Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 1148 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.
1,106 dated signals shown · 42 undated (excluded from the chart).
Ken Goodrich, CEO of PE-backed Goettl Air Conditioning & Plumbing, argues a 1990s-style collapse is unlikely because today's PE firms have better management, more data, and aren't pressured by quarterly Wall Street demands.
“Ken Goodrich, CEO of Goettl Air Conditioning & Plumbing, a PE-backed HVAC firm, said a collapse of that scale is unlikely.”
Broker notes different buyer goals: Apex Service Partners wants a presence in each top-50 market, while The Wrench Group focuses on larger operations.
“Apex Service Partners wants a presence in each top 50 market. The Wrench Group focuses on larger operations.”
Fred Silberstein of SF&P Advisors stated that the current consolidation trend in HVAC started in 2015 with the creation of The Wrench Group.
“The current consolidation trend started in 2015, with the creation of The Wrench Group, Silberstein said.”
Ken Goodrich, CEO of Goettl Air Conditioning & Plumbing, a PE-backed HVAC firm, stated that the current consolidation wave is unlikely to collapse like the 1990s because PE firms have better management, more data, and strategic long-term focus.
“Ken Goodrich, CEO of Goettl Air Conditioning & Plumbing, a PE-backed HVAC firm, said a collapse of that scale is unlikely.”
The Wrench Group is identified as a buyer that focuses on larger operations, indicating its acquisition strategy within the HVAC consolidation landscape.
“The Wrench Group focuses on larger operations.”
Apex Service Partners is described as a buyer that wants a presence in each top 50 market, indicating a national roll-up platform strategy.
“Apex Service Partners wants a presence in each top 50 market.”
Apex Service Partners is pursuing a geographic expansion strategy aiming for a presence in each of the top 50 U.S. markets.
“Apex Service Partners wants a presence in each top 50 market.”
The current HVAC consolidation trend is said to have started in 2015 with the creation of The Wrench Group, a major roll-up platform.
“The current consolidation trend started in 2015, with the creation of The Wrench Group, Silberstein said.”
Heartland Home Services, a Midwestern HVAC/plumbing/electrical home services provider, acquired Masters Heating & Cooling, a residential HVAC provider with five locations across Indiana. Terms were not disclosed.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services provider, announced that it has acquired Masters Heating & Cooling Inc., a provider of residential HVAC services with five locations across Indiana, including Fort Wayne and Indianapolis.”
Heartland Home Services, a Midwestern HVAC/plumbing/electrical home services provider, acquired Masters Heating & Cooling Inc., which has five Indiana locations including Fort Wayne and Indianapolis. Terms were not disclosed.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services provider, announced that it has acquired Masters Heating & Cooling Inc., a provider of residential HVAC services with five locations across Indiana, including Fort Wayne and Indianapolis.”
Ian McKeen was named CEO of the Gryphon-backed NAEHS platform; he was previously president/COO of Service Experts (owned by Enercare).
“At the same time lan McKeen was named CEO of NAEHS. McKeen, a dual Canadian and U.S. citizen, was previously president/COO of Service Experts (owned by Enercare).”
Gryphon Investors acquired Southern HVAC, a collection of 15 HVAC brands across six states with over 650 employees, and announced Southern HVAC and Right Time would be rolled under the NAEHS umbrella.
“Last October Gryphon also acquired Southern HVAC, a collection of 15 HVAC brands across Florida, Georgia, Missouri, North Carolina, South Carolina, and Texas with over 650 employees. At that time is was announced that Southern HVAC and Right Time would be rolled under the umbrella of NAEHS (North American Essential Home Services).”
Gryphon Investors acquired Right Time in December 2020 from Clairvest Group, when Right Time had 10 brands and 11 locations; Right Time is majority-owned by Gryphon.
“Founded in 2014 and headquartered in St. Catharines, Ont., Right Time is majority-owned by Gryphon Investors, a San Francisco-based private equity firm. Gryphon acquired Right Time in December 2020 from Clairvest Group when Right Time had 10 brands and 11 locations.”
Right Time Group made three recent acquisitions: 360 Super Techs and The Comfort Group on Vancouver Island and Wardlaw Heating and Cooling in Sault Ste. Marie, bringing the home-services rollup to 21 locations and over 1,000 employees.
“Right Time Group of Companies continues its growth across Canada with three recent acquisitions, two on Vancouver Island (360 Super Techs and The Comfort Group) and one in Sault Ste. Marie, Ont. (Wardlaw Heating and Cooling).”
