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.
1,577 dated signals shown · 93 undated (excluded from the chart).
The Oosterveld deal marks Right Time's 17th acquisition as part of its strategic growth plan, with Right Time noted as majority-owned by middle-market private equity firm Gryphon Investors.
“Oosterveld Heating and Air Conditioning is the 17 th acquisition completed by Right Time as part of its strategic growth plan.”
Right Time Group of Companies, a Canadian residential HVAC contractor majority-owned by Gryphon Investors, acquired Guelph-based Oosterveld Heating and Air Conditioning — its 17th acquisition under its growth plan.
“ST. CATHARINES, Ontario — Right Time Group of Companies, a Canadian residential HVAC contractor, acquired Guelph-based Oosterveld Heating and Air Conditioning, further solidifying its growing presence in southern Ontario.”
Right Time is majority-owned by PE firm Gryphon Investors; the Oosterveld deal is its 17th acquisition and fourth in a year, with operations now spanning 24 locations across five Canadian provinces.
“Right Time, majority-owned by San Francisco-based private equity firm Gryphon Investors, now operates out of 24 locations in Canada with operations in Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia”
PE-backed Right Time Group of Companies acquired Guelph-based Oosterveld Heating and Air Conditioning, its 17th acquisition and fourth in the past year, expanding its Southern Ontario residential HVAC footprint.
“Right Time Group of Companies continues to grow in Southern Ontario with the acquisition of Guelph -based [Oosterveld Heating and Air Conditioning](https://oosterveldheating.com/).”
The SEER Group LLC describes itself as a platform bringing together HVAC, electrical, and plumbing companies, providing flexible investment solutions that let owners sell all or part of their businesses and facilitate planned exit strategies.
“) was established to bring together industry-leading residential and commercial HVAC, electrical, and plumbing companies. It's mission is to help its partner company owners grow their businesses, achieve their financial goals, and facilitate planned exit strategies. Through flexible investment solutions, The SEER Group LLC provides entrepreneurs with the opportunity to sell all or part of their businesses depending on their financial goals and other objectives.”
The Border Sheet Metal & Heating deal marks The SEER Group's twenty-eighth acquisition as it rapidly grows its footprint in Idaho and expands into new states.
“This is the twenty-eighth acquisition for The SEER Group LLC, rapidly growing its footprint in Idaho while continuing its expansion into new states.”
The SEER Group LLC announced the acquisition of a majority stake in Border Sheet Metal & Heating of Hayden, Idaho. The selling family owners retain their brand and continue leading the company as SEER Group partners.
“recently announced the acquisition of a majority stake in”
The SEER Group LLC acquired a majority stake in Border Sheet Metal & Heating of Hayden, Idaho. This is the platform's twenty-eighth acquisition, growing its Idaho footprint as it expands into new states.
“recently announced the acquisition of a majority stake in [Border Sheet Metal & Heating](http://www.bordersheetmetal.com/) located in Hayden, Idaho. This is the twenty-eighth acquisition for The SEER Group LLC, rapidly growing its footprint in Idaho while continuing its expansion into new states.”
Huron Capital's ExecFactor portfolio platform Exigent Holdco acquired JPG Plumbing & Mechanical Services (Maryland) and ThermaServe (Florida), adding scale in the DMV area and new Southeast locations to its mechanical-services roll-up.
“Lower middle-market private equity firm Huron Capital’s portfolio company Exigent Holdco LLC, a provider of mission-critical HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services, has acquired JPG Plumbing & Mechanical Services Inc. and ThermaServe Inc.”
Huron Capital portfolio company Exigent Holdco LLC, an HVAC/plumbing/mechanical services platform, acquired JPG Plumbing & Mechanical Services Inc. (Maryland) and ThermaServe Inc. (Florida) as add-ons under Huron's ExecFactor platform strategy.
“DETROIT — Lower middle-market private equity firm Huron Capital’s portfolio company Exigent Holdco LLC, a provider of mission-critical HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services, has acquired JPG Plumbing & Mechanical Services Inc. and ThermaServe Inc.”
Southern HVAC Corp. (Southern Home Services) acquired Spartanburg-area HVAC firm George M. Hill & Sons, which will merge with platform brand Five Star Plumbing Heating & Cooling to serve the Greenville-Spartanburg market.
“Southern HVAC Corp. acquired George M. Hill & Sons Inc.”
