Who is buying HVAC businesses?
Why HVAC is consolidating
- •Private equity has acquired roughly 800 HVAC, plumbing, and electrical companies since 2022, and PE buyers now make up about half of all HVAC-services transactions — up from roughly a third a year earlier (WSJ/PitchBook; Capstone Partners, 2025).
- •The market is extremely fragmented: across roughly 120,461 US HVAC contracting businesses, the largest single player holds under 2% market share (IBISWorld 2026; Forbes 2024) — the textbook setup for roll-ups.
- •PE add-on (tuck-in) acquisition volume rose roughly 88% year over year through mid-2025 as platforms raced to build regional density (Capstone Partners).
The platforms consolidating HVAC & home services
The named groups acquiring US HVAC businesses, with their current owner and a source for each. Most grow through individual partnerships that are not separately disclosed; where a platform publishes named deals, recent ones are listed.
Apex Service Partners
Private equity- Owner
- Alpine Investors (controlling); Apollo minority pending
- Headquarters
- Tampa, FL
- Scale
- 75 local brands across 46 states; 13,000+ employees
The most active home-services acquirer. Apollo announced a minority investment in May 2026; Alpine remains controlling (close expected Q4 2026).
Wrench Group
Private equity- Owner
- Leonard Green & Partners (with TSG Consumer Partners + Oak Hill, minority)
- Headquarters
- Sarasota, FL
- Scale
- ~25 brands across ~15 states (Parker & Sons, Coolray, Morris-Jenkins, Cool Today)
Sila Services
Private equity- Owner
- Goldman Sachs Alternatives
- Headquarters
- King of Prussia, PA
- Scale
- 40+ brands across the Northeast, Mid-Atlantic and Midwest
Acquired by Goldman Sachs Alternatives from Morgan Stanley Capital Partners in November 2024.
ARS / Rescue Rooter (American Residential Services)
Private equity- Owner
- GI Partners + Charlesbank Capital Partners
- Headquarters
- Memphis, TN
- Scale
- 70+ service centers across ~28 states
GI Partners launched a sale process in 2026 (reported $3.5B+); no buyer announced — ownership may change.
TurnPoint Services
Private equity- Owner
- OMERS Private Equity
- Headquarters
- Louisville, KY
- Scale
- Residential HVAC, plumbing & electrical across ~13 states
Service Experts
Private equity- Owner
- Brookfield (via Enercare)
- Headquarters
- Richardson, TX
- Scale
- 75+ service centers across 31 states
Owned by Brookfield via Enercare. Brookfield is selling the separate Canadian Enercare business but retaining US Service Experts.
Redwood Services
Private equity- Owner
- Altas Partners
- Headquarters
- Memphis, TN
- Scale
- ~18 partner brands; ~$500M+ revenue
Altas Partners agreed to a majority investment (~$1.1B) in May 2025.
Southern Home Services
Private equity- Owner
- Gryphon Investors (via NAEHS)
- Headquarters
- Maitland, FL
- Scale
- 15+ brands across the Southeast
Goettl Air Conditioning & Plumbing
Private equity- Owner
- Cortec Group
- Headquarters
- Las Vegas, NV
- Scale
- AZ, NV and TX
Cortec Group-backed (confirmed through 2024); divested its California operations in September 2024.
Air Pros USA
Private equity- Owner
- Exuma Capital Partners (founder-controlled)
- Headquarters
- Hollywood, FL
- Scale
- Florida markets (Fort Lauderdale, Miami, Tampa, Orlando and more)
Founder Anthony Perera reacquired the Florida operations with Exuma Capital Partners in June 2025.
Horizon Services (Strikepoint Group)
Private equity- Owner
- New Mountain Capital
- Headquarters
- Newark, DE
- Scale
- Seven metros (Philadelphia, NYC, Atlanta, Baltimore, DC, Hartford, Jacksonville)
Legacy Service Partners
Private equity- Owner
- Gridiron Capital
- Headquarters
- Tampa, FL
- Scale
- 22+ partner brands across 19 states
NearU Services
Private equity- Owner
- Freeman Spogli & Co. + SkyKnight Capital
- Headquarters
- Charlotte, NC
- Scale
- ~22 brands across nine states
Any Hour Group
Private equity- Owner
- Knox Lane
- Headquarters
- Orem, UT
- Scale
- 25+ locations across 10 states; 2,000+ employees
Heartland Home Services
Private equity- Owner
- The Jordan Company (TJC) + Cobepa
- Headquarters
- Grand Rapids, MI
- Scale
- ~37 brands across the Midwest and East; 1,800+ employees
Owned by The Jordan Company with Cobepa. Distinct from Heartland Veterinary Partners — a different company in a different sector.
