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.
Signal volume over time
1,092 dated signals shown · 29 undated (excluded from the chart).
Since being acquired by Gamut in September 2024, Airtron expanded through several add-on acquisitions of regional operators, adding Sierra Air Conditioning, Viccarone Heating & Air Conditioning, and Sonoran Mechanical Systems in 2025, now operating 19 locations.
“Since being acquired by Gamut in September 2024, Airtron has expanded through several acquisitions of regional operators. In 2025, the company added Sierra Air Conditioning in March, Viccarone Heating & Air Conditioning in April, and Sonoran Mechanical Systems in May. Airtron now operates 19 locations across the United States.”
Airtron Heating & Air Conditioning, a portfolio company of Gamut Capital Management, named Steve Margolius as CEO and Adnan Mughal as CFO to lead its next phase of growth in residential new-construction HVAC.
“DALLAS — Airtron Heating & Air Conditioning, a portfolio company of Gamut Capital Management, has named Steve Margolius as CEO and Adnan Mughal as CFO.”
The host estimates Goldman Sachs valued the Sila platform at about $1.7 billion, roughly 17 times EBITDA, on what had been a roll-up of an approximately $100 million company.
“it looks like goldman sachs paid about 1 .7 or their value, they valued it at 1 .7 billion, about 17 times EBITDA. So of what had been kind of a roll up of about a hundred million dollar company.”
The host recaps the Sila Services platform deal chain: after rolling up companies, Sila was sold to Morgan Stanley, and at the end of last year Morgan Stanley sold the whole platform to Goldman Sachs.
“CELA, you know, started out rolled up a bunch of companies, Sela sold once they had done that to Morgan Stanley as kind of the buyer of that platform. And then at the end of last year, Morgan Stanley sold the whole thing to Goldman Sachs.”
Energy Circle CEO Peter Trost cites a report counting 155 PE-owned platform companies plus 517 add-on acquisitions in residential HVAC, using Sila Services as the canonical roll-up platform example.
“there's 155 of these kind of platform companies that are, uh, you know, owned by private equity”
A related-posts link references Sila Services' acquisition of Oxford Plumbing & Heating as part of its Eastern PA growth.
“[Sila Services Continues Eastern PA Growth with Acquisition of Oxford Plumbing & Heating](https://hvacinsider.com/sila-services-continues-eastern-pa-growth-with-acquisition-of-oxford-plumbing-heating/)”
An HVAC/plumbing founder describes the Northern Virginia / D.C. metro region as arguably the most PE-saturated market, naming Horizon as a presence, and says most mid-to-larger companies in the region have already been acquired by consolidators.
“I think I'm in arguably the most PE -saturated market. You got Horizon. I mean, everybody's there. So, most of the mid to larger companies have already been acquired.”
The hosts discuss Apex Service Partners as a tough act to follow on valuation, citing a deal where a $6M-revenue, $1M-EBITDA company was offered $14M and has been unsellable since.
“I think we, we deal with that a little bit, uh, specifically with apex. It, it's hard to, it's a hard act to follow. Um, yeah, there was, even if they don't close, it's still a hard act to follow just because of value expectations.”
The acquisition adds to SEER's growing list of home service companies, reflecting its strategy of acquiring contractors with strong local-market reputations while keeping local brands in place.
“The acquisition adds to SEER’s growing list of values-driven home service companies and marks another step in the group’s strategy of investing in contractors with strong reputations in their local markets.”
The SEER Group expanded its Colorado footprint by acquiring Tuscan Electric, Heating & Plumbing, a Denver-metro family-run contractor. Tuscan retains its brand and team under SEER's operational backing.
“The SEER Group has expanded its Colorado footprint with the acquisition of Tuscan Electric, Heating & Plumbing, a fast-growing family-run contractor serving the Denver metro.”
Comfort Systems USA, Inc. entered into an amended and restated senior secured revolving credit facility, increasing the revolving line of credit from $850 million to $1.1 billion. The facility, arranged by Wells Fargo Bank, includes an option to increase by up to $500 million or 1.0x Consolidated EBITDA and matures on October 1, 2030.
“On August 27, 2025, Comfort Systems USA, Inc. (the “Company”) entered into an amended and restated senior secured revolving credit facility (the “Facility”), with certain subsidiaries of the Company as guarantors (the “Guarantors”), arranged by Wells Fargo Bank, National Association, as administrative agent (the “Agent”), and provided by a syndicate of banks including Wells Fargo Bank, National Association and other lenders from time to time party thereto (the “Lenders”).”
Perfect Plumbing & Air of Boise and sister company Magic Electric of Jerome were acquired by Utah-based Any Hour Group in 2022; Any Hour is backed by PE firm Knox Lane.
