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.
Huron Capital portfolio company Exigent Holdco LLC, an HVAC/plumbing/mechanical services platform, acquired JPG Plumbing & Mechanical Services Inc. (Maryland) and ThermaServe Inc. (Florida) as add-ons under Huron's ExecFactor platform strategy.
“DETROIT — Lower middle-market private equity firm Huron Capital’s portfolio company Exigent Holdco LLC, a provider of mission-critical HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services, has acquired JPG Plumbing & Mechanical Services Inc. and ThermaServe Inc.”
Southern HVAC Corp. (Southern Home Services) acquired Spartanburg-area HVAC firm George M. Hill & Sons, which will merge with platform brand Five Star Plumbing Heating & Cooling to serve the Greenville-Spartanburg market.
“Southern HVAC Corp. acquired George M. Hill & Sons Inc.”
ElectricalHVACPlumbing
www.achrnews.com Southern HVAC Corp. (Southern Home Services) acquired George M. Hill & Sons Inc., which will merge with its Five Star Plumbing Heating & Cooling brand to serve the Greenville-Spartanburg, SC market.
“SPARTANBURG, S.C. — Southern HVAC Corp. acquired George M. Hill & Sons Inc. Since 1945, George M. Hill & Sons has provided customers throughout Spartanburg, Greenville, and the greater upstate market with highly rated heating, air conditioning maintenance, repair, and replacement services. George M. Hill & Sons will merge with Five Star Plumbing Heating & Cooling to provide home service solutions to homeowners in the Greenville-Spartanburg market.”
Per Wrench Group's CEO, despite recent acquisition activity, private equity holds only about $10 billion of an estimated $130 billion market, with 80%+ still represented by mom-and-pop operators, signaling large remaining consolidation runway.
“PE, Haines said, has helped professionalize HVAC service businesses, but, despite the flurry of acquisitions in the last few years still only holds about $10 billion of an estimated $130 billion market.”
Wrench Group began in 2016 as a partnership of four service businesses (including Haines' Coolray), was purchased by a private equity firm in 2016, sold again in 2019, and now has three private equity investors.
“Haines, formerly the owner and operator of Coolray Heating and Cooling Inc. in Atlanta, said Wrench Group began in 2016 as a partnership of four service businesses, including his, in different markets. The new company was purchased by a private equity firm in 2016, sold again in 2019, and now has three private equity investors.”
Ken Haines, CEO of PE-backed home-services platform Wrench Group, reports a substantial slowing of HVAC deal activity and declining multiples, attributed partly to higher interest rates, though he sees continued opportunity.
““We’ve seen substantial slowing down of deals, multiples coming down,” said Ken Haines, CEO of Wrench Group, which has home services businesses — concentrated in HVAC, electrical work, and plumbing — in 25 markets across 14 states.”
ElectricalHVACPlumbing Negative
www.achrnews.com Bankers and a buyer agree higher interest rates have put a damper on HVAC M&A, with lenders being more careful and economic/geopolitical uncertainty weighing on the outlook.
“Haines said higher interest rates have recently put a damper on some M&A activity in HVAC, and Polk and Wilson agreed.”
Despite the acquisition flurry, PE still holds only about $10 billion of an estimated $130 billion HVAC market, with 80%+ still represented by mom-and-pop firms, signaling a long consolidation runway.
“PE, Haines said, has helped professionalize HVAC service businesses, but, despite the flurry of acquisitions in the last few years still only holds about $10 billion of an estimated $130 billion market.”
From a buyer's perspective, Wrench Group CEO Ken Haines reports a substantial slowdown in deals and declining multiples, attributing some of the cooling to higher interest rates.
““We’ve seen substantial slowing down of deals, multiples coming down,” said Ken Haines, CEO of Wrench Group, which has home services businesses — concentrated in HVAC, electrical work, and plumbing — in 25 markets across 14 states.”
The Weeks Service Company acquisition marks Strikepoint Group Holdings' geographic expansion into the Texas home-services market.
“Enters Texas home services market”
ElectricalHVACPlumbing
www.achrnews.com Strikepoint Group Holdings (formerly Horizon Group Holdings), a US home-services platform, acquired Weeks Service Company in the Greater Houston area, marking its expansion into the Texas home-services market. Weeks provides HVAC, plumbing, electrical, IAQ, and generator services.
