Sila Services Acquires Milwaukee-Area Contractor
PE-backed home-services platform Sila Services acquired a Milwaukee-area HVAC contractor, an add-on extending its geographic footprint.
“Sila Services Acquires Milwaukee-Area Contractor”
HVAC
Market signals
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.
Signal volume over time
1,577 dated signals shown · 93 undated (excluded from the chart).
All
Add-on acquisition 583 Consolidation trend 244 Deal closed 229 Expansion 182 Deal announced 93 Platform formation 88 Market commentary 79 Leadership change 68 Fundraise 31 Sentiment 26 Divestiture 18 Other 17 Deal rumored 6 Bankruptcy 5 Regulatory 1
Sila Services serial roll-up of regional contractors
ACHR News related-article links show Sila Services has acquired multiple regional contractors (Falls Creek PA, an Ohio HVAC and plumbing contractor, and a Western New York contractor), indicating an ongoing roll-up pattern.
“Sila Services Acquires Falls Creek, Pa., Contractor”
HVACPlumbing
www.achrnews.com Verified
Sila Services acquires New Berlin Heating & Air Conditioning
PE-backed home-services platform Sila Services acquired New Berlin Heating & Air Conditioning, a Milwaukee-area HVAC contractor, expanding its Midwest footprint.
“Sila Services has acquired New Berlin Heating & Air Conditioning, a provider of HVAC services based in New Berlin, Wisconsin.”
Sila Services · Acquirer New Berlin Heating & Air Conditioning · Target
HVAC
www.achrnews.com Verified
Sila to expand Midwest service offerings via Wisconsin acquisition
Sila Services CEO framed the New Berlin acquisition as a platform expansion in the Midwest building on the acquired company's community ties.
“With their deep ties to the community in Wisconsin, we look forward to further enhancing our service offerings in the Midwest, while building on New Berlin’s extraordinary history of quality and service excellence.”
Sila Services · Acquirer New Berlin Heating & Air Conditioning · Target
HVAC Positive
www.achrnews.com Verified
Sila Services acquires New Berlin Heating & Air Conditioning (Milwaukee area)
PE-backed home-services platform Sila Services acquired New Berlin Heating & Air Conditioning, a Wisconsin HVAC contractor, expanding its Midwest footprint.
“PHILADELPHIA — Sila Services has acquired New Berlin Heating & Air Conditioning, a provider of HVAC services based in New Berlin, Wisconsin.”
Sila Services · Acquirer New Berlin Heating & Air Conditioning · Target
HVAC
www.achrnews.com Verified
Apex Service Partners acquires HomeBreeze
Apex Service Partners acquired Y Combinator-backed HomeBreeze to expand residential HVAC, plumbing, and electrical tech capabilities.
“Apex Service Partners has acquired HomeBreeze, a Y Combinator‑backed residential home services startup that provides fast quotes and technology to simplify home upgrades and maintenance.”
ElectricalHVACPlumbing
privsource.com Deal closed Nov 2024
Verified Goldman Sachs Alternatives Acquires Sila Services from Morgan Stanley Capital Partners
Goldman Sachs Alternatives acquired Sila Services, a provider of HVAC, plumbing, and electrical services, from Morgan Stanley Capital Partners. The company had approximately USD 80m in EBITDA, with sellers seeking a mid-teens exit multiple.
“In one of the year’s larger transactions, **Sila Services**, a provider of HVAC, plumbing and electrical services, was acquired earlier this month by the private equity business of **Goldman Sachs Alternatives** from **Morgan Stanley Capital Partners**. Although terms of the deal were undisclosed, sources told this new service Sila had about USD 80m in EBITDA and the [sellers wanted an exit](https://mergermarket.ionanalytics.com/content/1003844340) multiple in the mid-teens.”