Heartland Home Services acquired Blue Frost Heating & Cooling, a residential HVAC provider in West Chicago, expanding the platform's Chicagoland footprint.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services company, announced that it has acquired Blue Frost Heating & Cooling, a provider of residential HVAC services in West Chicago and surrounding suburbs.”
Heartland Home Services acquired Blue Frost Heating & Cooling, a residential HVAC provider in West Chicago and surrounding suburbs, expanding Heartland's Midwest/Chicagoland footprint. Owner Tom Byrne and team stay on.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services company, announced that it has acquired Blue Frost Heating & Cooling, a provider of residential HVAC services in West Chicago and surrounding suburbs.”
Strikepoint Group Holdings (formerly Horizon Group Holdings) acquired New Jersey-based Olson's Air Conditioning and Heating, its second acquisition of 2022 and eighteenth of the last 18 months.
“Strikepoint Group Holdings (SGH), a home services company, announced it has acquired Monmouth Junction, NJ-based Olson’s Air Conditioning and Heating, Inc. The addition of Olson’s into SGH’s portfolio of home services brands marks the second acquisition of 2022 and the eighteenth of the last 18 months for the company, formerly known as Horizon Group Holdings.”
Strikepoint Group Holdings (formerly Horizon Group Holdings) acquired New Jersey-based Olson's Air Conditioning and Heating, its second acquisition of 2022 and eighteenth in the last 18 months. Terms were not disclosed.
“Strikepoint Group Holdings (SGH), a home services company, announced it has acquired Monmouth Junction, NJ-based Olson’s Air Conditioning and Heating, Inc. The addition of Olson’s into SGH’s portfolio of home services brands marks the second acquisition of 2022 and the eighteenth of the last 18 months for the company, formerly known as Horizon Group Holdings.”
CEO Darrin Erdahl frames the acquisition as part of an ongoing strategy to add HVAC brands in Idaho and other markets, indicating an active roll-up program.
““Terry assembled a committed and talented team and we are excited to welcome them into The SEER Group family as we continue to add brands in Idaho and other markets,” said Darrin Erdahl, CEO and founder of The SEER Group LLC.”
The SEER Group LLC acquired Terry's Heating & Air Conditioning of Twin Falls, Idaho — its twenty-fourth acquisition — continuing a brand roll-up across Idaho and other markets.
“The SEER Group LLC announced its acquisition of Terry’s Heating & Air Conditioning Inc. This is the twenty-fourth acquisition for The SEER Group. Terry’s Heating & Air Conditioning has been providing HVAC services in the Twin Falls, Idaho area since 1977.”
Heartland describes Custom Mechanical as a platform to expand in the Delaware/Maryland market, its first East Coast entry, signaling further regional growth.
“"The Custom Mechanical team, under Regan's leadership, gives us a solid platform to expand in their market. We welcome them to the Heartland family of equally fantastic brands.”
Heartland Home Services, a Midwestern HVAC/plumbing/electrical platform, acquired Custom Mechanical, a residential HVAC provider in Delaware. The deal marks Heartland's first East Coast entry and is framed as a platform for further expansion.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services provider, announced that it has acquired Custom Mechanical, a provider of residential HVAC services in the Delaware marketplace. The addition of Custom marks Heartland's first entry on the East Coast, signaling more to come.”
The SEER Group signals an ongoing roll-up strategy of adding HVAC brands in Idaho and other markets.
“we are excited to welcome them into The SEER Group family as we continue to add brands in Idaho and other markets”
The SEER Group LLC acquired Terry's Heating & Air Conditioning Inc., a Twin Falls, Idaho HVAC contractor founded in 1977. This is the platform's twenty-fourth acquisition as it continues consolidating brands in Idaho and other markets.
“The SEER Group LLC announced its acquisition of Terry’s Heating & Air Conditioning Inc. This is the twenty-fourth acquisition for The SEER Group. Terry’s Heating & Air Conditioning has been providing HVAC services in the Twin Falls, Idaho area since 1977.”
Heartland Home Services, a Midwestern HVAC/plumbing/electrical home services provider, acquired Custom Mechanical, a residential HVAC provider in Delaware/Maryland. The deal is Heartland's first East Coast entry, signaling further consolidation. Custom's leadership stays on.
“Heartland Home Services, a Midwestern HVAC, plumbing, and electrical home services provider, announced that it has acquired Custom Mechanical, a provider of residential HVAC services in the Delaware marketplace. The addition of Custom marks Heartland's first entry on the East Coast, signaling more to come.”
