Hargrove Roofing acquires Method Exteriors, expanding into New Orleans
The Shreveport-based, top-50 national roofing contractor enters Southeast Louisiana with its first New Orleans branch, extending a multi-state buildout across the Gulf South. Founder Ryan Adler stays on as branch president.
PE-backed NexCore announces acquisition of Air Comfort Systems in CT
Action Air, a NexCore partner company, tucks in Wallingford-based Air Comfort Systems — adding density across southern Connecticut and a recurring, maintenance-driven revenue base. NexCore is backed by Trinity Hunt Partners.
Flint Group expands its HVAC platform with Air Around the Clock in FL
General Atlantic-backed Flint Group adds a nearly 40-year-old South Florida HVAC, refrigeration, and plumbing provider, deepening density in one of the country's fastest-growing home services markets.
PE-backed Juniper Landscaping expands its South Carolina footprint with Hilton Head Landscapes
Bregal Partners-backed Juniper adds a leading Lowcountry landscape services provider, building on its 2024 entry into the region and deepening density in a high-growth coastal Sun Belt market.
Apex Service Partners is taking a $10 billion minority investment from Apollo at ~20× EBITDA
One of the highest comps residential HVAC has ever produced. ~20× EBITDA, $500M of EBITDA, $3B of revenue — and the setup for an eventual IPO. The 800-lb gorilla in the room just got priced.
Greenwood Industries expands its roofing platform with Gilbert & Becker
A year after Dunes Point Capital took control, Greenwood adds Boston's historic-roofing specialist Gilbert & Becker — the sponsor's buy-and-build mandate in motion, and a move into high-craft slate and copper work.
$5 million for a $750K EBITDA HVAC company. Here's how PE makes the math work.
~6.7× all-cash looks rich for a $750K EBITDA shop — until you add the synergies. On pro forma EBITDA, private equity is effectively buying in at ~4.3×. Here's the bridge.
Foundral acquires A. Hattersley & Sons, a 170-year-old mechanical contractor
McNally Capital-backed Foundral adds Fort Wayne's A. Hattersley & Sons, a mechanical contractor dating to 1856. The Midwest commercial-mechanical roll-up keeps accelerating.
Southern Home Services expands into Richmond with Blazer Heating, Air & Plumbing
Gryphon-backed Southern Home Services makes its first Richmond-area acquisition, buying 37-year-old Blazer Heating, Air & Plumbing and deepening its Mid-Atlantic footprint.
ARS / Rescue Rooter enters Denver with Tipping Hat Plumbing, Heating & Electric
Even while reportedly running its own sale process, ARS keeps acquiring — adding Denver's Tipping Hat Plumbing, Heating & Electric and its roughly 80-person team.
MSouth is taking USA Hometown Experts to market
The PE-backed residential HVAC platform launched a sale process in late April. At reported $30M+ of EBITDA after just four years of roll-up activity, the question for buyers will be the quality of the assets.
When PE offers 7× for your HVAC company, that's not all cash at close
A 7× offer typically lands as ~50–60% cash at close, ~20–30% rolled equity, and ~10–20% earn-out. The structure matters at least as much as the headline multiple.
A 15% shift in revenue mix created a $60 million valuation gap
Two HVAC companies, both at ~$15M EBITDA. One sold for 16x. The other for 12x. The only meaningful difference: construction exposure.
Residential HVAC M&A comps: $1M to $100M+ EBITDA
A snapshot of where 2026 residential HVAC transactions are clearing across the EBITDA size spectrum — from sub-scale at 7× to the largest platforms at 18.5×.
Redwood Services acquires the Sierra Platform from SE Capital
The deal brings five regional residential service brands across Las Vegas, Denver, Tucson, and Boise under the Redwood umbrella — and it's the latest example of PE-backed platforms acquiring other PE-backed platforms.