Who is buying plumbing businesses? The PE platforms and public companies, with sources

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

Plumbing businesses are being bought mainly by private-equity-backed home services platforms, plus one public company that buys back its own franchises. This article is for an owner who wants to know who might call, and for a buyer who wants to know who they are up against. Every buyer below has a public source: a press release, an SEC filing or trade news. Where a source does not say something, such as who owns a company today, we say so. This is an explainer, not advice on any company or fund.

Who are the biggest buyers of plumbing businesses?

The biggest buyers are national and regional platforms that own many local HVAC, plumbing and electrical brands. Here is the list, with the owner each source names.

Our hub on buying or selling a plumbing business covers the sector as a whole: prices, size ranges and what moves the multiple.

Which private equity platforms are buying plumbing companies?

Eight platforms in our list are buying local plumbing companies, usually as part of a wider HVAC and electrical business. Each one below is backed by a fund, and most have taken new money in the last few years. New money usually means more buying.

Apex Service Partners calls itself "the nation's largest residential HVAC, plumbing and electrical services business". In a May 2026 release from Apollo, it reported 150+ locations, 13,000+ employees and more than $3 billion of annual revenue. Apollo funds agreed to buy a minority stake, with existing investor Alpine Investors adding money too. Closing was expected in the fourth quarter of 2026.

Wrench Group, of Atlanta, does HVAC, plumbing, water and electrical work for homes. In November 2022, TSG Consumer Partners and Oak Hill made a significant minority investment, and Leonard Green & Partners and management kept a majority, per Oak Hill's release. Wrench then had 16 brands in 24 markets across 13 states. The release said the money would support a "disciplined M&A strategy".

Sila Services, of King of Prussia, Pennsylvania, had more than 30 brands in November 2024. That month, Goldman Sachs Alternatives agreed to take a majority stake from Morgan Stanley Capital Partners, saying it would grow the company "organically and via M&A". By October 2025, HVAC Insider reported more than 40 brands, when Sila bought Oxford Plumbing & Heating, a Chester County plumber founded in 1951.

Redwood Services, of Memphis, calls the companies it buys "Partner Companies". In May 2025, Altas Partners made a strategic investment, per Kirkland & Ellis, which advised Altas. In July 2026, HVAC Insider reported Redwood's investment in Hendrick Heat, Air & Plumbing of Tulsa, its first in Oklahoma. Redwood then had more than 20 partners, and a Hendrick founder stayed on to run the business day to day.

Heartland Home Services is a Midwest provider of HVAC, plumbing, electrical and indoor air quality services. The Jordan Company bought it from North Branch Capital in December 2020, per Kirkland & Ellis. By August 2022 it had 35 brands and served over 1,000,000 customers a year, according to its release welcoming Hurlburt Heating, AC & Plumbing of Western Wisconsin.

Southern Home Services describes itself as "a leading consolidator of home service brands" in the Southeast, Midwest and Mid-Atlantic. Gryphon Investors took majority ownership in October 2021, when it was called Southern HVAC and had 15 brands, per Gryphon's release. In May 2026 it bought Blazer Heating, Air & Plumbing of Richmond, Virginia, founded in 1989.

Any Hour Group, of Orem, Utah, was founded in 1961 and has been backed by Knox Lane since July 2021. In November 2025 it announced an agreement to buy Lee's Plumbing of Hyde Park, Utah, which serves northern Utah and southern Idaho. The owner stays on to run it under its own name. Terms were not disclosed.

ARS/Rescue Rooter, of Memphis, provides heating, cooling, plumbing and electrical services to homes and light commercial customers. In May 2026 it bought Tipping Hat Plumbing, Heating & Electric, a Denver company of about 80 people. The release says ARS is privately owned but does not name its owner.

Which public companies buy plumbing businesses?

The one large public buyer is Chemed, which owns Roto-Rooter, and it buys in a narrow way. Its fiscal 2025 annual report says Roto-Rooter works through company-owned branches, independent contractors and franchisees, and reaches over 90% of the US population.

The same filing lists its recent purchases. In 2025, Roto-Rooter bought one franchise in Michigan for $225,000 in cash. In 2024 it bought franchises in New Jersey ($5.8 million), Texas ($1.5 million) and Kentucky ($5.1 million). Those are its own franchisees. So Roto-Rooter is mainly a buyer of Roto-Rooter franchises, not of independent plumbing companies.

What do these platforms look for in a plumbing company?

They look for a local brand with steady residential service work, good technicians, and an owner or manager who will stay. The buyers say this in their own releases.

• Several trades under one roof. Almost every platform above sells HVAC, plumbing and electrical together. A plumber that already does water heaters, drains or some HVAC is easier to fold in.
• A brand people know. Any Hour kept the Lee's Plumbing name. Southern Home Services called Blazer a "respected local brand".
• Leaders who stay. The Hendrick announcement stressed "preserving the local leadership". Any Hour said Lee Draper would keep leading his team.
• Room to grow. ARS said Tipping Hat would help it "further expand our presence" in Colorado. A platform often pays for a new city, not just for the profit.

If you are new to the model, read what a platform acquisition is.

What size and price are these deals?

The prices of single plumbing add-ons are almost never disclosed. Every release above says "not disclosed" or gives no number. Roto-Rooter's franchise buybacks are the rare exception, at $225,000 to $5.8 million each, and those are franchises inside its own system.

The deals we can see are mostly founder-owned local companies: Hendrick with over 90 full-time staff, Tipping Hat with about 80, and family firms such as Oxford (1951) and Blazer (1989). For what plumbing companies are listed at, our plumbing hub uses our own asking-price data and the IBBA's survey of closed deals. We will not give a platform multiple, because none is public.

What does this mean for an owner thinking of selling?

There are many buyers for a plumbing company with steady service work, and they buy often. Three points follow.

First, you may be approached. An unsolicited offer is a starting point, not a valuation. The buyer knows the sector's numbers; you may not.

Second, compare the whole offer, not the headline. Platform deals often include rollover equity (part of the price paid as shares in the platform), an earn-out, or a period where you stay on. Each has tax and legal effects, so talk to a lawyer and a CPA before you sign a letter of intent.

Third, more than one buyer usually means better terms. If you want a second opinion on an offer, or a process that reaches several buyers at once, see how we help owners sell or book a free call.

What does this mean for a buyer competing with them?

You will rarely beat a platform on price for the companies it wants, so look where it is not:

• Below its size floor. A shop with three to five plumbers is often too small for a platform, and a good size for an SBA-financed buyer.
• Outside its map. The platforms name their regions. A town none of them serves is less contested.
• Owners who want to stay independent. Some owners do not want to join a large group. A buyer who keeps the name and the crew has an edge.
• Buy, then sell later. Many individual buyers grow a company to the size a platform wants. The buyers above are, in effect, the exit market.

The usual financing is an SBA 7(a) loan, a seller note and some of your own cash. If you want deal flow screened against your buy box, see how we help buyers.