Goldman Sachs Alternatives · Acquirer Morgan Stanley Capital Partners · Sponsor Sila Services · Target
ElectricalHVACPlumbing Neutral
ionanalytics.com Verified
Redwood Services expands platform to 16th investment
The deal marks Redwood's sixteenth platform investment, continuing its nationwide consolidation of home service trades.
“Tony's is Redwood's sixteenth platform investment, following investments in leading HVAC, plumbing and electrical trades throughout the United States.”
ElectricalHVACPlumbing Neutral
markets.businessinsider.com Verified
Redwood Services invests in Tony's Plumbing
Redwood Services announced an investment in Tony's Plumbing, a family-run business in Modesto, California.
“today announced it has invested in Tony's Plumbing (Tony's).”
Redwood Services · Sponsor Tony's Plumbing · Target
Plumbing Positive
markets.businessinsider.com Verified
Redwood Services acquires majority stake in Tony's Plumbing
Redwood Services acquired a majority stake in Modesto-based Tony's Plumbing, its 16th platform investment in home services.
“Redwood Services has acquired a majority stake in Tony's Plumbing, a Modesto, California-based residential plumbing company founded in 1994; founders/owners will retain a significant minority ownership stake.”
Redwood Services · Acquirer Tony's Plumbing · Target
Plumbing
privsource.com Verified
Sila Services acquires New Berlin Heating & Air
Sila Services acquired New Berlin Heating & Air to accelerate Midwest expansion and enhance regional coverage.
“Sila Services has acquired New Berlin Heating & Air Conditioning, a family-run HVAC services provider based in New Berlin, Wisconsin, to accelerate the platform’s Midwest expansion.”
HVAC
privsource.com Verified
Sila Services acquires New Berlin Heating & Air Conditioning
Sila Services has acquired New Berlin Heating & Air Conditioning, a family-run HVAC services provider based in New Berlin, Wisconsin, to accelerate the platform’s Midwest expansion.
“Sila Services has acquired New Berlin Heating & Air Conditioning, a family-run HVAC services provider based in New Berlin, Wisconsin, to accelerate the platform’s Midwest expansion.”
HVAC Neutral
privsource.com Verified
Any Hour Group plans tuck-in acquisitions in 2025
Any Hour Group intends to acquire small businesses ($1M-$5M) near existing partners as part of its 2025 strategy.
“We’re [also] gonna be playing the ‘tuck-in game,’ if you will. To merge the one to three, maybe five million dollar businesses close to partners we already have.”
HVACPlumbing Positive
homepros.news Verified
PremiStar acquires Conditioned Air Design
PremiStar has acquired Conditioned Air Design, a commercial HVAC contractor based in West Allis, Wisconsin, expanding PremiStar's footprint in Southeastern Wisconsin.
“PremiStar has acquired Conditioned Air Design, a commercial HVAC contractor based in West Allis, Wisconsin, expanding PremiStar's footprint in Southeastern Wisconsin.”
PremiStar · Acquirer Conditioned Air Design · Target
HVAC Neutral
privsource.com Consolidation trend Nov 2024
Verified MSCP's First Exit from Distributed Field Services Sector
The deal marks MSCP's first exit from the distributed field services sector, a core sub-sector within its Business Services vertical.
“Sila was MSCP’s first investment in and now its first exit from the distributed field services sector, which has become a core sub-sector within MSCP’s Business Services vertical.”
ElectricalHVACPlumbing Positive
www.morganstanley.com Verified
Morgan Stanley Capital Partners to Sell Sila Services to Goldman Sachs Alternatives
MSCP announced the sale of residential HVAC, plumbing, and electrical platform Sila Services to Goldman Sachs Alternatives.
