GHK Capital Partners announced October 15 that it has completed its acquisition of USA Hometown Experts Inc. The Memphis-based company is a multi-trade residential and commercial services platform offering HVAC, plumbing, electrical and other essential services through eight local brands across the Southeast, with brand roots dating as far back as 1908. CEO Bill Sublette leads the company, and GHK said it plans to partner with him and his team on the next phase of growth.
The asset.
USA Hometown serves residential and commercial customers across the Southeast from its Memphis headquarters. MSouth Equity Partners formed the platform in 2022, and its website lists service areas across Alabama, Georgia, Texas, South Carolina, Tennessee, Florida and West Virginia, with brands including Metro Plumbing, Heating & Air and Dixie Electric, Plumbing & Air.
The buyer.
GHK is a Greenwich, Connecticut middle-market private equity firm that makes control investments in industrial companies across North America. Managing Partner Gil Klemann called USA Hometown a premier multi-trade platform with a differentiated focus on attractive Southeast markets, and said GHK plans to grow it through new market expansion, new trades and strategic acquisitions. GHK said the investment will let the company pursue inorganic growth across a highly fragmented market.
Sublette said GHK's experience in facility services makes it the right partner, and that its resources will help accelerate growth and expand opportunities for technicians and team members.
The reported economics.
The deal was still pending when we covered it on October 12, following Homepros' original report. People familiar with the matter had put the valuation north of $400 million, annualized EBITDA at roughly $35 million and the multiple in the low double digits, below recent pure-play residential deals, with commercial construction work cited as the reason. The completion announcement does not address those figures, so they remain source-attributed reporting. Our October 12 piece covers why construction revenue tends to be valued below residential service and replacement, and our revenue-mix analysis walks through the math.
What it means.
GHK now owns a scaled Southeast multi-trade platform and has said publicly it intends to add markets, trades and acquisitions. For HVAC, plumbing and electrical owners in the Southeast, including those with a mix of service and construction work, that makes USA Hometown an active buyer with new capital behind it.
Expecting a call from a platform like this one?
Newly capitalized platforms tend to move quickly on add-ons once a deal closes. Schryver & Co. helps HVAC, plumbing and electrical owners with roughly $5 million to $100 million of revenue get their numbers and their mix in order before that conversation starts. Reach out at will@schryverco.com.
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