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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. 460 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.

All Add-on acquisition 460 Consolidation trend 178 Expansion 121 Deal closed 83 Platform formation 64 Leadership change 50 Market commentary 48 Deal announced 42 Fundraise 21 Divestiture 16 Other 16 Sentiment 15 Bankruptcy 5 Deal rumored 2
Clear
Verified

PremiStar Prior Add-Ons Include Air Temp Holding and Armistead Mechanical

Prior to the MSS acquisition, PremiStar completed add-on acquisitions of Air Temp Holding and Armistead Mechanical, among dozens of other tuck-in deals, as part of its aggressive buy-and-build strategy.

“Prior add-ons include Air Temp Holding and Armistead Mechanical, among dozens of others.”
PremiStar · Acquirer Air Temp Holding · Target Armistead Mechanical · Target
Verified

Alpine's Apex Service Partners did ~60 bolt-ons then took $2B Apollo investment at ~$10B valuation

Alpine Investors' Apex Service Partners completed roughly 60 bolt-on acquisitions in a single year before taking a $2 billion investment from Apollo at about a $10 billion valuation.

“Alpine’s Apex Service Partners did roughly 60 bolt-on acquisitions in a single year before taking a $2 billion Apollo investment at about a $10 billion valuation.³”
Add-on acquisition May 2026 · Las Vegas, Denver, Boise, Tucson
Verified

Redwood Services acquires Sierra Platform (5 companies, 400 employees)

Redwood Services acquired the Sierra Platform, adding five partner companies, ~400 employees, and a customer base of more than 40,000 households annually across Nevada, Arizona, Idaho, and Colorado.

“the transaction adds five partner companies, approximately 400 full-time employees, and a customer base serving more than 40,000 households annually. The Sierra Platform operates across Nevada, Arizona, Idaho, and Colorado, with headquarters in Las Vegas.”
Redwood Services · Acquirer Sierra Platform · Target Brothers Plumbing, Heating & Electric · Subsidiary Sierra Air Conditioning and Plumbing · Subsidiary
ElectricalHVACPlumbing
Source
Add-on acquisition Apr 2026 · Bloomington, Indiana
Verified

HFI Acquires Eco Friendly Mechanical as First Bolt-On

In April 2026, HFI acquired Eco Friendly Mechanical, a Bloomington HVAC and plumbing contractor, as its first bolt-on acquisition under New State Capital Partners' ownership. This marks the beginning of the platform's consolidation run.

“In April 2026, HFI acquired Eco Friendly Mechanical — a Bloomington HVAC and plumbing contractor — as its first bolt-on.”
Ecofriendly Mechanical · Target Harold Fish Inc. · Acquirer New State Capital Partners · Sponsor
HVACPlumbing Neutral
tac-nrg.com
Add-on acquisition Feb 2026 · Alabama
Verified

Southern Home Services acquires Dunn's HVAC, Plumbing & Electrical in Alabama

Southern Home Services, a consolidator of home service brands, acquired Dunn's HVAC, Plumbing & Electrical in Anniston, Alabama, expanding its Southeast footprint.

“Southern Home Services, a leading consolidator of home service brands across the Southeast, Midwest, and Mid-Atlantic, has acquired Dunn’s HVAC, Plumbing & Electrical.”
Southern HVAC (Southern Home Services) · Acquirer Dunn's HVAC, Plumbing & Electrical · Target
ElectricalHVACPlumbing
Source
Add-on acquisition Jan 2026 · North Texas, United States
Verified

Champions Group acquires Lex Cooling, Heating, Plumbing & Electrical (North Texas)

Champions Group Holdings announced the acquisition of North Texas residential service provider Lex Cooling, Heating, Plumbing & Electrical, advancing its strategy to expand in high-demand U.S. markets. Lex retains its brand under Champions Group.

