Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a
verbatim quote from its source. 229 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.
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)”
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.”
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”
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”
Sila Services, backed by Goldman Sachs Alternatives, closed at least 5 publicly disclosed plumbing-specific add-ons in 2025, including Delco Storm & Sewer, My Plumber Plus, Tangney & Sons Plumbing and Sewer, and Oxford Plumbing & Heating.
“Sila Services (Goldman Sachs Alternatives) closed at least 5 publicly disclosed plumbing-specific add-ons in 2025 alone, the most documented volume in our tracker.”
Bain Capital has completed its acquisition of Service Logic, a Charlotte-based commercial HVAC services company with over 5,000 technicians. The deal marks a transition from previous sponsor Leonard Green to Bain Capital, which plans to support the company's growth through organic expansion and strategic acquisitions.
“Bain Capital Completes Acquisition of Service Logic”
User Friendly Home Services added Falls Heating & Cooling to its portfolio, citing the leadership of Larry and his team as key factors in the acquisition decision.
“Howard stated: "The success of User Friendly Home Services can be directly attributed to the people that make up this company, and the people we choose to do business with. Falls Heating & Cooling is no exception to that. Larry and the entire group at Falls have proven to be leaders in the market, and we are lucky to be able to add them to the User Friendly family."”
User Friendly Home Services acquired Sal's Heating & Cooling, described as a transformative deal for the Ohio market. The Sidotis family expressed excitement about continuing their father's legacy under the new ownership.
“Howard described the deal as "transformative," noting that "Sal and Marilyn, their family, and their entire team have done amazing work in building Sal's Heating & Cooling into a true leader and fixture in the Ohio market." The Sidotis expressed excitement about continuing their father's legacy: "Sal Sr. started this journey for us almost 50 years ago. We cannot wait to see the heights this new road with User Friendly Home Services will take us to."”
Service Logic, the largest privately held commercial HVAC company in North America, completed a recapitalization with Bain Capital and Mubadala, valuing the platform at over $1 billion.
“Service Logic, the largest privately held commercial HVAC and mechanical services company in North America, recapitalized with Bain Capital and Mubadala. The platform services more than a billion square feet of commercial space.”
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.”
Legence acquired mechanical contractor The Bowers Group to bolster presence in Northern Virginia data center markets.
“Engineering, consulting, installation, and maintenance services provider, Legence (Nasdaq:LGN), acquired The Bowers Group in November 2025 for an enterprise value of $475 million”
Goldman Sachs Alternatives acquired the multi-trade platform Sila Services at a reported valuation of $1.7 billion, consolidating a residential-led HVAC and plumbing roll-up under institutional ownership.
“Goldman Sachs Alternatives acquired multi-trade platform Sila Services at a reported $1.7 billion valuation, putting a top-tier institutional name behind a residential-led HVAC and plumbing roll-up.”
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
Founder Anthony Perera reacquired Air Pros USA's legacy Florida operations through his private equity firm Exuma Capital Partners, returning to lead the company he founded in 2017.
“Florida entrepreneur, Anthony Perera, has successfully reacquired Air Pros USA’s legacy operations in Florida through the investment firm,
Exuma Capital Partners”
Anthony Perera, founder of Air Pros USA, reacquired the company's Florida legacy operations through his private equity firm Exuma Capital Partners. The purchase also included plumbing company Drain Genie and electrical/generator 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
. This strategic move brings Air Pros USA back under Perera’s leadership”
Air Pros USA · Target Anthony Perera · Acquirer Drain Genie · Target Exuma Capital Partners · Sponsor Personalized Power · Target
Founder Anthony Perera reacquired Air Pros USA's legacy Florida operations through his firm Exuma Capital Partners in June 2025, returning the original Florida markets to his ownership.
“In June 2025, founder Anthony Perera reacquired Air Pros USA's legacy Florida operations through Exuma Capital Partners, a firm he founded in 2024.”
Automated Logic, a subsidiary of Carrier Global Corporation, has acquired Logical Building Group Pty Ltd (trading as Logical Building Automation), an independent controls contractor based in New South Wales, Australia. The acquisition is described as aligned with growth strategy and complementary to existing product strengths.
“AUSTRALIA: Automated Logic, the US-based building management solutions subsidiary of Carrier Global Corporation, has acquired Logical Building Group Pty Ltd, an independent controls contractor operating in New South Wales.”
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.”
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.”
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.”
