Advantage Services Group acquires Priority One Heating & AC, extends Pacific Northwest footprint

On June 8, 2026, Advantage Services Group (ASG) announced the acquisition of Priority One Heating & Air Conditioning, a full-service residential HVAC provider headquartered in Eugene, Oregon. The transaction extends ASG's footprint in the Pacific Northwest and continues the platform's expansion across the western United States. Priority One will continue operating under its existing brand, with General Manager Dave Wederquist remaining in place to lead local operations.

Founded in 1998, Priority One serves Eugene, Springfield, and the broader Lane County market in Oregon's Willamette Valley. The company offers installation, maintenance, and repair services across furnaces, heat pumps, and air conditioning systems for residential customers. ASG CEO David Williams described Priority One as “the gold standard for local service” and emphasized cultural fit as a central factor in the transaction.

The platform: built since 2020, ~$100M in revenue

ASG was formed in 2020 when David Williams acquired his first HVAC business. Over the following roughly five years, the company has grown through a series of add-on acquisitions into a platform generating approximately $100 million in annual revenue. ASG's services span residential HVAC, plumbing, and electrical, with a footprint concentrated across the western United States — including operations in Oregon, California, and Colorado — and a more recent push into the Pacific Northwest.

The platform's stated operating philosophy centers on people-first culture, employee development, technical execution, and long-term value creation. Across acquired businesses, ASG has consistently retained local brands and leadership rather than consolidating under a single name — an approach mirrored in the Priority One transaction.

The backer: MRE Capital, an operator-led family office

ASG is backed by MRE Capital, which serves as the platform's sponsor. MRE Capital is not a conventional institutional private equity firm. It is an operator-led family office founded in 2008 by David Williams, focused on private company investing and development. The firm describes itself as “operators with capital,” combining the long-term orientation of a family office, private equity-style financial discipline, and a hands-on operator focus on building enduring businesses.

This structure is functionally closer to an independent sponsor or operator-sponsored platform than to a traditional fund-backed roll-up of the kind associated with large institutional sponsors. Williams — who is the central figure tied to both MRE Capital and ASG — has been featured on industry podcasts including The Private Equity Podcast by Raw Selection in March 2026, where he has discussed platform scaling, culture, and operator-led growth in the residential trades.

Key facts at a glance

Platform formed: 2020, with David Williams' first HVAC acquisition. MRE Capital's official investment date is also listed as 2020.

Current scale: Approximately $100 million in annual revenue, built primarily through add-on acquisitions.

Services: Residential HVAC (installation, maintenance, repair of furnaces, heat pumps, and AC systems), plumbing, and electrical.

Primary markets: Western United States, with operations across Oregon, California, and Colorado and active expansion in the Pacific Northwest.

Backing: MRE Capital — David Williams' operator-led family office, founded in 2008.

Recent transaction: Acquisition of Priority One Heating & Air Conditioning (Eugene, OR) announced June 8, 2026.

What this means for the competitive landscape

ASG is a useful case study in a structure that has become increasingly visible across the residential trades: the operator-sponsored platform. Rather than being formed by an institutional fund hiring a CEO to execute a roll-up thesis, ASG was built by an operator (Williams) using capital from his own family office (MRE), with private equity-style discipline applied to the underwriting, integration, and growth of acquired businesses. The day-to-day operating cadence and the capital structure sit under the same roof.

Other examples of this model have surfaced across the trades in the past several years. Family Ties Air, Plumbing & Drain — the Southern California platform built by Jeremy Prevost — reflects a similar operator-led structure, as do a growing list of independent-sponsor and family office-backed platforms across HVAC, plumbing, electrical, roofing, and adjacent service categories. Several of these have emerged in markets where institutional sponsors have been most active, suggesting that operator-led platforms are increasingly competing alongside, not just behind, the larger fund-backed consolidators.

For independent owners evaluating a sale or partnership, this matters in two ways. First, it expands the universe of credible buyers beyond the well-known institutional sponsors and their portfolio companies. Second, it changes the conversation about what comes after closing — operator-led platforms often pitch a different version of post-close life than a fund-controlled platform, with longer holding horizons, more autonomy at the brand level, and a different style of integration. Whether that pitch holds up over time is its own question, but the pitch itself is now a real and recurring feature of the trades M&A market.