“Champions Group Holdings announced the acquisition of Lex Cooling, Heating, Plumbing & Electrical, a residential service provider based in North Texas. This marks another major step in Champions Group’s strategy to expand service in high-demand markets across the United States.”
ElectricalHVACPlumbing
Source
Add-on acquisition Jan 2026 · North Texas, United States
Verified

Champions Group acquires Lex Cooling, Heating, Plumbing & Electrical (North Texas)

Champions Group Holdings announced the acquisition of Lex Cooling, Heating, Plumbing & Electrical, a North Texas residential HVAC, plumbing, and electrical service provider, as part of its U.S. growth strategy. Lex retains its brand and operates under Champions Group.

“IRVINE, California — Champions Group Holdings announced the acquisition of Lex Cooling, Heating, Plumbing & Electrical, a residential service provider based in North Texas. This marks another major step in Champions Group’s strategy to expand service in high-demand markets across the United States.”
ElectricalHVACPlumbing
www.achrnews.com
Add-on acquisition Jan 2026 · Ohio, USA
Verified

Sila Services acquires NEOH Ohio HVAC and home services brands

Sila Services acquired the NEOH group, bringing several established Ohio HVAC and home services brands (Simpson Heating & Air, Bonsky Heating & Cooling, Best Heating & Air Solutions, Ultra Clean Duct Cleaning, Coblentz Plumbing Solutions, Trade Masters Academy) under the Sila Services platform.

“The deal brings several established Ohio HVAC and home services brands under the Sila Services platform.”
Sila Services · Acquirer Bonsky Heating & Cooling · Subsidiary Coblentz Plumbing Solutions · Subsidiary NEOH · Target Simpson Heating & Air · Subsidiary
HVACPlumbing
Source
Add-on acquisition Jan 2026 · Ohio, USA
Verified

Sila Services acquires NEOH multi-brand Ohio home services platform

Sila Services acquired NEOH, a multi-brand home services platform across Ohio, adding Simpson Heating & Air, Bonsky Heating & Cooling, Best Heating & Air Solutions, Ultra Clean Duct Cleaning, Coblentz Plumbing Solutions, and Trade Masters Academy to its platform. The deal expands Sila's Midwest HVAC and plumbing footprint.

“Sila Services announced it has expanded its Midwest footprint with the acquisition of NEOH, a multi-brand home services platform operating across Ohio.”
Sila Services · Acquirer Bonsky Heating & Cooling · Subsidiary Coblentz Plumbing Solutions · Subsidiary NEOH · Target Simpson Heating & Air · Subsidiary
Add-on acquisition Jan 2026 · Northern Virginia; DC Metro area
Verified

Bowers as Add-On to Legence Platform

The acquisition of Bowers expands Legence's mechanical, plumbing, and process system capabilities in the Northern Virginia and DC Metro area, aligning with Legence's growth strategy as a provider of MEP services.

“The completion of this acquisition marks an important milestone in our growth strategy, and we are confident that together, we will achieve even greater success.”
HVACPlumbing Positive
sec.gov
Add-on acquisition Dec 2025 · United States
Verified

Airtron's 2025 add-on acquisitions: Sierra Air, Viccarone, Sonoran Mechanical

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 · Acquirer Gamut Capital Management · Sponsor Sierra Air Conditioning · Target Sonoran Mechanical Systems · Target Viccarone Heating & Air Conditioning · Target
Add-on acquisition Oct 2025 · Eastern Pennsylvania, USA

Sila Services acquires Oxford Plumbing & Heating (related post)

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/)”
Sila Services · Acquirer Oxford Plumbing & Heating · Target
HVACPlumbing
hvacinsider.com
Add-on acquisition Sep 2025 · Denver, Colorado
Verified

The SEER Group acquires Tuscan Electric, Heating & Plumbing in Denver

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.”
The SEER Group · Acquirer Tuscan Electric, Heating & Plumbing · Target
ElectricalHVACPlumbing
www.contractormag.com
Add-on acquisition Aug 2025 · Boise / Jerome, Idaho
Verified

Any Hour Group (backed by Knox Lane) acquired Perfect Plumbing & Air and Magic Electric

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.”
Any Hour Group · Acquirer Knox Lane · Sponsor Magic Electric · Target Perfect Plumbing & Air · Target
ElectricalPlumbing
boisedev.com
Add-on acquisition Aug 2025 · Nampa, Idaho
Verified

Apex Service Partners acquired Owyhee Heating & Air (Nampa, ID)