“Investment funds managed by Morgan Stanley Capital Partners (“MSCP”) today announced they have entered an agreement for the sale of Sila Services (“Sila” or the “Company”) to the Private Equity business at Goldman Sachs Alternatives”
Goldman Sachs Alternatives · Acquirer Morgan Stanley Capital Partners · Sponsor Sila Services · Target
ElectricalHVACPlumbing Neutral
www.morganstanley.com Verified
Hiller acquires McNorton Mechanical in Florida Panhandle
McNorton Mechanical, which served the Florida Panhandle for nearly 50 years, has joined Hiller Plumbing, Heating, Cooling & Electrical.
“After serving customers in the Florida Panhandle for nearly 50 years, McNorton Mechanical (McNorton) joins Hiller Plumbing, Heating, Cooling & Electrical (Hiller), the region’s premier provider of plumbing, HVAC, and electrical service and repair.”
Hiller Plumbing, Heating, Cooling & Electrical · Acquirer McNorton Mechanical · Target
HVACPlumbing Neutral
happyhiller.com Verified
Hiller expands into Alabama via Eagle Pro partnership
Hiller is expanding its geographic footprint into Alabama through a partnership with Florence-based Eagle Pro Heating, Air, Plumbing, and Insulation.
“Hiller Plumbing, Heating, Cooling & Electrical (Hiller), the region’s premier provider of plumbing, HVAC, and electrical service and repair, expands in Alabama through partnership with Florence-based Eagle Pro (Eagle Pro) Heating, Air, Plumbing, and Insulation.”
Hiller Plumbing, Heating, Cooling & Electrical · Platform Eagle Pro Heating, Air, Plumbing, and Insulation · Mentioned
Home performanceHVACPlumbing Neutral
happyhiller.com Verified
Hiller acquires Gunn Heating & Air Conditioning in Florida
Gunn Heating & Air Conditioning, a family-owned HVAC provider in Apalachicola, Florida, has joined Hiller Plumbing, Heating, Cooling & Electrical. The former Gunn headquarters will operate as Hiller's 18th location.
“After serving customers in Apalachicola for more than four decades, Gunn Heating & Air Conditioning, Inc. is joining Hiller Plumbing, Heating, Cooling & Electrical, the region’s premier provider of plumbing, HVAC, and electrical service, installations, and repair. The former Gunn headquarters will operate as Hiller’s 18”
Hiller Plumbing, Heating, Cooling & Electrical · Acquirer Gunn Heating & Air Conditioning, Inc. · Target
HVAC Positive
happyhiller.com Expansion Nov 2024
Verified Redwood rapid revenue growth
Redwood grew from zero to $400 million in revenue over four years, doubling annually, positioning it as a top investor in the industry.
“We’ve gone from zero million of revenue to $400 million of revenue in four years. The business doubles every year”
HVACPlumbing Positive
fortune.com Sentiment Nov 2024
Verified Owner sentiment on PE partnership value
Owners report that their retained 25% equity stake has grown to exceed the value of the majority share sold to Redwood.
“the estimated value of the minority stake now exceeds the amount paid for the majority share, according to Lewis.”
HVACPlumbing Positive
fortune.com Market commentary Nov 2024
Verified Valuation benchmarks for mid-size trade firms
Mid-size trade firms with 75-100 employees average valuations of $20 million under Redwood's partnership model.
“deals for bigger firms that employ 75-100 people have valuations averaging around $20 million.”
HVACPlumbing Neutral
fortune.com Add-on acquisition Nov 2024
Verified Redwood tuck-in acquisition strategy
Redwood executes smaller tuck-in acquisitions around $1 million involving 100% ownership of businesses with 5-20 employees.
“Smaller “tuck-ins” are typically around $1 million and involve a 100% acquisition. Those businesses have 5-20 employees.”
HVACPlumbing Neutral
fortune.com Platform formation Nov 2024
Verified Redwood's unique PE model for trade businesses
Redwood operates a PE platform acquiring 75% stakes in trade firms while retaining owners as 25% partners to drive growth.
“Redwood gets a 75% stake in its new “partner” business, and the original owner keeps 25%.”