“Strikepoint Group Holdings (SGH), formerly Horizon Group Holdings, a home services company in the United States, announced that it has acquired Weeks Service Company, which serves customers in the Greater Houston metropolitan area. The deal marks SGH’s expansion into the Texas home services market.”
ElectricalHVACPlumbing
www.achrnews.com Strikepoint Group Holdings (formerly Horizon Group Holdings) acquired Houston-area Weeks Service Company (HVAC, plumbing, electrical), marking its entry into the Texas home services market.
“Strikepoint Group Holdings (SGH), formerly Horizon Group Holdings, a home services company in the United States, announced that it has acquired Weeks Service Company, which serves customers in the Greater Houston metropolitan area. The deal marks SGH’s expansion into the Texas home services market.”
FirstCall's launch was anchored by four regional acquisitions across the Southeast: STR Mechanical, Technical Services, TimCo Heating and Air, and the services assets of JAX Refrigeration.
“To date, FirstCall has welcomed four regional operations to the platform: STR Mechanical in the Carolinas, Technical Services in Virginia, TimCo Heating and Air in Georgia, and the services assets of JAX Refrigeration in Florida.”
PE firm SkyKnight Capital launched FirstCall Mechanical Group, a commercial HVAC/refrigeration/electrical/plumbing services platform, partnering with founder/CEO Evan Eachus.
“SkyKnight Capital L.P., a private equity firm, announced that it has launched FirstCall Mechanical Group, a commercial services platform providing mission critical HVAC, refrigeration, electrical, and plumbing services to commercial and industrial customers including distribution centers, universities, industrial facilities, and government entities.”
Sila Services framed the Central Cooling & Heating acquisition as continuing its customer-focused growth strategy and platform expansion across New England.
“We're excited to continue our customer-focused growth strategy in the New England region in partnership with”
PE-backed home-services platform Sila Services acquired Central Cooling & Heating Inc., a Woburn, Mass.-based HVAC provider serving the Greater Boston area, as part of its New England expansion.
“Sila Services LLC has acquired Central Cooling & Heating Inc., a provider of air conditioning, heating, and indoor air quality services in the”
An image caption notes Sila Services had 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 framed the deal as part of a continued growth strategy expanding across New England and beyond, with the acquired brand joining the broader Sila platform.
“As Sila Services continues to expand across New England and beyond, the combination of our innovative operational support resources with high-performing, distinctive home services brands will continue to create opportunities for our expert team members and growth for the broader Sila Services platform,”
Sila Services LLC, a home-services roll-up platform, acquired Central Cooling & Heating Inc., a Greater Boston HVAC provider, expanding its New England footprint.
“Sila Services LLC has acquired Central Cooling & Heating Inc., a provider of air conditioning, heating, and indoor air quality services in the Greater Boston area.”
The Nevada Heating deal is framed as the latest in a series of acquisitions/partnerships Goettl has made with HVAC and plumbing companies, including 2022 entries into Texas and California.
“This acquisition is the latest in a series of partnerships made by Goettl with HVAC and plumbing companies to expand its reach and bring its services to new markets. In 2022, Goettl extended its footprint to Texas and California and continues to look at additional markets for expansion with industry leading HVAC and plumbing companies.”
HVACPlumbing
www.achrnews.com Goettl announced a leadership change: president Jake Gress promoted to CEO, outgoing CEO Ken Goodrich becoming chairman, and John Landefeld named CFO.
“Goettl Air Conditioning & Plumbing president Jake Gress is being promoted to CEO, current CEO Ken Goodrich will continue as chairman, and John Landefeld was recently named the company's CFO.”
HVACPlumbing
www.achrnews.com Goettl reported 30%+ YoY growth and laid out an expansion plan to enter three to four new markets with 10 or more acquisitions and job growth in each.
“The company’s strategic plans include entering three to four new markets with 10 or more acquisitions and job growth in each market.”
HVACPlumbing
www.achrnews.com Southwest residential HVAC/plumbing roll-up Goettl acquired family-owned Nevada Heating, Cooling, Plumbing, Fireplace Inc. in Reno, Nevada as part of its acquisitional growth strategy.
