On October 30, 2026, Apex Service Partners closed a minority investment led by funds managed by Apollo, with additional money from Alpine and Sixth Street. The same week, Flint Group added Staton Heating, Cooling & Plumbing as its 20th brand. Both deals show private equity still actively buying into HVAC and plumbing.

The company competing for your next customer might be owned by a private equity fund you've never heard of.

What happened

Apex Service Partners and Alpine Investors announced on October 30 that they closed a previously announced strategic minority investment in Apex, led by funds managed by affiliates of Apollo, with additional investment from Alpine and Sixth Street. Apex describes the new capital as fuel for expanding its national footprint, multi-trade services, and technology and talent. Apex calls itself the nation's largest residential HVAC, plumbing, and electrical services business, founded in 2019 and now operating in 46 states with more than 150 locations, over 13,000 teammates, and more than $3 billion in annual revenue. Those figures are Apex's own claims, not independently verified numbers.

The same week, Flint Group added Staton Heating, Cooling & Plumbing, an Annapolis, Maryland company serving Central Maryland since 1983, as its 20th brand. Flint Group says Staton keeps its local name. Neither deal disclosed its price or stake size, and there's no way to verify either beyond what the companies themselves announced.

Why consolidation keeps going

Home services checks every box private equity looks for: recurring demand, fragmented ownership, and plenty of independent operators without a succession plan. Apex and Flint Group aren't outliers. They're two more entries in a wave of platforms that have been rolling up HVAC, plumbing, and electrical companies for years, and fresh capital from firms like Apollo, Alpine, and Sixth Street says that wave isn't slowing down.

What it means if you compete with them

Expect more well-capitalized competitors showing up in your market, each backed by a marketing team, a national brand, and investor money built for growth. That's a real shift in what "competing locally" looks like. Your advantage against a platform like that was never going to be matching their ad budget dollar for dollar. It's the stuff a national rollup can't easily buy: a reputation built over years, a tech crew customers ask for by name, and reviews a corporate brand hasn't earned yet. Building and defending that edge on purpose, instead of hoping it holds, is exactly the kind of work a real marketing partner does. Get your free Growth Audit and find out where yours currently stands.

That edge matters whether you're in HVAC or plumbing, since both trades are squarely where this round of consolidation is aimed.

What it means if a buyer calls you

If a platform or a private equity-backed rollup calls about buying your business, that's a financial decision, not a marketing one, and this isn't financial advice. What is worth knowing going in: the same local reputation and lead flow that help you compete against a PE-backed platform are also what make your business worth more to one, if you ever decide to sell.

Matt's take

Don't read this as a reason to panic, and don't read it as a reason to ignore it either. A rollup with Apollo's money behind it can outspend you on ads. It can't buy the reputation you've built with the people in your town over the years that company's been doing business there, and it can't manufacture the kind of reviews that only come from actually showing up and doing the job right.

That local edge doesn't defend itself. It needs the same attention a well-funded competitor is putting into their marketing, just aimed at what you actually have that they don't.

FAQ

Why are private equity firms buying HVAC and plumbing companies?
Home services offers recurring demand, a large pool of independent owners without succession plans, and room to consolidate fragmented local markets into larger regional or national platforms, which is attractive to private equity investors looking for steady, scalable returns.
What is Apex Service Partners?
Apex Service Partners describes itself as the nation's largest residential HVAC, plumbing, and electrical services business, founded in 2019. The company says it operates in 46 states with more than 150 locations and over $3 billion in annual revenue; those figures are the company's own claims.
Should I sell my home service business to a private equity buyer?
That depends on your specific financial situation and goals, and this isn't financial advice. If a buyer approaches you, talk to a qualified financial or M&A advisor before making any decision.
How can an independent shop compete with PE-backed platforms?
By building and defending what a national rollup can't easily buy: a strong local reputation, fast response times, and techs customers trust and ask for by name. That takes deliberate marketing investment, not just hoping your existing reputation holds.

Sources

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