HVACPlumbing Neutral
fortune.com Expansion Nov 2024
Verified Sila Services Acquired by Goldman Sachs Alternatives
Goldman Sachs Alternatives acquired Sila Services in November 2024, taking over from Morgan Stanley Capital Partners.
“Sila Services (Goldman Sachs Alternatives, since November 2024; previously Morgan Stanley Capital Partners)”
HVAC Neutral
www.linkedin.com Leadership change Nov 2024
Verified Sila Services sponsor change to Goldman Sachs
Sila Services cap-table reshuffled to Goldman Sachs Alternatives in November 2024.
“cap-table reshuffles at Sila Services (to Goldman Sachs Alternatives, Nov 2024)”
HVAC Neutral
ctacquisitions.com Deal closed Nov 2024
Verified Goldman Sachs Acquires Sila Services for $1.7B
Goldman Sachs completed the acquisition of Sila Services in November 2024 for $1.7 billion, signaling institutional interest in HVAC.
“$1.7B Goldman Sachs purchase of Sila Services (Nov 2024)”
Sila Services · Target Goldman Sachs · Acquirer
ElectricalHVACPlumbing Positive
homesteadsp.com Deal closed Nov 2024
Verified Sila Services acquired by Goldman Sachs Alternatives
Goldman Sachs Alternatives completed the acquisition of Sila Services in November 2024, marking a late-cycle platform-level transaction.
“Five platform-level cap-table transactions closed in the eighteen months preceding this paper (Sila Services to Goldman Sachs Alternatives in November 2024, Apex Service Partners 3.4 billion dollar single asset continuation in May 2025, Redwood Services to Altas Partners at approximately 1.1 billion dollars in May 2025, Service Logic to Bain Capital and Mubadala in December 2025, and Champions Group to Blackstone BXPE in February 2026)”
Sila Services · Target Goldman Sachs Alternatives · Acquirer
HVAC Neutral
papers.ssrn.com Deal closed Nov 2024
Verified Goldman Sachs Alternatives acquires Sila Services from Morgan Stanley Capital Partners
Sila Services was acquired by Goldman Sachs Alternatives from Morgan Stanley Capital Partners in November 2024.
“Acquired by Goldman Sachs Alternatives from Morgan Stanley Capital Partners in November 2024.”
Morgan Stanley Capital Partners · Parent Sila Services · Target Goldman Sachs Alternatives · Acquirer
ElectricalHVACPlumbing Neutral
dealseam.com Deal closed Nov 2024
Verified Sila Services acquired by Goldman Sachs Alternatives
Sila Services was sold to Goldman Sachs Alternatives in November 2024, representing a closed platform-level cap-table transaction in the residential HVAC services consolidation cycle.
“Sila Services to Goldman Sachs Alternatives in November 2024”
HVAC
academia.edu Verified
Cultural shift from family-owned to PE roll-up model
Employee notes the transition from a family-owned business to a corporate entity, citing changes in worker care and environment.
“The first year I worked at this company, it was still family owned and actually cared about its workers and customers.”
Electrical Negative
www.indeed.com Verified
NexCore acquires DWC Mechanical
Trinity Hunt-backed NexCore acquired Buffalo-based DWC Mechanical to support regional growth in upstate New York.
“NexCore, a commercial HVAC platform backed by Trinity Hunt Partners, has acquired Buffalo-based DWC Mechanical, Inc.”
HVAC Positive
privsource.com Verified
Bravida acquires Dimesko in Finland
The Finnish subsidiary of Bravida acquired the Finnish company Dimesko. The target has a turnover of EUR 10.3 million and 40 employees.
“The Finnish subsidiary of the installation company Bravida acquires the Finnish company Dimesko. The acquisition has a turnover of EUR 10.3 million and 40 employees.”
Bravida · Acquirer Dimesko · Target
Other Neutral
marketscreener.com Rite Way Expands into Plumbing and Electrical via Acquisitions
Under Redwood's ownership, Rite Way acquired companies to expand beyond HVAC into plumbing and electrical services, growing its service offerings and customer base.