Southern HVAC Corp. (Southern Home Services) acquired George M. Hill & Sons Inc., which will merge with its Five Star Plumbing Heating & Cooling brand to serve the Greenville-Spartanburg, SC market.
“SPARTANBURG, S.C. — Southern HVAC Corp. acquired George M. Hill & Sons Inc. Since 1945, George M. Hill & Sons has provided customers throughout Spartanburg, Greenville, and the greater upstate market with highly rated heating, air conditioning maintenance, repair, and replacement services. George M. Hill & Sons will merge with Five Star Plumbing Heating & Cooling to provide home service solutions to homeowners in the Greenville-Spartanburg market.”
Huron Capital employs a thematic ExecFactor strategy to consolidate fragmented HVAC, plumbing, and mechanical services sectors. Exigent, launched in 2022, is executing a buy-and-build model to become a market leader.
“ExecFactor is Huron Capital’s proprietary, thematic investment strategy where we underwrite an industry and partner with an executive to deploy our build-and-build investment model.”
The acquisitions of JPG and ThermaServe allow Exigent to expand its geographic footprint into the Southeast, including Florida and Georgia, and enhance its service capabilities in the DMV area.
“Our newest partnerships with JPG and ThermaServe allow Exigent to better serve its customer base with further scale in the Washington, D.C., Maryland, and Virginia area, new locations in the Southeast, and additional service capabilities across the platform”
Per Wrench Group's CEO, despite recent acquisition activity, private equity holds only about $10 billion of an estimated $130 billion market, with 80%+ still represented by mom-and-pop operators, signaling large remaining consolidation runway.
“PE, Haines said, has helped professionalize HVAC service businesses, but, despite the flurry of acquisitions in the last few years still only holds about $10 billion of an estimated $130 billion market.”
Wrench Group began in 2016 as a partnership of four service businesses (including Haines' Coolray), was purchased by a private equity firm in 2016, sold again in 2019, and now has three private equity investors.
“Haines, formerly the owner and operator of Coolray Heating and Cooling Inc. in Atlanta, said Wrench Group began in 2016 as a partnership of four service businesses, including his, in different markets. The new company was purchased by a private equity firm in 2016, sold again in 2019, and now has three private equity investors.”
Ken Haines, CEO of PE-backed home-services platform Wrench Group, reports a substantial slowing of HVAC deal activity and declining multiples, attributed partly to higher interest rates, though he sees continued opportunity.
““We’ve seen substantial slowing down of deals, multiples coming down,” said Ken Haines, CEO of Wrench Group, which has home services businesses — concentrated in HVAC, electrical work, and plumbing — in 25 markets across 14 states.”
Bankers and a buyer agree higher interest rates have put a damper on HVAC M&A, with lenders being more careful and economic/geopolitical uncertainty weighing on the outlook.
“Haines said higher interest rates have recently put a damper on some M&A activity in HVAC, and Polk and Wilson agreed.”
Despite the acquisition flurry, PE still holds only about $10 billion of an estimated $130 billion HVAC market, with 80%+ still represented by mom-and-pop firms, signaling a long consolidation runway.
“PE, Haines said, has helped professionalize HVAC service businesses, but, despite the flurry of acquisitions in the last few years still only holds about $10 billion of an estimated $130 billion market.”
From a buyer's perspective, Wrench Group CEO Ken Haines reports a substantial slowdown in deals and declining multiples, attributing some of the cooling to higher interest rates.
““We’ve seen substantial slowing down of deals, multiples coming down,” said Ken Haines, CEO of Wrench Group, which has home services businesses — concentrated in HVAC, electrical work, and plumbing — in 25 markets across 14 states.”
NexCore was formed in March 2023 as a platform company by Trinity Hunt Partners to consolidate the commercial HVAC services market through a buy-and-build strategy.
“Trinity Hunt's approach involves acquiring a strong platform company—in this case, NexCore, formed in March 2023—and then aggressively pursuing add-on acquisitions of smaller, successful businesses.”
The Weeks Service Company acquisition marks Strikepoint Group Holdings' geographic expansion into the Texas home-services market.
“Enters Texas home services market”
Strikepoint Group Holdings (formerly Horizon Group Holdings), a US home-services platform, acquired Weeks Service Company in the Greater Houston area, marking its expansion into the Texas home-services market. Weeks provides HVAC, plumbing, electrical, IAQ, and generator services.
“Strikepoint Group Holdings (SGH), formerly Horizon Group Holdings, a home services company in the United States, announced that it has acquired Weeks Service Company, which serves customers in the Greater Houston metropolitan area. The deal marks SGH’s expansion into the Texas home services market.”