“Goettl Air Conditioning & Plumbing, a provider of residential HVAC and plumbing services across the Southwest, announced that is has acquired Nevada Heating, Cooling, Plumbing, Fireplace Inc. in Reno, Nevada as part of its ongoing acquisitional growth strategy.”
HVACPlumbing
www.achrnews.com Goettl announced over 30% YoY growth and plans to enter three to four new markets with 10 or more acquisitions in each, continuing Southwest expansion.
“The company’s strategic plans include entering three to four new markets with 10 or more acquisitions and job growth in each market.”
Goettl Air Conditioning & Plumbing acquired Reno-based Nevada Heating, Cooling, Plumbing, Fireplace Inc. as part of its acquisitional growth strategy, adding fireplace service and expanding in its home state.
“Goettl Air Conditioning & Plumbing, a provider of residential HVAC and plumbing services across the Southwest, announced that is has acquired Nevada Heating, Cooling, Plumbing, Fireplace Inc. in Reno, Nevada as part of its ongoing acquisitional growth strategy.”
Sila Services frames the acquisition as part of a customer-focused growth strategy, expanding across New England and beyond and adding distinctive home-services brands to the broader Sila platform.
“As Sila Services continues to expand across New England and beyond, the combination of our innovative operational support resources with high-performing, distinctive home services brands will continue to create opportunities for our expert team members and growth for the broader Sila Services platform.”
An image caption notes Sila Services has also acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.
“Sila Services has acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.”
ElectricalHVACPlumbing
www.achrnews.com Sila Services LLC acquired Central Cooling & Heating Inc., a Woburn, Massachusetts HVAC contractor serving Greater Boston, expanding the Sila platform across New England.
“Sila Services LLC has acquired Central Cooling & Heating Inc., a provider of air conditioning, heating, and indoor air quality services in the Greater Boston area.”
Image caption notes Sila Services previously 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 Central Cooling & Heating Inc., a Greater Boston HVAC provider, continuing its New England growth strategy.
“Sila Services LLC has acquired Central Cooling & Heating Inc., a provider of air conditioning, heating, and indoor air quality services in the Greater Boston area.”
Salvatore Sidoti Jr. will remain as president of Sal's Heating & Cooling, and Marilyn Sidoti will transition as an acquisition specialist following the acquisition by User Friendly Home Services.
“Sal Jr., who will remain with the company as president of Sal's Heating & Cooling, now leads the team alongside his wife, Marilyn, who will transition with the company as an acquisition specialist.”
With the acquisition of Sal's Heating & Cooling, User Friendly Home Services has extended its national network of HVAC and home service companies to 10 locations, indicating ongoing roll-up activity.
“User Friendly Home Services has extended its national network of HVAC and home service companies to 10 with the Sal's acquisition.”
User Friendly Home Services announced the acquisition of Sal's Heating & Cooling in North Royalton, Ohio. This expands User Friendly's national network of HVAC and home service companies to 10. Sal's Heating & Cooling, founded in 1975, provides HVAC, indoor air quality, water heater, plumbing, and sewer services.
“User Friendly Home Services announced the acquisition of Sal's Heating & Cooling in North Royalton, Ohio.”
The M and M deal adds to Service Champions' prior 2021 acquisition of SWAN Heating and Air Conditioning Inc., an established player in the Loveland and Denver metro areas.
“This acquisition marks Service Champions' continued expansion and strengthened market position in the
Denver
metropolitan area adding to its 2021 acquisition of Swan Heating and Air Conditioning Inc. an established player in the
Loveland
and
Denver
metro areas.”
The M and M deal adds to Service Champions' 2021 acquisition of Swan Heating and Air Conditioning Inc. in the Loveland and Denver metro areas.
“adding to its 2021 acquisition of Swan Heating and Air Conditioning Inc. an established player in the Loveland and Denver metro areas.”
In a NEWSMakers podcast, Wrench Group CEO Ken Haines discusses the private equity-driven mergers and acquisitions trend in the HVAC industry.
“Haines discusses the private equity mergers and acquisitions trend in the HVAC industry.”
On The NEWSMakers podcast, Wrench Group CEO Ken Haines discusses the private equity mergers and acquisitions trend in the HVAC industry.