“Perfect Plumbing & Air of Boise and its sister company, Magic Electric of Jerome, were acquired by Utah-based Any Hour Group in 2022. Any Hour owns 23 brands across the region.”
Owyhee Heating & Air was acquired in 2022 by Texas-based Apex Service Partners, joining Right Now Heating and Air Conditioning under the PE umbrella.
“Owyhee was acquired in 2022 by Apex Service Partners of Texas, joining Right Now Heating and Air Conditioning under the umbrella of the large private equity company.”
SEER Group announced it acquired Boise-based Veterans Plumbing and K-F Electric; Veterans was merged into its Western Heating & Air platform.
“it acquired Boise-based Veterans Plumbing and K-F Electric. Veterans was merged into Western in March of this year, according to Idaho Secretary of State records.”
The SEER Group · Acquirer K-F Electric · Target Veterans Plumbing · Target Western Heating and Air · Platform
In 2021 Western Heating & Air sold a majority stake to Washington-based PE firm SEER Group, which lists 40+ HVAC/mechanical/plumbing companies including six others across Idaho.
“In 2021, after 54 years of local ownership, Western Heating & Air sold a majority stake to Washington-based private equity firm SEER Group.”
Air Pros USA described its scale: nearly 600 vehicles, 700 technicians/staff, ~450,000 customers, operating in eight states and over a dozen metro areas, following its Louisiana expansion.
“Nationally, Air Pros USA has nearly 600 vehicles, 700 technicians and staff, and serves a customer base of nearly 450,000. Air Pros USA operates in eight states and more than a dozen metro areas”
Exuma Capital Partners, founded by Perera in 2024 to invest in home-service and technology middle markets, adds Air Pros USA to a portfolio including Peak Roofing Partners, Inspected.com, Property.com and R30 Brands.
“which Perera founded in 2024 to support strategic investments in high-growth middle markets like home service and technology industries. Air Pros USA joins
Peak Roofing Partners
,
Inspected.com
,
Property.com
, and
R30 Brands
in Exuma Capital’s Family of Companies.”
Air Pros USA · Platform Exuma Capital Partners · Sponsor Peak Roofing Partners · Subsidiary R30 Brands · Subsidiary
The prior Air Pros USA board voted to restructure, breaking the company into regional operations under Chapter 11 proceedings, which set up the founder's reacquisition of the Florida legacy operations.
“The move comes after the previous board voted to restructure, breaking the company into regional operations under Chapter 11 proceedings.”
A related-post headline in this source references Sila Services continuing its Virginia growth via the acquisition of My Plumber Plus, a home-services roll-up add-on.
“Sila Services Continues Its Virginia Growth with Acquisition of My Plumber Plus”
The Bee's deal is Champions Group's second acquisition in the Seattle metropolitan area and is positioned as a step toward expanding service in high-demand markets across the U.S.
“The move marks the second acquisition in the Seattle metropolitan area for Champions Group and a major step toward the company’s goal of expanding service in high-demand markets across the U.S.”
HVAC services platform Champions Group Holdings acquired Seattle-based Bee's Plumbing and Heating, its second acquisition in the Seattle metro, as part of a U.S. expansion strategy. Bee's keeps its brand.
“HVAC services provider Champions Group Holdings has acquired Bee’s Plumbing and Heating, a service provider based in Seattle, Washington.”
The Bee's acquisition is described as Champions Group's second deal in the Seattle metro and a major step toward its goal of expanding service in high-demand markets across the U.S.
“The move marks the second acquisition in the Seattle metropolitan area for Champions Group and a major step toward the company’s goal of expanding service in high-demand markets across the U.S., a press release from Champions Group said.”
HVAC services provider Champions Group Holdings acquired Bee's Plumbing and Heating, a Seattle-based service provider, marking its second acquisition in the Seattle metro and part of a stated strategy of expanding into high-demand U.S. markets.
“HVAC services provider Champions Group Holdings has acquired Bee’s Plumbing and Heating, a service provider based in Seattle, Washington.”
Sila Services is described as a leading home-services platform operating over 40 brands throughout the Northeast, Mid-Atlantic, and Midwest, using the Live Free acquisition to build its presence across New England.
“Sila Services is a leading home services platform, operating over 40 brands throughout the Northeast, Mid-Atlantic, and Midwest.”
Home-services platform Sila Services acquired Concord, New Hampshire-based Live Free Heating, Cooling & Electric, expanding its footprint in New England. Live Free, founded in 2017 by brothers Peter and Tyler Marston, provides heating, cooling and electrical services.
“Sila Services, LLC is excited to announce its latest strategic acquisition, Live Free Heating, Cooling & Electric, a premier provider of home comfort solutions based in Concord, New Hampshire and founded by brothers Peter Marston and Tyler Marston.”