Strikepoint Group Holdings (formerly Horizon Group Holdings) acquired Massachusetts-based Nicholson Plumbing, Heating & Air Conditioning, its seventeenth acquisition in the last 18 months.
“Strikepoint Group Holdings (SGH), formerly known as Horizon Group Holdings, has purchased Massachusetts-based contractor, Nicholson Plumbing, Heating & Air Conditioning. This is SGH's seventeenth acquisition in the last 18 months.”
Strikepoint Group Holdings (formerly Horizon Group Holdings) purchased Massachusetts-based Nicholson Plumbing, Heating & Air Conditioning, its seventeenth acquisition in the last 18 months.
“Strikepoint Group Holdings (SGH), formerly known as Horizon Group Holdings, has purchased Massachusetts-based contractor, Nicholson Plumbing, Heating & Air Conditioning. This is SGH's seventeenth acquisition in the last 18 months.”
The SEER Group's CEO frames the acquisitions as part of an ongoing search for partner companies sharing core values, signaling a deliberate roll-up strategy and footprint expansion.
““We have been wanting to expand our footprint in California,” stated Darrin Erdahl, CEO and founder of The SEER Group. “In our ongoing search for partner companies that share in our core values, we are thrilled to have Tim, Mike, and the Hassler team join our SEER Group family."”
The SEER Group announced a majority-stake acquisition of Hassler Heating and Air Conditioning in El Cerrito, California — its 23rd acquisition overall and third of the year — expanding its California footprint.
“The SEER Group LLC announced its twenty-third acquisition, a majority stake in Hassler Heating and Air Conditioning Inc. Located in El Cerrito, California, this is the third acquisition for The SEER Group LLC this year.”
SEER Group CEO Darrin Erdahl stated the platform has been seeking to expand its California footprint, signaling a deliberate roll-up geographic expansion strategy.
““We have been wanting to expand our footprint in California,” stated Darrin Erdahl, CEO and founder of The SEER Group.”
The SEER Group acquired a majority stake in Hassler Heating and Air Conditioning of El Cerrito, California, its 23rd acquisition overall and third this year, expanding its footprint into California's East Bay.
“The SEER Group LLC announced its twenty-third acquisition, a majority stake in Hassler Heating and Air Conditioning Inc. Located in El Cerrito, California, this is the third acquisition for The SEER Group LLC this year.”
Heartland Home Services acquired Deljo Heating and Cooling, a 100-year-old Chicagoland HVAC provider, strengthening Heartland's presence in Illinois and Chicago's North Shore market. Terms were not disclosed.
“Heartland Home Services, an HVAC, plumbing, and electrical home services company, announced that it has acquired Deljo Heating and Cooling, a provider of HVAC services in the Chicagoland area for the past 100 years. The addition of Deljo significantly strengthens Heartland's presence in Illinois and bolsters the company's service offerings in Chicago's North Shore market.”
Heartland CEO Bill Viveen described the Deljo team and leadership as a solid platform to expand in the Illinois market.
“"The Deljo team and leadership give us a solid platform to expand in the Illinois market.”
Heartland Home Services acquired Deljo Heating and Cooling, a 100-year-old Chicagoland HVAC provider, strengthening its Illinois presence and Chicago North Shore market. Terms were not disclosed.
“Heartland Home Services, an HVAC, plumbing, and electrical home services company, announced that it has acquired Deljo Heating and Cooling, a provider of HVAC services in the Chicagoland area for the past 100 years.”
ESCO's president frames the deal around ARS being the largest operator of HVAC and plumbing businesses with a proven track record of acquiring and integrating companies, underscoring an active national roll-up.
“ARS/Rescue Rooter, as the largest operator of HVAC and plumbing businesses in the country, has a proven track record of acquiring and integrating companies like ours and offers us access to many centers of excellence in areas such as recruitment, marketing, and operations.”
ARS/Rescue Rooter acquired ESCO Heating, Air Conditioning, Plumbing, and Electric of Salt Lake City, Utah, consistent with its strategy of continued growth in the West.
“American Residential Services (ARS/Rescue Rooter), a provider of residential heating, ventilation, air conditioning (HVAC), and plumbing services, announced it has acquired ESCO Heating, Air Conditioning, Plumbing, and Electric in Salt Lake City, Utah.”
ARS CEO Scott Boose framed the ESCO deal as consistent with the company's strategic vision for continued growth in the western US.
“"Acquiring ESCO Heating, Air Conditioning, Plumbing and Electrical is consistent with our strategic vision for continued growth in the West," said Scott Boose, CEO, ARS/Rescue Rooter.”
