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.
By March 2025, User Friendly had completed 19 total acquisitions. The company continues to pursue opportunities in California, Indiana, Kansas, Kentucky, Louisiana, Ohio, Oklahoma, and Texas.
“By March 2025, User Friendly had completed 19 total acquisitions according to reporting from Crain's Cleveland Business. The company continued pursuing opportunities in California, Indiana, Kansas, Kentucky, Louisiana, Ohio, Oklahoma, and Texas—its stated target markets.”
Del-Air (Astara Capital) acquired McGowan's Heating & Air Conditioning, an HVAC provider in Florida's northeast corridor.
“McGowan’s Heating & Air Conditioning
Del-Air
_(Astara Capital)_
Provider of HVAC services in the northeast corridor of Florida”
The deal highlights Redwood's ongoing growth and commitment to expansion through multiple platform investments in HVAC, plumbing, and electrical services.
“This partnership marks Redwood's seventeenth platform investment, highlighting the company’s ongoing growth and commitment to expansion.”
UBS CEO David Leathers stated the company will seek additional partnerships with local market leaders in attractive geographies to support an aggressive organic growth strategy and develop UBS into a dominant HVAC service solutions provider.
“In this next phase of our growth, UBS will seek additional partnerships with local market leaders in attractive geographies to bolster our aggressive organic growth strategy and develop UBS into a dominant HVAC service solutions provider.”
United Building Solutions (UBS) has incorporated Temperature Control Services (TCS) as part of its initial steps to build a leading multi-regional commercial HVAC platform. TCS expands UBS's footprint into the Southeast U.S., a fast-growing HVAC market.
“With the incorporation of TCS, we have taken the first steps in establishing UBS as a leading, multi-regional platform committed to addressing that demand”
AE Industrial Partners has formed a new commercial HVAC services platform called United Building Solutions (UBS) through an investment in UBS and the incorporation of Temperature Control Services (TCS). The platform aims to achieve national scale and address demand for holistic commercial HVAC solutions including maintenance, controls, and retrofits.
“AE Industrial Establishes Commercial HVAC Services Platform with National Scale through Investment in United Building Solutions”
A related-posts link in the source states Sila Services continued its Eastern Pennsylvania growth by acquiring Oxford Plumbing & Heating.
“Sila Services Continues Eastern PA Growth with Acquisition of Oxford Plumbing & Heating”
EMCOR Group completed the $868.6 million acquisition of Miller Electric Company in February 2025 to strengthen its electrical construction services portfolio and expand its presence in the Southeastern US. The deal is expected to generate approximately $805 million in revenue and $80 million in adjusted EBITDA.
“EMCOR Group completed its $868.6m acquisition of Miller Electric Company in February 2025, further reinforcing its presence in the Southeastern US. Miller Electric, is dubbed a leading electrical contractor in high growth markets, significantly enhances EMCOR’s electrical construction services portfolio.”
AE Industrial Partners made a significant investment in United Building Solutions in February 2025, establishing it as a platform for consolidating the fragmented commercial HVAC market. The strategy involves acquiring smaller regional players to build a national presence.
“That initial transaction established UBS as AEI’s chosen platform for consolidating the fragmented commercial HVAC market, a move that was executed concurrently with the acquisition of Florida-based Total Comfort Solutions.”
The Exigent Group (Huron Capital) acquired Premier Mechanical, a commercial/industrial HVAC and mechanical services provider in Ohio.
“Premier Mechanical
The Exigent Group _(Huron Capital)_
Provider of commercial and industrial HVAC and mechanical services in Ohio”
Exigent was launched in 2022 as part of Huron Capital's buy-and-build investment strategy, with other recent investments in Rampart Exterior Services and Criticore.
“Exigent was launched in 2022 as part of Huron’s buy-and-build investment strategy, the press release said. Other recently closed investments include Rampart Exterior Services, a provider of commercial roofing and building exterior services, and Criticore, a provider of mission-critical, highly technical electrical services.”
The Premier deal is Exigent's second acquisition in Northwest Ohio, following its July 2024 partnership with Lima-based Smith-Boughan Mechanical.
“The deal marks Exigent’s second acquisition in Northwest Ohio, following its partnership with Smith-Boughan Mechanical in July 2024.”
