How much of Main Street private equity owns
0.9% of US HVAC and plumbing contractors belong to groups backed by private equity.
We read the websites of 31 groups and the 571 local companies they list, counted each company's offices and compared them with the government's count of US HVAC and plumbing contractors.
The findings.
- Groups backed by private equity run 0.9% of US HVAC and plumbing contractors, counted by location.
- That's far less than in car washes, at 15%, or body shops, at 9.3%.
- Service Logic has the most locations of these groups, 121. TurnPoint Services has 95 and Heartland Home Services 81.
- Five in six of the companies' websites don't name the group that owns them on their home, locations or contact pages. Most keep the name they had before they were bought.
- In Indiana, groups backed by private equity run 1.8% of HVAC and plumbing contractors. Delaware, Wisconsin, Kentucky and South Carolina follow, at 1.5% to 1.7%.
- Adding the public companies and other multi-site groups, multi-site groups run 1.3% of HVAC and plumbing contractors.
Who owns the most HVAC and plumbing contractors.
Service Logic has 121 locations, TurnPoint Services 95 and Heartland Home Services 81. The largest runs about one in 1,000 of the country's contractors.
- Comfort Systems USA: 178 locations, at the size it statesPublicly traded
- Roto-Rooter: 121 locations, at the size it statesChemed, publicly traded
- Service Logic: 121 locationsBain Capital
- Legence: 116 locations, at the size it statesPublicly traded
- TurnPoint Services: 95 locationsOMERS Private Equity
- Heartland Home Services: 81 locationsPrivate equity
- Service Experts: 77 locationsBrookfield Infrastructure, an infrastructure fund
- Apex Service Partners: 75 locations, at the size it statesAlpine Investors
- Sila Services: 54 locationsGoldman Sachs Alternatives
- Legacy Service Partners: 52 locationsPrivate equity
- ARS (Rescue Rooter): 48 locationsGI Partners
- Orion Services Group: 46 locationsAlpine Investors
- Wrench Group: 46 locationsLeonard Green & Partners
- PremiStar: 41 locationsPartners Group
- Strikepoint Group Holdings: 40 locationsPrivate equity
- Crete United: 37 locationsPrivate equity
- Flint Group: 34 locationsPrivate equity
- Redwood Services: 34 locationsAltas Partners
- Champions Group: 30 locationsBlackstone
- CoolSys: 30 locationsAres Management
- P3 Services: 29 locationsStellex Capital Management
- Leap Partners: 27 locationsConcentric Equity Partners
- FirstCall Mechanical Group: 24 locationsSkyKnight Capital
- Liberty Service Partners: 24 locationsNorthCurrent Partners
- NearU Services: 24 locations, at the size it statesPrivate equity
- Modigent: 23 locationsOMERS Private Equity
- Southern Home Services: 17 locationsGryphon Investors
- The Arcticom Group: 16 locationsA&M Capital Partners
- Fix-It Group: 14 locationsTwo Parks Capital
- Friendly Group: 14 locationsPrivate equity
- Seacoast Service Partners: 13 locationsWhite Wolf Capital
- United Building Solutions: 11 locations, at the size it statesAE Industrial Partners
- NexCore: 10 locationsTrinity Hunt Partners
- T3 Services Group: 9 locationsThe Riverside Company
- USA Hometown Experts: 9 locations, at the size it statesMSouth Equity Partners
- LTP Home Services Group (Len The Plumber): 7 locationsPrivate equity
- Ace Hardware Home Services: 1 locationA retailer-owned cooperative
- Repipe Specialists: 1 locationPrivate equity
fulkersonadvisors.com
Where private equity owns the most HVAC and plumbing contractors.
Indiana leads at 1.8%, then Delaware, Wisconsin, Kentucky and South Carolina at 1.5% to 1.7%.
