Garot's presence into Upper Michigan. Prime Specialty Contracting operates three divisions: Prime Mechanical Contracting, Prime Plumbing, Heating & Cooling, and Prime Welding & Fabrication.
“Tweet Garot Mechanical, a Wisconsin-based mechanical contractor, has acquired Prime Specialty Contracting and its offices in Marquette and Escanaba.”
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)”
Champions Group Holdings announced the acquisition of North Texas residential service provider Lex Cooling, Heating, Plumbing & Electrical, advancing its strategy to expand in high-demand U.S. markets. Lex retains its brand under Champions Group.
“Champions Group Holdings announced the acquisition of Lex Cooling, Heating, Plumbing & Electrical, a residential service provider based in North Texas. This marks another major step in Champions Group’s strategy to expand service in high-demand markets across the United States.”
The Lex acquisition is framed as a significant step in Champions Group's Texas growth strategy, expanding its footprint in high-demand markets across the United States.
“This investment represents a significant step in Champions Group’s Texas growth strategy.”
Champions Group Holdings announced the acquisition of Lex Cooling, Heating, Plumbing & Electrical, a North Texas residential HVAC, plumbing, and electrical service provider, as part of its U.S. growth strategy. Lex retains its brand and operates under Champions Group.
“IRVINE, California — Champions Group Holdings announced the acquisition of Lex Cooling, Heating, Plumbing & Electrical, a residential service provider based in North Texas. This marks another major step in Champions Group’s strategy to expand service in high-demand markets across the United States.”
United Building Solutions (UBS) has acquired DFW Mechanical Group, a commercial HVAC and plumbing provider based in Wylie, Texas. This is described as UBS' second add-on transaction following an investment into the company.
“This is UBS’ second add-on transaction following investment into the company by”
Brett Thomas, President of DFW Mechanical Group, will remain as President of the DFW division post-acquisition, ensuring leadership continuity and maintaining customer relationships.
“DFW will continue to operate as a distinct division led by its current President, Brett Thomas, ensuring leadership continuity for its established client base.”
The acquisition of DFW Mechanical Group allows UBS to expand its geographic reach into the Southern U.S., a region experiencing high demand for commercial HVAC services due to construction growth, climate factors, and energy efficiency trends.
“This acquisition further diversifies our array of services and enables us to reach the key markets in the Southern US that are experiencing heightened demand for specialized building management solutions.”
This acquisition is the second major add-on for United Building Solutions since AE Industrial Partners invested in February 2025, following the acquisition of Total Comfort Solutions. It exemplifies a buy-and-build strategy in the commercial HVAC market.
“This acquisition is the second major add-on for United Building Solutions since AE Industrial Partners (AEI) made a significant investment in the company in February 2025.”
United Building Solutions (UBS) has acquired DFW Mechanical Group, a Wylie, Texas-based HVAC service provider with operations across Texas, Oklahoma, Georgia, and Florida. The deal expands UBS's reach into the Southern U.S. market and is part of a PE-backed consolidation strategy.
“The acquisition brings Wylie, Texas-based DFW Mechanical Group and its operations across Texas, Oklahoma, Georgia, and Florida under the UBS umbrella.”
Sila positions the NEOH acquisition as part of its broader strategy of building strong regional platforms combining local operations with national support.
“Sila Services notes that the acquisition reflects its broader strategy of building strong regional platforms that combine local operations with national support to drive long-term growth for employees, customers, and communities.”
Sila Services acquired the NEOH group, bringing several established Ohio HVAC and home services brands (Simpson Heating & Air, Bonsky Heating & Cooling, Best Heating & Air Solutions, Ultra Clean Duct Cleaning, Coblentz Plumbing Solutions, Trade Masters Academy) under the Sila Services platform.
“The deal brings several established Ohio HVAC and home services brands under the Sila Services platform.”
Sila Services frames the NEOH deal as part of a broader strategy of building regional platforms that combine local operations with national support to drive growth via consolidation.
“Sila Services notes that the acquisition reflects its broader strategy of building strong regional platforms that combine local operations with national support to drive long-term growth for employees, customers, and communities.”
Sila Services acquired NEOH, a multi-brand home services platform across Ohio, adding Simpson Heating & Air, Bonsky Heating & Cooling, Best Heating & Air Solutions, Ultra Clean Duct Cleaning, Coblentz Plumbing Solutions, and Trade Masters Academy to its platform. The deal expands Sila's Midwest HVAC and plumbing footprint.
“Sila Services announced it has expanded its Midwest footprint with the acquisition of NEOH, a multi-brand home services platform operating across Ohio.”
“Kelvin Group, a national provider of industrial and commercial mechanical refrigeration services backed by Southfield Capital, has acquired PermaCold Engineering, a Portland-based industrial refrigera”
Legence funded the Bowers acquisition partly through a $200 million upsizing of its term loan facility, alongside cash on hand and equity issuance.
“the purchase price consisted of upfront cash consideration of $325 million, which was funded by a combination of cash on hand, borrowings under the Company’s revolving line of credit, the $200 million upsizing of Legence’s term loan facility and the issuance of approximately 2.55 million shares of Legence’s Class A common stock.”
The acquisition of Bowers expands Legence's mechanical, plumbing, and process system capabilities in the Northern Virginia and DC Metro area, aligning with Legence's growth strategy as a provider of MEP services.
“The completion of this acquisition marks an important milestone in our growth strategy, and we are confident that together, we will achieve even greater success.”
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.”
Blackstone completed a $2.5 billion acquisition of the Champions Group in early 2026, signaling major PE interest in home services.
“Blackstone’s $2.5 billion acquisition of the Champions Group in early 2026 signaled that the largest players in private equity see this trend as early innings”
Tracker identifies 27 active US HVAC PE roll-up platforms buying businesses in 2026.
“27 active US HVAC PE roll-up platforms are buying in 2026, led by Apex Service Partners (Alpine Investors), Sila Services (Morgan Stanley Capital Partners)”
Apex Service Partners, backed by Apollo at a reported $10 billion valuation, has rolled up more than 100 brands and closed roughly 60 add-ons in 2025, expanding its residential HVAC and plumbing footprint significantly.
“Apex Service Partners, now Apollo-backed at a reported $10 billion, had rolled up more than 100 brands by early 2026 and closed roughly 60 add-ons in 2025 alone.”
Blackstone-backed Legence acquired the Bowers Group to deepen its commercial energy-services and mechanical footprint, signaling public market interest in this sector following its recent IPO.
“Blackstone-backed Legence, fresh off its September 2025 IPO, added the Bowers Group to deepen its commercial energy-services and mechanical footprint — a clear signal that public markets want this exposure too.”
Apex Service Partners, backed by Alpine Investors, closed approximately 60 add-on acquisitions in 2025 across HVAC, plumbing, and electrical, bringing its platform to nearly 300 businesses and ~$1.3 billion in annual revenue. This pace made it the most active HVAC acquirer in the country.
“Apex Service Partners, backed by Alpine Investors, closed approximately 60 add-on acquisitions in 2025 alone across HVAC, plumbing, and electrical — substantially more than any other platform tracked by the 2026 HVAC PE roll-up analysis compiled by CTC Acquisitions.”
Service Logic, a commercial mechanical platform, was involved in a sponsor-to-sponsor recapitalization in 2025-2026, implying mid-teens EV/EBITDA.
“The disclosed sponsor-to-sponsor platform recap multiples in 2025-2026 (Service Logic, Champions Group) imply mid-teens EV/EBITDA at the platform level”