“Under Redwood, the company has gone from $30 million in annual revenue to around $70 million. Along the way, Rite Way acquired companies to expand beyond HVAC, with plumbing and electrical services.”
Redwood Services · Parent Rite Way · Acquirer
ElectricalHVACPlumbing Positive
investmentcouncil.org Verified
CoolSys acquires MEC2
CoolSys acquired Mechanical Engineering & Construction Corporation to strengthen commercial/industrial capabilities in the Mid-Atlantic.
“CoolSys has acquired Mechanical Engineering & Construction Corporation (MEC2), a Maryland- and Virginia-based mechanical engineering and construction firm.”
HVAC Positive
privsource.com Sila Services continues platform expansion across Ohio and the Midwest
Sila's CEO framed the A to Z acquisition as part of strengthening its team and broadening reach across Ohio and the Midwest, consistent with a PE-style home-services roll-up.
“We are delighted to welcome A to Z Dependable Services into the Sila Services family as we continue to strengthen our team and broaden our reach across Ohio and the Midwest,” said Jason Rabbino, CEO of Sila Services.”
HVACPlumbing Positive
www.achrnews.com Verified
Sila Services acquires Ohio plumbing/HVAC contractor A to Z Dependable Services
Sila Services acquired A to Z Dependable Services, a plumbing and HVAC provider in Niles, Ohio, broadening its reach across Ohio and the Midwest as part of its home-services platform.
“PHILADELPHIA — Sila Services has acquired A to Z Dependable Services, a plumbing and HVAC service provider based in Niles, Ohio.”
Sila Services · Acquirer A to Z Dependable Services · Target
HVACPlumbing Positive
www.achrnews.com Verified
Sila Services broadening reach across Ohio and the Midwest
Sila's CEO framed the A to Z acquisition as part of an ongoing regional roll-up expansion across Ohio and the Midwest.
“We are delighted to welcome A to Z Dependable Services into the Sila Services family as we continue to strengthen our team and broaden our reach across Ohio and the Midwest”
Sila Services · Platform A to Z Dependable Services · Subsidiary
HVACPlumbing Positive
www.achrnews.com Verified
Sila Services acquires A to Z Dependable Services (Niles, Ohio)
Sila Services, a roll-up platform of home-services contractors, acquired A to Z Dependable Services, a plumbing and HVAC provider in Niles, Ohio, expanding its footprint across Ohio and the Midwest.
“PHILADELPHIA — Sila Services has acquired A to Z Dependable Services, a plumbing and HVAC service provider based in Niles, Ohio.”
Sila Services · Acquirer A to Z Dependable Services · Target Brian Pritchard · Mentioned Jason Rabbino · Mentioned
HVACPlumbing Positive
www.achrnews.com Sentiment Sep 2024
Verified Employee sentiment on PE ownership and integration challenges
Former employee criticizes Apex Service Partners as a Private Equity company with no experience, noting negative cultural impacts.
“They proved to be who they are, which is a Private Equity company with no experience....”
ElectricalHVACPlumbing Negative
www.indeed.com Verified
Del-Air (Astara Capital-backed) acquires ARS/Rescue Rooter Vero Beach
Del-Air Plumbing, Air Conditioning and Electric, majority owned by Astara Capital Partners, acquired ARS/Rescue Rooter Vero Beach, a Florida east-coast plumbing/AC/heating contractor.
“Del-Air Plumbing, Air Conditioning and Electric has acquired ARS/Rescue Rooter Vero Beach.”
American Residential Services (ARS/Rescue Rooter) · Target Astara Capital Partners · Sponsor Del-Air · Acquirer
ElectricalHVACPlumbing
www.achrnews.com Market commentary Sep 2024
Redwood acquires owner-operators via roll-in, folding them into a management team
Redwood's CFO explains the firm prefers acquiring established owner-operated trade businesses via roll-in, folding former owners into a robust management team so they can focus on the trade rather than back-office tasks.
