Overview
Apex Service Partners is the largest residential HVAC, plumbing, and electrical roll-up in the United States. Founded in 2019 by AJ Brown and Will Matson in Tampa, Florida, Apex has grown to 107 brands across the country, generating over $3 billion in annual revenue and more than $500 million in EBITDA, and employing more than 13,000 teammates. The company is backed by Alpine Investors and Partners Group, the latter having participated in a $3.4 billion continuation fund in October 2023, one of the largest single-business continuation transactions in PE history.
As of August 2026, Apex is valued at about $10 billion. In May 2026, Apollo agreed to acquire a minority stake (more than 20 percent, roughly $2 billion as reported), with founding sponsor Alpine Investors making an additional investment; the transaction is expected to close in the fourth quarter of 2026. Goldman Sachs, Evercore, and Kirkland advised Apex and Alpine, while William Blair, J.P. Morgan, and Akin advised Apollo.
Apex operates as a true buy-and-own platform: unlike partnership models that retain seller equity, Apex acquires majority control and integrates brands into a shared services infrastructure covering recruiting, training, marketing, finance, procurement, and technology. Local brands retain their name and leadership while gaining access to national-scale resources.
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Apex's acquisition strategy targets established, market-leading residential HVAC, plumbing, and electrical businesses in the top 50 US markets, typically with $5M–$50M in revenue and strong local brand equity. Post-acquisition, each brand joins a shared services platform but operates independently under its local name.
Platform services provided to all partner brands:
- Recruiting & training: national technician pipeline and career development programs
- Call center & marketing: centralized demand generation and inbound call handling
- Finance & accounting: shared back-office, faster reporting and business insights
- Technology & data analytics: proprietary tech stack and data engineering team
- Strategic procurement: national purchasing power for equipment and materials
- M&A support: full-time team dedicated to sourcing and integrating tuck-in acquisitions
- Legal: in-house counsel for all partner companies
Ownership & Funding
| Event | Date | Details |
|---|---|---|
| Founded | 2019 | AJ Brown and Will Matson; Tampa, FL; Alpine Investors backing |
| Initial equity | 2019 | Alpine Investors; $100M+ initial equity commitment |
| Corporate minority | July 2020 | Academy Air investment |
| Line of credit | June 2023 | Debt facility to support acquisition pace |
| $3.4B continuation fund | October 2023 | Alpine Investors + Partners Group; one of the largest single-business PE continuations on record |
| Latest debt round | 2024–2025 | Debt-Acquisition financing to fund ongoing M&A pace |
| Apollo minority investment | May 2026 | Apollo Funds to acquire a minority stake (more than 20 percent, about $2 billion as reported) at a roughly $10 billion valuation; Alpine Investors adds a further investment. Goldman Sachs, Evercore, and Kirkland advised Apex and Alpine; William Blair, J.P. Morgan, and Akin advised Apollo. Expected close Q4 2026. |
Total funding raised: $6.01B (per PitchBook). The $3.4B continuation fund in October 2023 was a landmark transaction that validated Apex as an enduring platform, not a typical 3–5 year PE hold. Partners Group, a $150B+ Swiss alternative asset manager, is the primary co-investor.
Leadership
| Name | Title | Notes |
|---|---|---|
| AJ Brown | Co-CEO | Co-founder; previously CFO at AVITRU (Alpine-backed); based in Tampa |
| Will Matson | Co-CEO | Co-founder; leads alongside AJ Brown since founding in 2019 |
Apex operates with a lean corporate team (~38 corporate staff per public statements) supporting 107 local brand leadership teams. Each acquired brand retains its own president/GM who runs day-to-day operations.
