On July 8, 2026, Modigent announced the acquisition of P&E Mechanical, a Waco, Texas-based provider of HVAC and plumbing services to education, healthcare, manufacturing, and power-generation clients across Central Texas. The transaction closed in the second quarter of 2026; terms were not disclosed. P&E’s leadership team remains in place, and the company continues to operate under its own brand as a Modigent operating company.
The asset: a well-regarded Central Texas mechanical contractor
Founded in 2013 by Paul and Elizabeth Barbieri, P&E Mechanical began as a small family operation in Waco. Over the past 13 years, it grew into one of the region’s most respected names in HVAC and plumbing, built on a culture of employee development, training, and safety. The company serves mission-critical sectors — education, healthcare, manufacturing, and power generation — where reliability and long-standing client relationships matter most.
The local backdrop helps explain the interest. McLennan County’s population has grown more than 16% since 2010 to roughly 274,000 residents, sustaining demand across the education, healthcare, and manufacturing sectors that anchor the regional economy. That sits inside a much larger national tailwind: per the announcement, the U.S. heating and air-conditioning industry is projected to reach approximately $159.4 billion in 2026 (figure as cited by Modigent; approximate).
Modigent’s strategy: partner locally, resource nationally
Established in 2023 and headquartered in Phoenix, Modigent operates a coast-to-coast portfolio of roughly 20 specialized operating companies in HVAC, plumbing, and controls — among them CAHS, Climate Solutions, Pueblo Mechanical, Countywide Mechanical Systems, Southland Mechanical, and Tebarco Mechanical — across Arizona, Texas, California, Colorado, Kentucky, Florida, Georgia, South Carolina, Utah, and New Mexico. The operating model is consistent: partner with respected local operators, keep the existing brand and leadership in place, and layer on platform resources such as expanded employee benefits, technology, fleet management, and cross-network collaboration.
P&E is the latest step in that build-out, arriving just after Modigent’s entry into Houston through its acquisition of Southland Mechanical. For the Barbieris, the fit came down to operating experience and culture. “Our message is simple: same leadership, same team but with broader resources and a national platform,” said Paul Barbieri, co-founder of P&E Mechanical. Modigent frames the deal as part of a deliberate Texas corridor strategy — building density along the I-35 corridor while preserving what made each acquired operator successful in the first place.
What it means for the MEP space
Modigent is one of several private equity-backed MEP platforms consolidating fragmented regional commercial-mechanical contractors. Its Texas build-out — spanning Harlingen, Austin, San Antonio, Dallas-Fort Worth, Houston, and now Waco — reflects a corridor-density strategy rather than scattered opportunistic buys. For owners of well-run commercial HVAC, plumbing, and controls businesses, the practical result is a buyer universe that keeps getting deeper.
Increasingly, the differentiator among platforms is not headline price but cultural fit and operating model. Same-leadership, same-brand approaches like Modigent’s appeal to founders who want continuity for their people and their customers — a durable business preserved, not absorbed. As more platforms compete for the same limited pool of quality operators, sellers who meet the bar on clean financials, durable customer relationships, and a team that stays are increasingly able to choose the partner whose model fits best.
Weighing a partnership with a larger MEP platform?
The commercial HVAC, plumbing, and controls space is drawing a widening field of national and regional platforms, each with its own operating model and culture. The right counterparty depends entirely on an owner’s situation and goals — and, increasingly, on fit rather than price alone. We work with owners and acquirers across the trades. Happy to give you an honest read, no pitch.
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