Strikepoint Group Holdings (formerly Horizon Group Holdings) acquired Houston-area Weeks Service Company (HVAC, plumbing, electrical), marking its entry into the Texas home services market.
“Strikepoint Group Holdings (SGH), formerly Horizon Group Holdings, a home services company in the United States, announced that it has acquired Weeks Service Company, which serves customers in the Greater Houston metropolitan area. The deal marks SGH’s expansion into the Texas home services market.”
River Sea is investing committed capital in the residential heating & air conditioning industry through P1 Service Group to help companies scale.
“River Sea is currently investing committed capital in the residential heating & air conditioning industry.”
P1 Service Group, a PE-backed home services platform, hired Denise Swafford to lead coaching and operational support for its partner companies.
“Denise Swafford , a seasoned home services industry professional, to serve as the company's Vice President of Coaching.”
FirstCall's launch was anchored by four regional acquisitions across the Southeast: STR Mechanical, Technical Services, TimCo Heating and Air, and the services assets of JAX Refrigeration.
“To date, FirstCall has welcomed four regional operations to the platform: STR Mechanical in the Carolinas, Technical Services in Virginia, TimCo Heating and Air in Georgia, and the services assets of JAX Refrigeration in Florida.”
PE firm SkyKnight Capital launched FirstCall Mechanical Group, a commercial HVAC/refrigeration/electrical/plumbing services platform, partnering with founder/CEO Evan Eachus.
“SkyKnight Capital L.P., a private equity firm, announced that it has launched FirstCall Mechanical Group, a commercial services platform providing mission critical HVAC, refrigeration, electrical, and plumbing services to commercial and industrial customers including distribution centers, universities, industrial facilities, and government entities.”
Gryphon Investors-backed Southern Home Services acquired AirPlus Heating, Cooling, Plumbing & Electrical to expand its Mid-Atlantic footprint. The deal adds electrical and generator installation capabilities to Southern's service offering.
“Southern Home Services, a Gryphon Investors‑backed home‑services platform headquartered in Maitland, Florida, acquired AirPlus Heating, Cooling, Plumbing & Electrical, a Lorton, Virginia–based residential HVAC, plumbing and electrical contractor. The acquisition expands Southern's Mid‑Atlantic footprint, adds electrical and Generac generator installation capabilities to its service offering, and brings AirPlus' local team and customer base into Southern's platform.”
Sila Services framed the Central Cooling & Heating acquisition as continuing its customer-focused growth strategy and platform expansion across New England.
“We're excited to continue our customer-focused growth strategy in the New England region in partnership with”
PE-backed home-services platform Sila Services acquired Central Cooling & Heating Inc., a Woburn, Mass.-based HVAC provider serving the Greater Boston area, as part of its New England expansion.
“Sila Services LLC has acquired Central Cooling & Heating Inc., a provider of air conditioning, heating, and indoor air quality services in the”
An image caption notes Sila Services had acquired T-Mark Plumbing, Heating, Cooling & Electric in western New York.
“Sila Services has acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.”
Sila framed the deal as part of a continued growth strategy expanding across New England and beyond, with the acquired brand joining the broader Sila platform.
“As Sila Services continues to expand across New England and beyond, the combination of our innovative operational support resources with high-performing, distinctive home services brands will continue to create opportunities for our expert team members and growth for the broader Sila Services platform,”
Sila Services LLC, a home-services roll-up platform, acquired Central Cooling & Heating Inc., a Greater Boston HVAC provider, expanding its New England footprint.
“Sila Services LLC has acquired Central Cooling & Heating Inc., a provider of air conditioning, heating, and indoor air quality services in the Greater Boston area.”
The Nevada Heating deal is framed as the latest in a series of acquisitions/partnerships Goettl has made with HVAC and plumbing companies, including 2022 entries into Texas and California.
“This acquisition is the latest in a series of partnerships made by Goettl with HVAC and plumbing companies to expand its reach and bring its services to new markets. In 2022, Goettl extended its footprint to Texas and California and continues to look at additional markets for expansion with industry leading HVAC and plumbing companies.”
Goettl announced a leadership change: president Jake Gress promoted to CEO, outgoing CEO Ken Goodrich becoming chairman, and John Landefeld named CFO.
“Goettl Air Conditioning & Plumbing president Jake Gress is being promoted to CEO, current CEO Ken Goodrich will continue as chairman, and John Landefeld was recently named the company's CFO.”