Huron Capital portfolio company The Exigent Group, through its Smith-Boughan Mechanical company, acquired Premier Mechanical, a commercial and industrial HVAC and mechanical services company in Lima, Ohio. It marks Exigent's second Northwest Ohio acquisition.
“Leading lower middle-market private equity firm Huron Capital announced that its portfolio company, The Exigent Group, along with an Exigent Group company, Smith-Boughan Mechanical, has acquired Premier Mechanical.”
Exigent Group acquired Premier Mechanical, an HVAC service provider in Lima, OH, folding it into its Ohio operating company Smith-Boughan. The deal expands Exigent's Midwestern service business and customer footprint.
“Exigent welcomes Premier Mechanical to the Exigent team! Premier is located in Lima, OH and provides HVAC service to commercial customers from Toledo to Columbus to Cleveland. Premier folds into our Ohio operating company Smith-Boughan, substantially boosting our Midwestern service business and expanding our customer footprint.”
Exigent Group acquired Premier Mechanical, an HVAC service provider in Lima, OH, which will be folded into its Ohio operating company Smith-Boughan, expanding its Midwestern service business and customer footprint.
“Exigent welcomes Premier Mechanical to the Exigent team! Premier is located in Lima, OH and provides HVAC service to commercial customers from Toledo to Columbus to Cleveland. Premier folds into our Ohio operating company Smith-Boughan, substantially boosting our Midwestern service business and expanding our customer footprint.”
The Sullivan acquisition strengthens Sila's footprint in Pittsburgh and across Western Pennsylvania.
“a partnership that strengthens our commitment to delivering exceptional home services in Pittsburgh and across Western Pennsylvania,”
HVACPlumbing
www.achrnews.com Sila Services acquired Sullivan Super Service Plumbing, Heating and Cooling, a Pittsburgh-based home comfort provider established in 1964, to strengthen its presence in Western Pennsylvania.
“Sila Services, LLC is proud to announce the acquisition of Sullivan Super Service Plumbing, Heating and Cooling, a leading provider of home comfort services based in Pittsburgh, Pennsylvania.”
HVACPlumbing
www.achrnews.com Sila Services acquired Sullivan Super Service Plumbing, Heating and Cooling, a Pittsburgh-based home comfort provider, strengthening Sila's presence across Western Pennsylvania.
“Sila Services, LLC is proud to announce the acquisition of Sullivan Super Service Plumbing, Heating and Cooling, a leading provider of home comfort services based in Pittsburgh, Pennsylvania.”
Sila completed the acquisition of a Pittsburgh-based provider of HVAC, plumbing, and other services in January 2025. The target company was founded in 1964.
“The most recent acquisition is
, a Pittsburgh-based provider of HVAC, plumbing, and other services founded in 1964, which was acquired in January 2025.”
The hosts characterize Apex Service Partners (large PE-backed home-service roll-up) as known for letting go of the seller/operator early in the integration process after buying a company out.
“it's why Apex right is known to let go of the operator pretty early on in their process after they buy somebody out”
PremiStar partnered with Trademark Mechanical, marking its first expansion into New York and the NYC metro area.
“PremiStar has partnered with Trademark Mechanical, a commercial HVACR and controls contractor based in Elmsford, New York, marking PremiStar’s first expansion into the state”
Executives note that in the last three months, there has been a visible increase in companies entering the market for sale or acquisition.
““It does seem like in the last three months, we’ve seen more companies come to market,” Cole added.”
Any Hour Group's VP of M&A states inflation has negatively impacted consumers and will be a key question for the next two years.
““I think it’s going to be an inflation question over the next two years,” Covey Cole, Any Hour Group’s VP of M&A, told Homepros in November.”
John Cerasuolo of Leap Partners believes 2025 will see improved deal activity compared to previous years due to reduced uncertainty.
““I tend to think [2025] will be slightly better than 2023/2024 because so much uncertainty is behind us,” writes John Cerasuolo, CEO of Leap Partners”
Redwood Services has built a significant roll-up platform, acquiring 35 companies in the past four years, ranging from small outright purchases averaging $1 million to larger majority-stake deals averaging $20 million.