“Haines discusses the private equity mergers and acquisitions trend in the HVAC industry.”
Strikepoint Group Holdings, a home-services rollup formerly known as Horizon Group Holdings, acquired Jacksonville-based residential HVAC/IAQ company Air McCall Inc.
“Strikepoint Group Holdings (SGH), formerly Horizon Group Holdings, a home services company, announced that it has recently acquired Air McCall Inc., a residential air conditioning and indoor air quality company serving customers throughout Florida’s Jacksonville communities.”
The Dunn deal is the 16th acquisition completed by Right Time as it executes its growth strategy of adding residential HVAC and home-services locations across Canada.
“Dunn Heating and Air Conditioning is the 16th acquisition completed by Right Time as it continues to execute its growth strategy.”
The article identifies Gryphon Investors, a middle-market PE firm, as majority owner of Right Time, which continuously seeks to add residential HVAC and home-services locations across Canada.
“Right Time is majority-owned by Gryphon Investors, a middle-market private equity firm.”
Right Time Group of Companies, majority-owned by Gryphon Investors, acquired Waterloo, Ontario-based Dunn Heating ClimateCare—its 16th acquisition—continuing its Canadian residential HVAC roll-up.
“Right Time Group of Companies announced the acquisition of Waterloo-based Dunn Heating ClimateCare, which now operates as Dunn Heating and Air Conditioning.”
As part of its growth strategy, Air Pros built out a professional management team, with founder Anthony Perera stepping down as president in favor of Robert DiPietro, former managing director of HomeServe USA.
“Perera has also stepped down from his role of president and welcomed Robert DiPietro, former managing director of HomeServe USA, in his place.”
Air Pros USA completed eight acquisitions during 2022 as part of its rapid roll-up growth, reaching roughly 1,000 employees and just over $200 million in revenue.
“In 2022, Air Pros acquired eight businesses, the last one announced in early December, which Perera said was a “pretty big one.””
Air Pros USA raised $50 million from Peak Rock Capital of Austin, Texas to fund further acquisitions; the article notes Air Pros remained one of the few privately held, non-equity-sponsored HVAC platforms.
“He added that a year and a half ago, the company had raised $50 million from Peak Rock Capital in Austin, Texas to grow the business through more acquisitions.”
The article identifies Right Time's PE sponsor (Gryphon Investors) and states the platform is continuously looking to add residential HVAC and home-services locations to its Canadian network.
“Right Time is continuously looking to add new residential HVAC and home services locations to its existing network in Canada. Right Time is majority-owned by Gryphon Investors, a middle-market private equity firm.”
Right Time describes ongoing execution of its growth strategy, with Dunn marking its 16th completed acquisition and continued appetite for new residential HVAC and home-services locations across Canada.
“Dunn Heating and Air Conditioning is the 16th acquisition completed by Right Time as it continues to execute its growth strategy.”
Right Time Group of Companies, majority-owned by PE firm Gryphon Investors, acquired Ontario-based Dunn Heating ClimateCare, its 16th acquisition as it executes a residential HVAC roll-up strategy.
“Right Time Group of Companies announced the acquisition of Waterloo-based Dunn Heating ClimateCare, which now operates as Dunn Heating and Air Conditioning.”
As part of its growth, Air Pros added a professional management team, with founder Perera stepping down as president and Robert DiPietro, former HomeServe USA managing director, taking the role.
“Perera has also stepped down from his role of president and welcomed Robert DiPietro, former managing director of HomeServe USA, in his place.”
Air Pros USA acquired eight businesses in 2022, growing to roughly 1,000 employees and over $200 million revenue, illustrating rapid HVAC roll-up consolidation.
“In 2022, Air Pros acquired eight businesses, the last one announced in early December, which Perera said was a “pretty big one.” The company now has roughly 1,000 employees and generates just over $200 million in revenue, he said.”
Air Pros USA founder Anthony Perera said the company raised $50 million from Peak Rock Capital in Austin to fund acquisitions, while emphasizing it remained largely founder-controlled and non-equity-sponsored.
“the company had raised $50 million from Peak Rock Capital in Austin, Texas to grow the business through more acquisitions.”
