This page is part of our home services guide, which covers HVAC, plumbing, pest control, roofing, electrical and landscaping side by side.
Hvac acquirers we could document (2026-09)
| Acquirer | Owner / sponsor | HQ | Focus | Footprint (as stated) | Latest dated event (source) |
|---|---|---|---|---|---|
| Alpine Investors (since 2019 launch); Apollo funds agreed to buy a minority stake (announced May 2026) | Tampa, FL and Dallas-Fort Worth, TX | HVAC, plumbing, electrical (residential) | 75 local brands in 46 states, 13,000+ employees (May 2026) | May 28, 2026: Apollo minority investment announced, expected to close Q4 2026 | |
| Leonard Green & Partners (majority, with management); TSG Consumer Partners and Oak Hill minority (2022) | Atlanta, GA | HVAC, plumbing, electrical, water (residential) | 24 brands, 26 markets in 15 states, 7,400+ team members (company site, Sep 2026) | ||
| Goldman Sachs Alternatives (majority, announced Nov 2024; management retains significant minority) | King of Prussia, PA | HVAC, plumbing, electrical (residential) | 40+ brands across the Northeast, Mid-Atlantic and Midwest (company site, Sep 2026) | ||
| OMERS Private Equity (acquired from Trivest, Nov 2020) | Louisville, KY | HVAC, plumbing, electrical (residential; some commercial) | 60+ brands listed on its brands page (Sep 2026) | ||
Heartland Home Services | The Jordan Company (acquired Dec 2020), with Cobepa minority | Macomb, MI | HVAC, plumbing, electrical, indoor air quality (Midwest) | Operations in MI, OH, IN, KY and WI at the 2020 deal | |
Legacy Service Partners | Gridiron Capital (growth investment, Jan 2023) | Tampa, FL | HVAC, plumbing, electrical (residential) | Founded 2021 | |
Redwood Services | Altas Partners (majority investment announced May 2025) alongside founding backer Union Main Group | Memphis, TN | HVAC, plumbing, electrical (residential) | 19 partner companies (per company announcements) | |
Seacoast Service Partners | White Wolf Capital | Miami, FL | HVAC and plumbing (Southeast) | 14 acquisitions announced by Dec 2025 | |
| Apax Partners funds (since Sep 2018); BCI significant minority (Sep 2022) | Columbia, MD | Franchisor: One Hour Heating & Air, Benjamin Franklin Plumbing, Mister Sparky and 12 other brands | 15 brands; 1,000+ franchise owners, 2,700+ territories (Feb 2026) |
Read this before you answer a letter
Authority Brands is different from the others: it buys franchise brands and sells franchises, rather than buying independent contractors as add-ons. An independent owner’s realistic paths with a franchisor are converting to a franchise or selling to an existing franchisee.
Platform vs add-on: what it means for price
A platform is the first company a PE firm buys in a trade or region; it is usually larger, keeps its management and is priced at a higher multiple. An add-on is a smaller company bolted onto that platform, typically at a lower multiple, because the buyer is paying for your customers, technicians and location rather than a management team.
Published ranges for HVAC businesses:
| Deal type / size | Multiple | Source |
|---|---|---|
| HVAC and plumbing contractors, mostly lower middle market (2017-2024) | 4.6x median / 5.1x mean EBITDA | BMI Mergers & Acquisitions - Construction industry valuations and EBITDA multiples (2024-12) |
| Middle-market HVAC services deals, 2024-2026 | 9.5x EBITDA average (2.0x revenue) |
If one of these groups contacts you
- Do not reply with numbers yet
Run your own range first with the HVAC business calculator.
- Ask what kind of deal it is
Platform or add-on? How much cash at close, how much rollover equity or earn-out, and what role they expect you to play for how long.
- Check who owns the buyer
The sponsor and when it invested tell you how soon the buyer itself may be sold, which matters if you roll over equity.
- Talk to more than one buyer
A single-bidder process rarely gets the top of the range. Use our unsolicited offer guide and checklist.
Got a PE letter? Get our offer-review checklist
Twelve questions to ask before you sign anything, including the rollover and earn-out terms that change what you actually take home.
Buying HVAC businesses? Register your interest
Get notified when we publish new data on off-market HVAC businesses and acquirers. We do not list businesses for sale, and we cannot promise that any will become available to you.
Spotted an error or an out-of-date sponsor? Send a correction and we will review it against the primary source. Company names are used only to identify them; we are not affiliated with any acquirer listed.
Frequently asked questions
Who is buying HVAC businesses?
We documented 9 active acquirers from primary sources, including Apex Service Partners, Wrench Group, Sila Services. The table lists each one’s owner, footprint and latest dated announcement.
Do PE-backed buyers pay more?
For larger companies, usually yes on headline multiple, but more of the price may come as rollover equity or earn-out. Compare cash at close and your required role, not only the multiple.
Can you introduce me to these buyers?
No. We are not a broker, we do not make introductions and we take no fees from buyers or sellers. See not a broker.
Sources
- Apex Service Partners - primary source (accessed 2026-09-23)
- Wrench Group - primary source (accessed 2026-09-23)
- Sila Services - primary source (accessed 2026-09-23)
- TurnPoint Services - primary source (accessed 2026-09-23)
- Heartland Home Services - primary source (accessed 2026-09-23)
- Legacy Service Partners - primary source (accessed 2026-09-23)
- Redwood Services - primary source (accessed 2026-09-23)
- Seacoast Service Partners - primary source (accessed 2026-09-23)
- Authority Brands - primary source (accessed 2026-09-23)
- BMI Mergers & Acquisitions - Construction industry valuations and EBITDA multiples (2024-12) (accessed 2026-09-23)
- Capstone Partners - HVAC services M&A update (2026-07) (accessed 2026-09-23)