“Redwood has acquired 35 companies in the past four years. They range from smaller outfits (such as Rice’s), which Redwood says it buys outright for an average of $1 million, to more sizable companies (such as Rite Way), with an average valuation around $20 million, in which it takes majority stakes.”
Adam Hanover, chairman of Redwood Services, notes the widespread involvement of private equity in the HVAC space, indicating a saturated market of PE-backed home-services companies.
“Everybody and their uncle owns an HVAC business in the private-equity space today,’ says Adam Hanover, chairman of Redwood Services.”
FirstCall Mechanical (SkyKnight Capital) acquired Capital City Mechanical as a PE add-on.
“Capital City Mechanical
FirstCall Mechanical (SkyKnight Capital)
HVAC and plumbing services
PE Add-On”
American Residential acquired Del-Air Heating & AC (Astara Capital) as a PE add-on.
“Del-Air Heating & AC (Astara Capital)
HVAC and plumbing services
PE Add-On”
FirstCall Mechanical (SkyKnight Capital) acquired Comfortrol as a PE add-on for commercial HVAC.
“Comfortrol
FirstCall Mechanical (SkyKnight Capital)
Commercial HVAC solutions
PE Add-On”
Gamut Capital acquired Airtron Heating & Air Conditioning from NRG Energy.
“Gamut Capital Management, a NY-based middle-market private-equity firm, acquired Airtron Heating & Air Conditioning from NRG Energy (NYSE:NRG)”
Financial analysts note that while earnings are improving, Wrench Group carries high leverage in its 2025 financial outlook.
“Wrench Group’s 2025 financial outlook indicates improved earnings, though high leverage is noted by”
With the three 2025 acquisitions, NexCore has completed eleven total acquisitions since its inception in March 2023, demonstrating rapid consolidation velocity.
“The three 2025 acquisitions bring NexCore's total to eleven since its inception, demonstrating the velocity of this strategy.”
NexCore acquired FX Automation, a building automation systems specialist, as a tuck-in acquisition to Accutemp Engineering to deepen technical capabilities in smart buildings.
“FX Automation, acquired as a “tuck-in” to Accutemp, specializes in commercial HVAC controls and building automation systems (BAS).”
NexCore acquired Connecticut-based Action Air Systems as part of its 2025 acquisition push, expanding its workforce and geographic footprint.
“The acquisitions of Connecticut’s Action Air Systems and Massachusetts-based Accutemp Engineering and FX Automation have pushed NexCore’s total workforce to over 900 employees across six operating hubs.”
Sila Services led disclosed plumbing-relevant add-on acquisitions in 2025 with six deals, including Norfolk Air, Guy Smith, Delco Storm & Sewer, Live Free, My Plumber Plus, and Ahrens / Tangney.
“Sila Services led with six 2025 plumbing-relevant adds (Norfolk Air, Guy Smith, Delco Storm & Sewer, Live Free, My Plumber Plus, Ahrens / Tangney).”
Wrench Group, the parent of Plumbline Services, carried a $1.3 billion debt load in 2025, highlighting the leverage used in roll-up strategies.
“$1.3B
Wrench Group debt load (Plumbline parent, 2025)”
Goldman Sachs Alternatives completed the acquisition of Sila Services in late 2024, signaling the entry of top-tier financial institutions into the HVAC roll-up space.
“Goldman Sachs Alternatives acquired Sila Services in late 2024.”
The Nugent acquisition expands Sila Services' presence in the Washington, D.C. area, building on Nugent's 50-year local legacy.
“The partnership expands Sila Services’ presence in the Washington, D.C., area and builds on the 50-year legacy of quality and customer service established by Nugent & Sons, according to a press release.”
ElectricalHVACPlumbing
www.achrnews.com Sila Services acquired John Nugent & Sons, a family-owned HVAC, plumbing, and electrical contractor in Sterling, Virginia serving Northern Virginia since 1975, expanding Sila's presence in the Washington, D.C. area.
“Sila Services has acquired John Nugent & Sons, a family-owned and -operated HVAC, plumbing, and electrical company in Sterling, Virginia, that has served Northern Virginia since 1975.”
