Apollo acquires a stake in Apex Service Partners: price, structure and what it means for HVAC buyers

Funds managed by affiliates of Apollo

acquires

Apex Service Partners

Price

Not disclosed

Structure

Minority stake + Alpine reinvestment

Apex revenue

$3B+ a year

Brands

75 in 46 states

Expected close

Q4 2026

Published 24 October 2026 · Deal announced 2026-05-28 · Acquisitions.com Deal Reports

Part of the HVAC guide: buying, selling, valuation and who is buying.

This report is for anyone who owns, buys or plans to buy a residential HVAC, plumbing or electrical business. Apex Service Partners calls itself the largest residential HVAC, plumbing and electrical business in the US, and in May 2026 Apollo agreed to buy into it. By the end you will know what was agreed, what was not disclosed, and what it means for a local contractor.

What did Apollo buy?

Apollo Funds agreed to buy a minority interest in Apex. A minority interest means less than half of the company. Apollo does not take control. It joins Alpine Investors and the management team as an owner.

Apex calls itself the nation's largest residential HVAC, plumbing and electrical services business. The release says it runs 75 local brands across 46 states, with more than 13,000 employees and over 150 locations. It says Apex has served over 16 million homes.

Apex was founded in 2019. That is fast growth: from a start-up to more than $3 billion of yearly revenue in about seven years, with 75 local brands under one owner.

What was paid, and how?

The price was not disclosed. The release gives no valuation, no share size and no debt figures. Some news reports gave figures from unnamed people; we do not repeat them, because the companies did not confirm them.

What is disclosed is the structure. Apollo Funds take a minority stake. Alpine, which already owned part of Apex, puts in more money too. The release says the money will support Apex's expansion, its multi-trade services, and its technology and people.

The deal was subject to normal closing conditions and was expected to close in the fourth quarter of 2026. Goldman Sachs and Evercore advised Apex and Alpine, with Kirkland & Ellis as lawyers. William Blair and J.P. Morgan advised Apollo, with Akin as lawyers.

Why does Apollo want it?

Apollo's reason is in the release. Munesh Advani, a Managing Director at Apollo, called Apex "a market-leading platform with an impressive management team".

Apex's co-CEOs, AJ Brown and Will Matson, said a national trades platform has to invest in its people. They described Apollo as a partner "to accelerate what is already working". The release says Apex has trained over 8,000 technicians and placed more than 300 operating leaders.

Graham Weaver, Founder and CEO of Alpine, said the team "has demonstrated the power of exceptional leadership". Alpine staying in and adding money is a signal. The first owner did not sell out; it shared the company with a larger investor.

What does it mean for a small HVAC buyer or seller?

Most HVAC businesses that change hands are far smaller than Apex. Three points from this deal still apply at the $500K to $50M revenue size.

Platforms keep buying. New money into Apex means more money to buy local brands. If you own a well-run HVAC, plumbing or electrical company, you may hear from a platform. Our guide to who is buying HVAC businesses lists the active ones.

Multi-trade is a selling point. The release names multi-trade services as a use of the money. A shop that does HVAC plus plumbing or electrical gives a platform more to sell to the same homes.

People are part of the price. Apex talks about technicians and trained leaders, not just revenue. A business with a manager who can run it without the owner is easier to sell. See how to sell an HVAC business.

For buyers, the same trend raises competition for good shops. A first-time buyer usually pays with an SBA loan, a seller note and investor money. Start at /buy, or read about roll-up funding if you plan to buy several.

What to watch

Watch the closing. The release expected it in the fourth quarter of 2026.

Watch Apex's pace of add-on deals once the new money arrives. Trade press such as Dallas Innovates covered the announcement and will likely cover the next ones.

Watch whether other large platforms take minority money too. A partial sale lets the first investor keep a stake while new money funds growth. That is the same choice a small owner faces with rollover equity.