ESCO's president describes ARS as the largest operator of HVAC and plumbing businesses in the country with a proven track record of acquiring and integrating companies, signaling sustained roll-up activity.
“ARS/Rescue Rooter, as the largest operator of HVAC and plumbing businesses in the country, has a proven track record of acquiring and integrating companies like ours”
ARS/Rescue Rooter acquired ESCO of Salt Lake City, Utah, advancing its strategic growth in the West; ARS is described as the largest operator of HVAC and plumbing businesses in the country.
“American Residential Services (ARS/Rescue Rooter), a provider of residential heating, ventilation, air conditioning (HVAC), and plumbing services, announced it has acquired ESCO Heating, Air Conditioning, Plumbing, and Electric in Salt Lake City, Utah.”
Wardlaw's co-owner explains he chose Right Time for its reputation for integrating and optimizing local HVAC businesses while maintaining the local brand — owner sentiment toward a PE-backed roll-up acquirer.
“We chose Right Time because they have a great reputation for integrating and optimizing local HVAC businesses while maintaining the company’s local brand and reputation, which we believe will benefit both our dedicated team and customers.”
The article states Right Time Group of Companies is majority-owned by Gryphon Investors, a middle-market private equity firm, identifying the PE sponsor behind the Canadian HVAC roll-up.
“Right Time is majority-owned by Gryphon Investors, a middle-market private equity firm.”
Canadian HVAC consolidator Right Time Group of Companies acquired Wardlaw Heating and Cooling of Sault Ste. Marie, Ontario — its fourteenth acquisition — continuing its national growth. Terms were not disclosed.
“Right Time Group of Companies continued its national growth with the acquisition of Wardlaw Heating and Cooling. Founded in 1981, Wardlaw Heating and Cooling is an installer and service provider for heating, air conditioning, and air quality equipment in Sault Ste. Marie, Ontario.”
The article discloses that Right Time Group is majority-owned by middle-market private equity firm Gryphon Investors, establishing the PE sponsor behind the platform.
“Right Time is majority-owned by Gryphon Investors, a middle-market private equity firm.”
Wardlaw is identified as Right Time's fourteenth completed acquisition, underscoring an active roll-up cadence.
“Wardlaw is the fourteenth acquisition completed by Right Time.”
Gryphon Investors-backed Right Time Group of Companies acquired Wardlaw Heating and Cooling of Sault Ste. Marie, Ontario, its fourteenth acquisition, continuing its Canadian national growth. Terms were not disclosed.
“Right Time Group of Companies continued its national growth with the acquisition of Wardlaw Heating and Cooling.”
Right Time Group is continuing to add residential HVAC and home-services locations to its growing network in Canada, reflecting ongoing roll-up activity.
“Right Time continues to add new residential HVAC and home services locations to its growing network in Canada.”
Right Time Group acquired Wardlaw Heating and Cooling in Sault Ste. Marie, Ontario — its 14th acquisition — as it continues rolling up residential HVAC and home-services locations across Canada.
“Wardlaw is the 14th acquisition completed by Right Time.”
Heartland Home Services continues to consolidate the residential HVAC market by acquiring multiple companies across the Midwest. The article references additional recent acquisitions by Heartland, including Blue Frost Heating & Cooling, Air Master Heating and Air Conditioning, and Thielmann Group, indicating an active roll-up strategy.
“Heartland Home Services Acquires Blue Frost Heating & Cooling”
Heartland Home Services, a home-services roll-up platform, added three HVAC companies as add-on acquisitions: Buckner's Heating and Cooling, Faszold Heating and Cooling, and National Heating and Air Conditioning Company. These acquisitions expand Heartland's footprint in Kansas City, St. Louis, and Cincinnati.
“Heartland Home Services announced the acquisition of three HVAC companies: Buckner's Heating and Cooling in Kansas City, Missouri; Faszold Heating and Cooling in St. Louis, Missouri; and National Heating and Air Conditioning Company, serving the greater Cincinnati Area.”
Heartland Home Services announced the acquisition of Buckner's Heating and Cooling, a residential HVAC company serving Kansas City, Missouri for over 39 years. The acquisition supports Heartland's expansion in the Kansas City area.
“Heartland Home Services announced the acquisition of three HVAC companies: Buckner's Heating and Cooling in Kansas City, Missouri; Faszold Heating and Cooling in St. Louis, Missouri; and National Heating and Air Conditioning Company, serving the greater Cincinnati Area.”