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.”
Add-on acquisition Aug 2025 · Boise, Idaho
Verified

SEER Group acquired Boise-based Veterans Plumbing and K-F Electric

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
ElectricalPlumbing
boisedev.com
Add-on acquisition Aug 2025 · Idaho
Verified

The SEER Group acquired majority stake in Western Heating & Air (Idaho)

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.”
The SEER Group · Acquirer Western Heating and Air · Target
HVACPlumbing
boisedev.com
Add-on acquisition Jun 2025 · Seattle, Washington
Verified

Champions Group acquires Bee's Plumbing and Heating (Seattle)

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.”
Champions Group · Acquirer Bee’s Plumbing and Heating · Target
HVACPlumbing
www.achrnews.com
Add-on acquisition Jun 2025 · Seattle, Washington
Verified

Champions Group acquires Bee's Plumbing and Heating (2nd Seattle deal)

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.”
Champions Group · Acquirer Bee's Plumbing and Heating · Target
HVACPlumbing
www.achrnews.com
Add-on acquisition Jun 2025 · Concord, New Hampshire, USA
Verified

Sila Services acquires Live Free Heating, Cooling & Electric (New Hampshire)

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 · Acquirer Live Free Heating, Cooling & Electric · Target
ElectricalHVAC
hvacinsider.com
Add-on acquisition Jun 2025 · New Hampshire, USA
Verified

Sila Services acquires Live Free Heating, Cooling & Electric (New Hampshire)

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 · Platform Live Free Heating, Cooling & Electric · Target
ElectricalHVAC
hvacinsider.com
Add-on acquisition Jun 2025 · Concord, New Hampshire
Verified

Sila Services acquires Live Free Heating, Cooling & Electric (NH)

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.”
Sila Services · Acquirer Live Free Heating, Cooling & Electric · Target
ElectricalHVAC
hvacinsider.com
Add-on acquisition May 2025 · Florida
Verified

Comfort Systems USA acquires Right Way Plumbing & Mechanical

Comfort Systems USA acquired Right Way Plumbing & Mechanical LLC of Florida on May 1, 2025, for a preliminary purchase price of $64.8 million.

“Comfort Systems USA acquired Right Way Plumbing & Mechanical LLC of Florida on May 1, 2025 for a preliminary $64.8M purchase price ($49.5M cash + $5M seller notes + earn-out + working capital adjustment) per the Q2 2025 10-Q.”
Comfort Systems USA · Acquirer Right Way Plumbing & Mechanical LLC · Target
HVACPlumbing Neutral
ctacquisitions.com
Add-on acquisition Apr 2025 · Kansas City
Verified

Mission Plumbing, Heating & Cooling acquires Ultra Heating & Cooling (Southern Home Services platform)

Mission Plumbing, Heating & Cooling, part of Southern Home Services, acquired Ultra Heating & Cooling in the Kansas City metro effective April 7, 2025, as an inorganic-growth add-on for the platform.

“Mission Plumbing, Heating & Cooling, a trusted name in home services throughout the Kansas City metro, is proud to announce the acquisition of Ultra Heating & Cooling, effective April 7, 2025.”
Southern HVAC (Southern Home Services) · Platform Mission Plumbing, Heating & Cooling · Acquirer Ultra Heating & Cooling · Target
HVACPlumbing
hvacinsider.com
Add-on acquisition Mar 2025 · San Fernando Valley, California
Verified

The SEER Group acquires San Fernando Valley contractor Kilowatt

The SEER Group acquired Kilowatt Heating, Air Conditioning and Electric, an HVAC and electrical services firm in California's San Fernando Valley, strengthening its California presence as part of an ongoing partner-and-grow strategy.

“The SEER Group is strengthening its California presence with the acquisition of Kilowatt Heating, Air Conditioning and Electric, which provides HVAC and electrical services in the San Fernando Valley.”
The SEER Group · Acquirer Kilowatt Heating, Air Conditioning and Electric · Target
ElectricalHVAC
www.achrnews.com
Add-on acquisition Mar 2025 · San Fernando Valley, California
Verified

The SEER Group acquires Kilowatt Heating, Air Conditioning and Electric

The SEER Group acquired San Fernando Valley HVAC and electrical contractor Kilowatt Heating, Air Conditioning and Electric, expanding its California presence as part of its ongoing roll-up partner strategy.