“For us, it has been the most efficient to find somebody who has built their own expertise in their own business and acquiring them via rack in. We like folding them into a robust management team where the”
ElectricalHVACPlumbing
ACHR News, Sep 2024, p.36 (OCR) Market commentary Sep 2024
Redwood CFO: scaled HVAC contractors command 8-9x+ earnings vs 2-3x for small plumbing/electrical
Redwood Services CFO Shaun Hardick describes acquisition valuation multiples, noting scaled HVAC contractors command eight or nine-plus times earnings while small plumbing/electrical businesses can be bought for two to three times earnings.
“You can generally buy or partner with those types of businesses for somewhere between two and three times their earnings. Don't get me wrong, that's always a lot of money. But it's way less than the eight or nineplus times that scaled HVAC contractors command.”
ElectricalHVACPlumbing
ACHR News, Sep 2024, p.36 (OCR) Consolidation trend Sep 2024
Redwood Services rolls up HVAC contractors and adds plumbing/electrical across 15 partners
Redwood Services, an investor in the HVAC contracting space with 15 business partners, pursues a partnership-style roll-up model, acquiring and coaching HVAC businesses and pushing them to add plumbing and electrical services for resilience and cross-sell.
“Edwood Services is an investor in the HVAC contracting space. They currently have 15 business partners.”
ElectricalHVACPlumbing
ACHR News, Sep 2024, p.36 (OCR) Verified
Goettl divests California operations
Cortec Group-backed Goettl Air Conditioning & Plumbing divested its California operations in September 2024.
“divested its California operations in September 2024.”
HVACPlumbing Neutral
dealseam.com Verified
Gamut Capital Management acquired Airtron in September 2024
Airtron is a portfolio company of private investment firm Gamut Capital Management, having been acquired in September 2024; Gamut is funding Airtron's acquisition-driven expansion.
“Airtron is a portfolio company of Gamut Capital Management (“Gamut”), having been acquired in September 2024.”
HVAC
hvacinsider.com Add-on acquisition Aug 2024
Verified Sila Services acquires Allied Experts
Sila Services, LLC announced its acquisition of Allied Experts, a home comfort service provider, an add-on to the Sila home-services platform.
“Sila Services, LLC is pleased to announce its acquisition of Allied Experts, a leading home comfort service provider”
HVAC
Sila Services expands New Jersey presence
Sila Services described the Allied Experts acquisition as expanding its presence and range of services in New Jersey, consistent with a home-services roll-up adding regional density.
“We are excited to welcome Allied Experts into the Sila Services family as we expand our presence in New Jersey,”
HVACPlumbing
www.achrnews.com Verified
Sila Services acquires Allied Experts to expand in New Jersey
Sila Services, LLC acquired Allied Experts, a Cherry Hill, NJ home comfort service provider offering heating, cooling, plumbing, and home performance, as a tuck-in expanding Sila's residential home-services footprint in New Jersey.
“Sila Services, LLC is pleased to announce its acquisition of Allied Experts, a leading home comfort service provider based in Cherry Hill, New Jersey.”
Home performanceHVACPlumbing
www.achrnews.com Verified
Sila Services acquires Allied Experts (NJ home services)
Roll-up platform Sila Services acquired Allied Experts, a Cherry Hill, NJ HVAC/plumbing/home-performance provider, expanding its New Jersey presence.
“Sila Services, LLC is pleased to announce its acquisition of Allied Experts, a leading home comfort service provider based in Cherry Hill, New Jersey. Founded in 2009, Allied Experts has built a strong reputation for delivering high-quality heating, cooling, plumbing, and home performance solutions across New Jersey.”
Home performanceHVACPlumbing
www.achrnews.com