- ALAlabama: 0.5%
- AKAlaska: 0.0%
- AZArizona: 0.8%
- ARArkansas: 0.3%
- CACalifornia: 0.3%
- COColorado: 1.3%
- CTConnecticut: 1.0%
- DEDelaware: 1.7%
- DCDistrict of Columbia: Fewer than 100 HVAC and plumbing contractors
- FLFlorida: 0.8%
- GAGeorgia: 0.9%
- HIHawaii: 0.0%
- IDIdaho: 0.2%
- ILIllinois: 0.9%
- INIndiana: 1.8%
- IAIowa: 0.5%
- KSKansas: 1.4%
- KYKentucky: 1.5%
- LALouisiana: 0.6%
- MEMaine: 0.8%
- MDMaryland: 1.1%
- MAMassachusetts: 0.6%
- MIMichigan: 0.5%
- MNMinnesota: 1.4%
- MSMississippi: 0.4%
- MOMissouri: 1.2%
- MTMontana: 0.2%
- NENebraska: 0.6%
- NVNevada: 0.6%
- NHNew Hampshire: 0.4%
- NJNew Jersey: 0.9%
- NMNew Mexico: 0.6%
- NYNew York: 0.4%
- NCNorth Carolina: 0.9%
- NDNorth Dakota: 0.0%
- OHOhio: 1.3%
- OKOklahoma: 0.5%
- OROregon: 0.8%
- PAPennsylvania: 1.0%
- RIRhode Island: 0.4%
- SCSouth Carolina: 1.5%
- SDSouth Dakota: 0.0%
- TNTennessee: 0.9%
- TXTexas: 0.7%
- UTUtah: 1.0%
- VTVermont: 0.6%
- VAVirginia: 0.9%
- WAWashington: 1.3%
- WVWest Virginia: 0.4%
- WIWisconsin: 1.6%
- WYWyoming: 0.3%
fulkersonadvisors.com
The typical HVAC or electrical contractor for sale in the US asks 3.0 times its yearly cash flow. What HVAC and electrical contractors for sale ask
Software for a roll-up.
A roll-up runs the same work at every site it buys, from booking and estimates to billing and payroll. We write the software those sites share, one process at a time, and the owner keeps the code. How we work with buyers and operating partners.
The data.
We counted the locations on October 3, 2026.
Questions
How much of the HVAC and plumbing industry does private equity own?
Groups backed by private equity run at least 0.9% of US HVAC and plumbing contractors, counted by location. The largest are Service Logic, TurnPoint Services and Heartland Home Services.
Is private equity buying HVAC and plumbing companies?
Yes. More than 30 groups backed by private equity buy local heating, cooling and plumbing companies, usually keeping each company's name. Together they run 0.9% of the country's contractors, much less than in car washes or body shops.
Does this count HVAC and plumbing separately?
No. The government counts plumbing, heating and air conditioning contractors as one industry, so the share covers both trades. Companies that only do electrical work are counted in a different industry and aren't in it.
Do One Hour, Benjamin Franklin and Mr. Rooter count?
Not as private equity locations. Their shops are franchises, owned by local operators, so they count as independent here, as franchised car washes and body shops do.
Why do some groups count at their stated size?
Some groups don't list their companies anywhere we could read, among them Apex Service Partners, one of the largest. They count at the number of companies, locations or markets each one states, one location each, and are shown apart.
Who owns Roto-Rooter?
Roto-Rooter belongs to Chemed, a publicly traded company. By its own count it has 121 company-owned territories.
Who owns Service Logic?
Bain Capital owns Service Logic. Its websites list 121 locations.
Who owns TurnPoint Services?
OMERS Private Equity owns TurnPoint Services. Its websites list 95 locations.
Who owns Apex Service Partners?
Alpine Investors owns Apex Service Partners. By its own count it has 75 companies.