Goettl reported 30%+ YoY growth and laid out an expansion plan to enter three to four new markets with 10 or more acquisitions and job growth in each.
“The company’s strategic plans include entering three to four new markets with 10 or more acquisitions and job growth in each market.”
Southwest residential HVAC/plumbing roll-up Goettl acquired family-owned Nevada Heating, Cooling, Plumbing, Fireplace Inc. in Reno, Nevada as part of its acquisitional growth strategy.
“Goettl Air Conditioning & Plumbing, a provider of residential HVAC and plumbing services across the Southwest, announced that is has acquired Nevada Heating, Cooling, Plumbing, Fireplace Inc. in Reno, Nevada as part of its ongoing acquisitional growth strategy.”
Goettl announced over 30% YoY growth and plans to enter three to four new markets with 10 or more acquisitions in each, continuing Southwest expansion.
“The company’s strategic plans include entering three to four new markets with 10 or more acquisitions and job growth in each market.”
Goettl Air Conditioning & Plumbing acquired Reno-based Nevada Heating, Cooling, Plumbing, Fireplace Inc. as part of its acquisitional growth strategy, adding fireplace service and expanding in its home state.
“Goettl Air Conditioning & Plumbing, a provider of residential HVAC and plumbing services across the Southwest, announced that is has acquired Nevada Heating, Cooling, Plumbing, Fireplace Inc. in Reno, Nevada as part of its ongoing acquisitional growth strategy.”
Sila Services frames the acquisition as part of a customer-focused growth strategy, expanding across New England and beyond and adding distinctive home-services brands to the broader Sila platform.
“As Sila Services continues to expand across New England and beyond, the combination of our innovative operational support resources with high-performing, distinctive home services brands will continue to create opportunities for our expert team members and growth for the broader Sila Services platform.”
An image caption notes Sila Services has also acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.
“Sila Services has acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.”
Sila Services LLC acquired Central Cooling & Heating Inc., a Woburn, Massachusetts HVAC contractor serving Greater Boston, expanding the Sila platform across New England.
“Sila Services LLC has acquired Central Cooling & Heating Inc., a provider of air conditioning, heating, and indoor air quality services in the Greater Boston area.”
Image caption notes Sila Services previously acquired T-Mark Plumbing, Heating, Cooling & Electric in western New York.
“Sila Services has acquired T-Mark Plumbing, Heating, Cooling & Electric, a company in western New York.”
Sila Services LLC acquired Central Cooling & Heating Inc., a Greater Boston HVAC provider, continuing its New England growth strategy.
“Sila Services LLC has acquired Central Cooling & Heating Inc., a provider of air conditioning, heating, and indoor air quality services in the Greater Boston area.”
Salvatore Sidoti Jr. will remain as president of Sal's Heating & Cooling, and Marilyn Sidoti will transition as an acquisition specialist following the acquisition by User Friendly Home Services.
“Sal Jr., who will remain with the company as president of Sal's Heating & Cooling, now leads the team alongside his wife, Marilyn, who will transition with the company as an acquisition specialist.”
With the acquisition of Sal's Heating & Cooling, User Friendly Home Services has extended its national network of HVAC and home service companies to 10 locations, indicating ongoing roll-up activity.
“User Friendly Home Services has extended its national network of HVAC and home service companies to 10 with the Sal's acquisition.”
User Friendly Home Services announced the acquisition of Sal's Heating & Cooling in North Royalton, Ohio. This expands User Friendly's national network of HVAC and home service companies to 10. Sal's Heating & Cooling, founded in 1975, provides HVAC, indoor air quality, water heater, plumbing, and sewer services.
“User Friendly Home Services announced the acquisition of Sal's Heating & Cooling in North Royalton, Ohio.”
The M and M deal adds to Service Champions' prior 2021 acquisition of SWAN Heating and Air Conditioning Inc., an established player in the Loveland and Denver metro areas.
“This acquisition marks Service Champions' continued expansion and strengthened market position in the Denver metropolitan area adding to its 2021 acquisition of Swan Heating and Air Conditioning Inc. an established player in the Loveland and Denver metro areas.”
The M and M deal adds to Service Champions' 2021 acquisition of Swan Heating and Air Conditioning Inc. in the Loveland and Denver metro areas.
“adding to its 2021 acquisition of Swan Heating and Air Conditioning Inc. an established player in the Loveland and Denver metro areas.”