“The SEER Group is strengthening its California presence with the acquisition of Kilowatt Heating, Air Conditioning and Electric, which provides HVAC and electrical services in the San Fernando Valley. Kilowatt was founded in 1990.”
The SEER Group · Acquirer Kilowatt Heating, Air Conditioning and Electric · Target
ElectricalHVAC
www.achrnews.com
Add-on acquisition Mar 2025 · Nevada and Idaho (West U.S.)
Verified

Airtron (Gamut Capital portfolio) acquires Sierra Air Conditioning

Gamut Capital-backed Airtron Heating & Air Conditioning announced it acquired Sierra Air Conditioning and affiliated entities, a residential-new-construction HVAC installer in Nevada and Idaho, expanding Airtron into the U.S. West region.

“Airtron Heating & Air Conditioning (“Airtron”), a leading designer, installer, and maintenance provider for heating, ventilation, and air conditioning (HVAC) systems, announced today it has acquired Sierra Air Conditioning, Inc., Sierra Air Conditioning of Idaho LLC, and Silverado Mechanical LLC (collectively, “Sierra” or the “Company”), a leading installer of HVAC systems to new homes built by national and local homebuilders throughout Nevada and Idaho.”
Airtron Heating & Air Conditioning · Acquirer Gamut Capital Management · Sponsor Sierra Air Conditioning of Idaho LLC · Target Sierra Air Conditioning, Inc. · Target Silverado Mechanical LLC · Target
HVAC Positive
hvacinsider.com
Add-on acquisition Mar 2025 · Nevada and Idaho (West region, United States)
Verified

Gamut-backed Airtron acquires Sierra Air Conditioning (RNC HVAC tuck-in)

Airtron, a Gamut Capital Management portfolio company, acquired Sierra Air Conditioning (plus its Idaho and Silverado Mechanical entities), a leading installer of HVAC for residential new construction in Nevada and Idaho, expanding Airtron into the West region and creating what it calls the first national RNC HVAC installation business.

“Airtron Heating & Air Conditioning (“Airtron”), a leading designer, installer, and maintenance provider for heating, ventilation, and air conditioning (HVAC) systems, announced today it has acquired Sierra Air Conditioning, Inc., Sierra Air Conditioning of Idaho LLC, and Silverado Mechanical LLC (collectively, “Sierra” or the “Company”), a leading installer of HVAC systems to new homes built by national and local homebuilders throughout Nevada and Idaho.”
HVAC
hvacinsider.com
Add-on acquisition Mar 2025 · Nevada and Idaho (Western U.S.)
Verified

Airtron acquires Sierra (HVAC new-construction installer) in Nevada and Idaho

Airtron Heating & Air Conditioning acquired Sierra Air Conditioning Inc., Sierra Air Conditioning of Idaho LLC, and Silverado Mechanical LLC (collectively 'Sierra'), new-home HVAC installers in Nevada and Idaho, expanding Airtron's presence in the Western U.S.

“Airtron Heating & Air Conditioning, which designs, installs, and maintains HVAC systems, has acquired Sierra Air Conditioning Inc., Sierra Air Conditioning of Idaho LLC, and Silverado Mechanical LLC, or, collectively, Sierra, companies that install HVAC systems in new homes throughout Nevada and Idaho.”
Airtron Heating & Air Conditioning · Acquirer Sierra Air Conditioning Inc. · Target Sierra Air Conditioning of Idaho LLC · Target Silverado Mechanical LLC · Target
HVAC
www.achrnews.com
Add-on acquisition Mar 2025 · Nevada and Idaho
Verified

Airtron acquires Sierra (Sierra Air Conditioning, Sierra Air of Idaho, Silverado Mechanical)

Airtron Heating & Air Conditioning acquired the Sierra group of new-home HVAC installers operating in Nevada and Idaho, expanding its presence in the Western U.S.