Sila Services is described as a leading home-services platform operating over 40 brands across the Northeast, Mid-Atlantic, and Midwest, underscoring its multi-trade roll-up scale.
“Sila Services is a leading home services platform, operating over 40 brands throughout the Northeast, Mid-Atlantic, and Midwest.”
Home-services platform Sila Services acquired Live Free Heating, Cooling & Electric, expanding its New England presence in New Hampshire.
““Welcoming Peter, Tyler, and the entire Live Free Heating, Cooling & Electric team to Sila Services is a genuinely exciting milestone as we continue to build our presence across New England,” stated Jason Rabbino, CEO of Sila Services.”
Sila Services is a home services platform operating over 40 brands across the Northeast, Mid-Atlantic, and Midwest, offering HVAC, plumbing, electrical, and home performance services.
“Sila Services is a leading home services platform, operating over 40 brands throughout the Northeast, Mid-Atlantic, and Midwest.”
Home services platform Sila Services acquired Live Free Heating, Cooling & Electric of Concord, New Hampshire, expanding its New England footprint. Sila operates over 40 brands across the Northeast, Mid-Atlantic, and Midwest.
“Sila Services, LLC is excited to announce its latest strategic acquisition, Live Free Heating, Cooling & Electric, a premier provider of home comfort solutions based in Concord, New Hampshire and founded by brothers Peter Marston and Tyler Marston.”
Apex Service Partners, a subsidiary of Alpine Investors, is described as having grown into one of the largest private equity plays in home services.
“The founder of Alpine Investors, whose subsidiary Apex Service Partners has grown into one of the largest private equity plays in home services, writes:”
Sila is described as one of the largest PE roll-ups of home-service companies, combining over 30 separate brands under one umbrella, with the combined entity worth over a billion dollars and generating more than $100M in annual revenue.
“For example, one of the largest private equity rollup of home services companies in the country is Sila, which combined over 30 separate brands under a single umbrella.”
Apex Service Partners, a subsidiary of Alpine Investors, has grown into one of the largest private equity plays in home services; the article quotes Alpine founder Graham Weaver on the firm's people-focused mission.
“The founder of Alpine Investors, whose subsidiary Apex Service Partners has grown into one of the largest private equity plays in home services, writes:”
Sila is cited as one of the largest private equity roll-ups of home-service companies in the US, combining over 30 brands under one umbrella into an entity worth over a billion dollars.
“one of the largest private equity rollup of home services companies in the country is Sila, which combined over 30 separate brands under a single umbrella.”
Exuma Capital Partners, founded by Perera in 2024 to back high-growth middle markets including home services, adds Air Pros USA to a portfolio that already includes Peak Roofing Partners, Inspected.com, Property.com, and R30 Brands.
“Air Pros USA joins[Peak Roofing Partners](https://tracking.us.nylas.com/l/316f2d6904ac478d946f7027dd383853/2/950fda10b30c540e6780491abf98abe59327e362cf9d4c15ce98dbe7dc5848fc?cache_buster=1748970908),[Inspected.com](http://inspected.com/),[Property.com](http://property.com/), and[R30 Brands](https://tracking.us.nylas.com/l/316f2d6904ac478d946f7027dd383853/3/a47846d00bf75dbc0cafadb3c316628135682eb3ee6aae6945df89f7642a883f?cache_buster=1748970908)in Exuma Capital’s Family of Companies.”
Air Pros USA · Platform Exuma Capital Partners · Sponsor Peak Roofing Partners · Subsidiary R30 Brands · Subsidiary
Prior to the reacquisition, the previous Air Pros USA board voted to restructure, breaking the company into regional operations under Chapter 11 proceedings. The founder's re-acquisition of the legacy Florida company follows that restructuring.
“The move comes after the previous board voted to restructure, breaking the company into regional operations under Chapter 11 proceedings.”
Founder Anthony Perera reacquired Air Pros USA's legacy Florida operations through his private equity firm Exuma Capital Partners, returning to lead the HVAC company he launched in 2017. The purchase also includes plumbing brand Drain Genie and generator/electrical brand Personalized Power.
“Florida entrepreneur, Anthony Perera, has successfully reacquired Air Pros USA’s legacy operations in Florida through the investment firm, [Exuma Capital Partners](https://tracking.us.nylas.com/l/316f2d6904ac478d946f7027dd383853/0/d918604cf7ef054996222f915eb092505c853a6c3213b5ab97550b9fa6f1fcde?cache_buster=1748970908).”
Air Pros USA · Target Anthony Perera · Acquirer Drain Genie · Target Exuma Capital Partners · Sponsor Personalized Power · Target