Portfolio: Known Brands (as of March 2026)
Apex has 107 brands across the platform as of March 2026. The company does not publish a complete portfolio list, but known brands include:
| Brand | Geography | Services | Notes |
|---|---|---|---|
| Frank Gay Services | Orlando / Tampa, FL | HVAC, plumbing, electrical | Founding/anchor brand; formerly operated as the Apex entity itself |
| Best Home Services | Naples / Fort Myers / Sarasota, FL | HVAC, plumbing, electrical | Southwest Florida; founded by brothers Chadd and Keegan Hodges |
| Southern Air Heating & Cooling | Louisiana & Mississippi | HVAC, plumbing | Acquired Sept 2019; founded 1994 by Ira Preuett; Ball, LA HQ; BBB Accredited, NATE Certified |
| Academy Air | Unknown | HVAC | Corporate minority investment July 2020; likely full acquisition since |
| BelRed Energy Solutions | Seattle / Puget Sound, WA | HVAC, plumbing, energy efficiency | Acquired Jan 2022; founded 1986; Mukilteo, WA; Pacific Northwest anchor |
| Dilling Heating & Cooling | Charlotte / Gastonia, NC | HVAC | Acquired Sept 2022; founded 1955; 67+ year heritage brand |
| Haley Mechanical | Ann Arbor, MI | HVAC, plumbing | Acquired via Frontier Service Partners Jan 2024; Henry Haley, Brand President |
| Korte Does It All | Fort Wayne, IN | HVAC, plumbing, electrical | Acquired via Frontier Service Partners Jan 2024 |
| AB May | Kansas City, MO | HVAC, plumbing, electrical | Acquired via Frontier Service Partners Jan 2024; strong Midwest brand |
| HomeBreeze | California | HVAC tech / water heater installs | Acquired Nov 2024; Y Combinator-backed; online quoting + coordinated installs; 1,000+ installs |
| ProFlo Air Conditioning, Heating and Plumbing | Unknown | HVAC, plumbing | Acquired Oct 2024 |
| Hansen Super Techs | Unknown | HVAC | Acquired Sept 2025 |
| We Care Plumbing Heating & Air | Unknown | HVAC, plumbing | Acquired Dec 2025; most recent known acquisition |
| Integrity | Tampa, FL | HVAC | Brand President: Jason Stewart |
| Air Services | Springfield, MO | HVAC | Brand President: Rachel F.; Midwest |
| Sunset | Portland, OR | HVAC | Brand President: David V.; Pacific Northwest |
| Reimer | Buffalo, NY | HVAC, plumbing | Northeast brand; Bryce W. |
| The Original Plumber | Woodstock, GA | Plumbing | Founded 2018; Southeast |
| Morrison Plumbing | Caseyville, IL | Plumbing | Founded 2018; Midwest |
Note: The above represents publicly known brands. Apex has 107 total brands as of March 2026. The majority of tuck-in acquisitions (sub-$10M regional operators) do not generate press releases and are not tracked by third-party databases.
Acquisition Pace & Growth Trajectory
| Year | Notable Acquisitions | Cumulative Brands (Est.) |
|---|---|---|
| 2019 | Southern Air (Sept); Best Home Services; Frank Gay Services (founding) | ~3 |
| 2020 | Academy Air (minority) | ~5 |
| 2021 | Multiple tuck-ins | ~15 |
| 2022 | BelRed Energy Solutions (Jan); Dilling Heating & Cooling (Sept) | ~30 |
| 2023 | Acceleration following $3.4B continuation fund (Oct 2023) | ~55 |
| 2024 | Frontier Service Partners (Jan); ProFlo Air (Oct); HomeBreeze (Nov) | ~85 |
| 2025 | Hansen Super Techs (Sept); We Care Plumbing Heating & Air (Dec); multiple unreported | ~107 |
| 2026 YTD | Ongoing; no public announcements as of March 15 | 107+ |
Scale Indicators (March 2026)
- 107 brands across the US
- $3 billion+ annual revenue
- 13,000+ teammates employed
- $500 million+ EBITDA
- ~$10 billion valuation (2026, Apollo minority investment)
- $6.01B total funding raised
- $3.4B continuation fund (Alpine + Partners Group, Oct 2023)
- Active in 40+ of the top 50 US markets
- 50 states coverage (per website)
- Millions of homes served across the platform
About Alpine Investors
Alpine Investors is a San Francisco-based people-driven private equity firm with approximately $17 billion in assets under management. Founded in 2001, Alpine focuses on software and services businesses and is known for its distinctive "PeopleFirst" approach: the belief that exceptional management teams, not financial engineering, drive value creation.
Alpine's home services thesis centers on the belief that residential trades are essential, recurring, and massively fragmented, ideal conditions for platform building. Apex Service Partners is Alpine's flagship home services investment and one of the largest platforms in their portfolio.
Key facts about Alpine Investors:
- Founded: 2001 in San Francisco, CA
- AUM: ~$17 billion
- Strategy: "PeopleFirst", investing behind exceptional operators rather than assets alone
- Focus sectors: software and services (including home services)
- Home services portfolio: Apex Service Partners is the primary platform
- The $3.4B continuation fund (Oct 2023) with Partners Group was one of the largest single-business continuation vehicles in PE history, a signal that Alpine views Apex as a generational asset rather than a typical 3-5 year hold
- Alpine CEO: Graham Weaver, a vocal advocate for long-duration value creation in services businesses
The Alpine/Apex relationship is notable because it defies typical PE fund structures. Most PE-backed home services platforms are sold to the next buyer within 5-7 years. The continuation fund structure allows Alpine to hold Apex indefinitely while returning capital to original LPs, positioning Apex for decades of compounding growth rather than a near-term exit.
What This Means for HVAC, Plumbing & Electrical
Apex's scale and Alpine's long-duration capital create several dynamics for the broader industry:
- Acquisition pace will likely accelerate: Apex has the capital, infrastructure, and team to absorb 20-30+ brands per year
- Independent operators in top-50 MSAs should expect increased acquisition inquiries from Apex and competing platforms
- Technician recruiting competition intensifies: Apex's national pipeline gives them structural advantages in tight labor markets
- Vendor and supplier relationships shift as Apex uses its national procurement across 107 brands
- The continuation fund structure sets a precedent: expect other PE firms to explore similar structures for their home services platforms