ElectricalHVACPlumbing
www.achrnews.com Sila Services acquired John Nugent & Sons, a family-owned HVAC, plumbing, and electrical company in Sterling, Virginia, expanding Sila's presence in the Washington, D.C., area.
“Sila Services has acquired John Nugent & Sons, a family-owned and -operated HVAC, plumbing, and electrical company in Sterling, Virginia, that has served Northern Virginia since 1975.”
Sila Services has expanded into the Pittsburgh market through an acquisition. The target is A-Comfort Service, a company founded in 1988 known for installation and service.
“Sila Services Enters Pittsburgh Market With Acquisition”
Sila Services framed the A-Comfort acquisition as growing its presence across Western Pennsylvania and entering the Pittsburgh market.
“We are thrilled to welcome A-Comfort Service into the Sila Services family as we grow our presence across Western Pennsylvania and enter the exciting Pittsburgh market,” said Jason Rabbino, CEO of Sila Services.”
HVACPlumbing
www.achrnews.com Sila Services acquired Pittsburgh HVAC and plumbing company A-Comfort Service, expanding its presence across Western Pennsylvania and entering the Pittsburgh market.
“Sila Services has acquired A-Comfort Service, a leading HVAC and plumbing company located in Pittsburgh, Pennsylvania.”
HVACPlumbing
www.achrnews.com Sila's CEO framed the A-Comfort acquisition as growing the platform's presence across Western Pennsylvania and entering the Pittsburgh market.
““We are thrilled to welcome A-Comfort Service into the Sila Services family as we grow our presence across Western Pennsylvania and enter the exciting Pittsburgh market,” said Jason Rabbino, CEO of Sila Services.”
Sila Services acquired A-Comfort Service, a Pittsburgh HVAC and plumbing company, expanding its presence across Western Pennsylvania and entering the Pittsburgh market.
“Sila Services has acquired A-Comfort Service, a leading HVAC and plumbing company located in Pittsburgh, Pennsylvania.”
PE-backed Sila Services acquired Pittsburgh-based A-Comfort Service to expand in Western Pennsylvania.
“Sila Services, a PE-backed home services platform, has acquired A-Comfort Service, a Pittsburgh-based heating, cooling and plumbing company founded in 1988.”
Punctual Pros, a leading operator of One Hour Heating & Air Conditioning, Benjamin Franklin Plumbing and Mister Sparky Electric, acquired Horvath Home Services, expanding into Ocean and Monmouth Counties in Central New Jersey. This is Punctual Pros' first out-of-state acquisition since being acquired by Broad Sky Partners earlier in 2024.
“Punctual Pros, a leading operator of One Hour Heating & Air Conditioning, Benjamin Franklin Plumbing and Mister Sparky Electric, has acquired Horvath Home Services, expanding its footprint into Ocean and Monmouth Counties in Central New Jersey. The deal is Punctual Pros' first out-of-state acquisition since the company was acquired by Broad Sky Partners earlier in 2024 and is intended to drive mid-Atlantic geographic expansion and operational synergies.”
Benjamin Franklin Plumbing · Mentioned Broad Sky Partners · Sponsor Horvath Home Services · Target Mister Sparky Electric · Mentioned One Hour Heating & Air Conditioning · Mentioned Punctual Pros · Acquirer Within the Any Hour Group, the platform has acquired many different businesses across ~30 locations, seeking to have each acquired partner replicate Any Hour Services' success.
“And now within the Any Hour Group, we have roughly 30 locations. And we have obviously gone out and acquired a lot of different businesses.”
Any Hour Services brought on a private equity partner in July 2021 and formed the Any Hour Group platform, which has since grown to roughly 30 locations and ~2,000 employees by acquiring multiple home-service businesses.
“In 2021, we actually had a private equity partner come and join us. And at that point in July of 2021, we formed the Any Hour Group.”
CAI Capital-backed Custom Air acquired electrical and HVAC assets in BC to strengthen regional footprint and electrification capabilities.
“CAI Capital Partners’ portfolio company Custom Air Conditioning Ltd. has acquired Power Plus Electric Ltd. (Maple Ridge, BC) and certain assets of I.C.R. Air Inc. (Kamloops, BC).”