Champions Group Holdings
Private equity- Owner
- Blackstone
- Headquarters
- Irvine, CA
- Scale
- Residential HVAC/plumbing/electrical; 1,800+ technicians, 150,000 members
Blackstone agreed to acquire Champions Group from Odyssey Investment Partners in February 2026 (~$2.5B); close pending H1 2026.
Leap Partners
Private equity- Owner
- Concentric Equity Partners
- Headquarters
- Nashville, TN
- Scale
- 28 companies across eight Southeastern states
Blue Cardinal Home Services Group
Private equity- Owner
- Percheron Capital
- Headquarters
- Lufkin, TX
- Scale
- Multi-regional residential HVAC/plumbing/electrical (TX, AL, MO and more)
Launched by Percheron Capital in July 2023.
Northwinds Services Group
Private equity- Owner
- TruArc Partners
- Headquarters
- Rochester, NY
- Scale
- ~26 brands across the Northeast, Mid-Atlantic and Midwest
Ally Services
Private equity- Owner
- Watchtower Capital
- Headquarters
- Rockville, MD
- Scale
- Residential HVAC & plumbing across VA, MD, PA, NJ, DE and DC
Service Logic
Private equity- Owner
- Bain Capital + Mubadala
- Headquarters
- Charlotte, NC
- Scale
- 140+ locations (commercial HVAC & building automation)
A COMMERCIAL HVAC platform (not residential). Bain Capital and Mubadala acquired it from Leonard Green in December 2025.
Comfort Systems USA
Strategic / public- Owner
- Publicly traded (NYSE: FIX)
- Headquarters
- Houston, TX
- Scale
- 184 locations in 139 cities; $2.45B Q3 2025 revenue
The largest publicly traded US mechanical/electrical contractor — a strategic acquirer, not PE. Included as the public-market comparison.
Frequently asked
Who are the largest HVAC consolidators in the US?
The most active are private-equity-backed home-services platforms: Apex Service Partners (Alpine Investors), Wrench Group (Leonard Green), Sila Services (Goldman Sachs Alternatives), ARS/Rescue Rooter (GI Partners), TurnPoint (OMERS) and Service Experts (Brookfield). Comfort Systems USA (NYSE: FIX) is the largest publicly traded strategic acquirer.
Is private equity buying HVAC companies?
Yes, aggressively. PE has acquired roughly 800 HVAC, plumbing, and electrical companies since 2022 and now accounts for about half of all HVAC-services transactions, with add-on volume up ~88% year over year through mid-2025.
What multiple do HVAC companies sell for?
Established, well-run HVAC businesses typically sell for about 5x-9x EBITDA, with larger multi-trade platforms and recurring-service-agreement bases commanding the higher end. Smaller owner-operated shops are often valued on an SDE basis around 3x-6x.
How do I sell my HVAC business to a consolidator?
DealSeam works confidentially with HVAC and home-services owners to understand their options and, where there is a fit, introduces them to qualified buyers — with the buyer paying the success fee, so sellers pay nothing. DealSeam is not a traditional business broker.
Methodology & sources
Platforms were identified from HVAC and home-services M&A trackers and trade press, then each one’s current owner, headquarters and scale were verified against a primary public source (the platform’s own site, the private-equity sponsor’s portfolio page, or a dated press release). Anything that could not be confirmed against a primary source was excluded rather than estimated. Revenue and EBITDA are private for nearly all of these companies and are intentionally not published (Comfort Systems USA is public, so its figures are SEC/IR-sourced); the multiple band shown is industry-typical, not any single platform’s deal multiple. Ownership in this sector changes very frequently — several entries note a sale or minority investment in progress. The market-size figures are sourced externally (IBISWorld, Forbes, WSJ/PitchBook, Capstone Partners), not from DealSeam data. Last updated June 2026.
Market sources
- IBISWorld — number of US HVAC contracting businesses (2026) ↗
- Forbes / McCombie Group — HVAC fragmentation (<2% largest player, 2024) ↗
- WSJ / PitchBook via American Investment Council — ~800 trades companies bought by PE since 2022 ↗
- Capstone Partners — HVAC Services M&A Update (2025) ↗
Last updated June 2026. Ownership in this sector changes frequently; figures reflect the most recent public sources available and are not investment, legal, or tax advice.
Thinking about selling your HVAC business?
DealSeam works confidentially with owners to understand their options and, where there's a fit, introduces them to qualified buyers — at no cost to sellers.