FYI Dallas

Private Equity Is Still Buying Up HVAC, Plumbing, and Roofing Companies — This Week's Deal Roundup

Roll-up activity across the trades hasn't slowed down in 2026. Here's what's actually moving in HVAC, plumbing, and roofing right now.

Apollo backs Apex Service Partners at a ~$10 billion valuation.

In May 2026, Apollo agreed to put roughly $2 billion into Apex Service Partners (an Alpine Investors-backed HVAC, plumbing, and electrical platform), one of the largest single home services investments to date.

Blackstone pays ~$2.5 billion for Champions Group.

The deal values the Orange County, California-based residential HVAC, plumbing, and electrical platform at roughly 18.5x EBITDA.

27 active HVAC roll-up platforms are still buying in 2026.

Leading acquirers include Apex Service Partners (Alpine Investors), Sila Services (Morgan Stanley Capital Partners), Wrench Group (Apax Partners), Champions Group (Blackstone), and Redwood Services (Sun Capital).

Roofing consolidation is accelerating too.

15+ active U.S. roofing PE platforms in 2026 include Wind River Environmental, Tecta America, Pye-Barker, and CentiMark, with deal multiples ranging 4-9x EBITDA.

Bolt-on multiples vary sharply by trade.

Typical 2026 bolt-on multiples run HVAC 5-7x, plumbing 4-6x, and roofing 4-7x EBITDA — useful benchmarks if you're fielding acquisition offers of your own.

Why independent contractors should care

Every roll-up acquisition takes one more independently-owned competitor off the local map and replaces it with a well-capitalized, marketing-heavy platform brand. If you're not consolidating, staying visible and differentiated in your own market matters more every quarter this activity continues.

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