The major platforms shaping the market
A relatively small group of well-funded platforms accounts for a significant share of acquisition activity across the trades. They are not interchangeable: they target different markets, favor different business models, and see different value in the same company.
In February 2026, Blackstone announced the acquisition of Orange County-based Champions Group, an HVAC, plumbing, and electrical platform, for roughly $2.5 billion at an estimated 18.5× EBITDA. 6 That is not a benchmark for a local contractor – it reflects national scale and competition for a large, established platform. What it does demonstrate is the depth of capital available to platforms that continue to acquire local businesses.
Residential Service Platforms
| Platform | Profile |
| Apex Service Partners | $3B+ revenue across 150+ locations in 46 states |
| Champions Group | ~$2.5B residential HVAC, plumbing, and electrical platform, headquartered in California |
| The SEER Group | Around 40 residential and commercial HVAC, electrical, and plumbing brands across 11 states |
| Any Hour Group | Knox Lane-backed residential HVAC, plumbing, and electrical platform. Holds several California brands |
| Wrench Group | National residential service platform |
Commercial & Mechanical Platforms
| Platform | Profile |
| Orion Group | Alpine Investors-backed commercial facility-services platform. Its commercial and industrial mechanical arm operates as Astra Service Partners |
| Service Logic | Commercial HVAC-focused, multi-region platform |
| Comfort Systems USA | Public mechanical and electrical strategic acquirer |
| Crete United | Commercial facility and mechanical services, including HVAC, electrical, plumbing, and building automation |
Beneath the national platforms. The largest consolidators are only part of the buyer universe. A broader group of regional and mid-sized buyers competes for the same businesses and depending on what you have built, one of these buyers may be a better fit.