“Airtron Heating & Air Conditioning, which designs, installs, and maintains HVAC systems, has acquired Sierra Air Conditioning Inc., Sierra Air Conditioning of Idaho LLC, and Silverado Mechanical LLC, or, collectively, Sierra, companies that install HVAC systems in new homes throughout Nevada and Idaho.”
Airtron Heating & Air Conditioning · Acquirer Sierra Air Conditioning Inc. · Target Sierra Air Conditioning of Idaho LLC · Target Silverado Mechanical LLC · Target
Add-on acquisition Feb 2025 · Southeast U.S.
Verified

UBS Adds Temperature Control Services to Platform

United Building Solutions (UBS) has incorporated Temperature Control Services (TCS) as part of its initial steps to build a leading multi-regional commercial HVAC platform. TCS expands UBS's footprint into the Southeast U.S., a fast-growing HVAC market.

“With the incorporation of TCS, we have taken the first steps in establishing UBS as a leading, multi-regional platform committed to addressing that demand”
HVAC Positive
aeroequity.com
Add-on acquisition Jan 2025 · Northwest Ohio
Verified

Exigent's second Northwest Ohio acquisition following Smith-Boughan partnership

The Premier deal is Exigent's second acquisition in Northwest Ohio, following its July 2024 partnership with Lima-based Smith-Boughan Mechanical.

“The deal marks Exigent’s second acquisition in Northwest Ohio, following its partnership with Smith-Boughan Mechanical in July 2024.”
Exigent Group · Platform Smith-Boughan Mechanical · Target
Add-on acquisition Jan 2025 · Lima, Ohio
Verified

Huron Capital's Exigent Group (via Smith-Boughan) acquires Premier Mechanical

Huron Capital portfolio company The Exigent Group, through its Smith-Boughan Mechanical company, acquired Premier Mechanical, a commercial and industrial HVAC and mechanical services company in Lima, Ohio. It marks Exigent's second Northwest Ohio acquisition.

“Leading lower middle-market private equity firm Huron Capital announced that its portfolio company, The Exigent Group, along with an Exigent Group company, Smith-Boughan Mechanical, has acquired Premier Mechanical.”
Exigent Group · Platform Huron Capital Partners · Sponsor Premier Mechanical · Target Smith-Boughan Mechanical · Acquirer
Add-on acquisition Jan 2025 · Lima, OH
Verified

Exigent acquires Premier Mechanical in Ohio

Exigent Group acquired Premier Mechanical, an HVAC service provider in Lima, OH, which will be folded into its Ohio operating company Smith-Boughan, expanding its Midwestern service business and customer footprint.

“Exigent welcomes Premier Mechanical to the Exigent team! Premier is located in Lima, OH and provides HVAC service to commercial customers from Toledo to Columbus to Cleveland. Premier folds into our Ohio operating company Smith-Boughan, substantially boosting our Midwestern service business and expanding our customer footprint.”
Add-on acquisition Jan 2025 · Pittsburgh, Pennsylvania
Verified

Sila Services acquires Sullivan Super Service (Pittsburgh)

Sila Services acquired Sullivan Super Service Plumbing, Heating and Cooling, a Pittsburgh-based home comfort provider established in 1964, to strengthen its presence in Western Pennsylvania.

“Sila Services, LLC is proud to announce the acquisition of Sullivan Super Service Plumbing, Heating and Cooling, a leading provider of home comfort services based in Pittsburgh, Pennsylvania.”
Sila Services · Acquirer Sullivan Super Service · Target
HVACPlumbing
www.achrnews.com
Add-on acquisition Jan 2025 · Pittsburgh / Western Pennsylvania, USA
Verified

Sila Services acquires Sullivan Super Service in Pittsburgh

Sila Services acquired Sullivan Super Service Plumbing, Heating and Cooling, a Pittsburgh-based home comfort provider, strengthening Sila's presence across Western Pennsylvania.

“Sila Services, LLC is proud to announce the acquisition of Sullivan Super Service Plumbing, Heating and Cooling, a leading provider of home comfort services based in Pittsburgh, Pennsylvania.”
Sila Services · Acquirer Sullivan Super Service · Target
HVACPlumbing Positive
www.achrnews.com