Every group
| Group | Brands | Owner | Locations | Share |
|---|---|---|---|---|
| Comfort Systems USA | Publicly traded | 178 stated | 0.1% | |
| Roto-Rooter | Chemed, publicly traded | 121 stated | 0.1% | |
| Service Logic | Bain Capital | 121 | 0.1% | |
| Legence | Publicly traded | 116 stated | 0.1% | |
| TurnPoint Services | 47 companies | OMERS Private Equity | 95 | 0.1% |
| Heartland Home Services | 38 companies | Private equity | 81 | 0.1% |
| Service Experts | Brookfield Infrastructure, an infrastructure fund | 77 | 0.1% | |
| Apex Service Partners | Alpine Investors | 75 stated | 0.1% | |
| Sila Services | 42 companies | Goldman Sachs Alternatives | 54 | 0.0% |
| Legacy Service Partners | 24 companies | Private equity | 52 | 0.0% |
| ARS (Rescue Rooter) | GI Partners | 48 | 0.0% | |
| Orion Services Group | 23 companies | Alpine Investors | 46 | 0.0% |
| Wrench Group | 22 companies | Leonard Green & Partners | 46 | 0.0% |
| PremiStar | 31 companies | Partners Group | 41 | 0.0% |
| Strikepoint Group Holdings | 28 companies | Private equity | 40 | 0.0% |
| Crete United | 26 companies | Private equity | 37 | 0.0% |
| Flint Group | 19 companies | Private equity | 34 | 0.0% |
| Redwood Services | 21 companies | Altas Partners | 34 | 0.0% |
| Champions Group | 21 companies | Blackstone | 30 | 0.0% |
| CoolSys | Ares Management | 30 | 0.0% | |
| P3 Services | 20 companies | Stellex Capital Management | 29 | 0.0% |
| Leap Partners | 23 companies | Concentric Equity Partners | 27 | 0.0% |
| FirstCall Mechanical Group | SkyKnight Capital | 24 | 0.0% | |
| Liberty Service Partners | 14 companies | NorthCurrent Partners | 24 | 0.0% |
| NearU Services | Private equity | 24 stated | 0.0% | |
| Modigent | 18 companies | OMERS Private Equity | 23 | 0.0% |
| Southern Home Services | 16 companies | Gryphon Investors | 17 | 0.0% |
| The Arcticom Group | 14 companies | A&M Capital Partners | 16 | 0.0% |
| Fix-It Group | 9 companies | Two Parks Capital | 14 | 0.0% |
| Friendly Group | 5 companies | Private equity | 14 | 0.0% |
| Seacoast Service Partners | 13 companies | White Wolf Capital | 13 | 0.0% |
| United Building Solutions | AE Industrial Partners | 11 stated | 0.0% | |
| NexCore | 10 companies | Trinity Hunt Partners | 10 | 0.0% |
| T3 Services Group | 9 companies | The Riverside Company | 9 | 0.0% |
| USA Hometown Experts | MSouth Equity Partners | 9 stated | 0.0% | |
| LTP Home Services Group (Len The Plumber) | Private equity | 7 | 0.0% | |
| Ace Hardware Home Services | A retailer-owned cooperative | 1 | 0.0% | |
| Repipe Specialists | Private equity | 1 | 0.0% |
Every state
| State | Establishments | Private equity | Share |
|---|---|---|---|
| Alabama | 2,168 | 11 | 0.5% |
| Alaska | 273 | 0 | 0.0% |
| Arizona | 2,993 | 24 | 0.8% |
| Arkansas | 1,436 | 5 | 0.3% |
| California | 13,443 | 45 | 0.3% |
| Colorado | 2,852 | 36 | 1.3% |
| Connecticut | 1,471 | 15 | 1.0% |
| Delaware | 472 | 8 | 1.7% |
| District of Columbia | 84 | 0 | Fewer than 100 HVAC and plumbing contractors |
| Florida | 11,174 | 92 | 0.8% |
| Georgia | 3,786 | 34 | 0.9% |
| Hawaii | 547 | 0 | 0.0% |
| Idaho | 1,161 | 2 | 0.2% |
| Illinois | 4,205 | 36 | 0.9% |
| Indiana | 2,284 | 40 | 1.8% |
| Iowa | 1,145 | 6 | 0.5% |
| Kansas | 1,084 | 15 | 1.4% |
| Kentucky | 1,786 | 27 | 1.5% |
| Louisiana | 1,992 | 12 | 0.6% |
| Maine | 865 | 7 | 0.8% |
| Maryland | 1,986 | 21 | 1.1% |
| Massachusetts | 3,155 | 20 | 0.6% |
| Michigan | 2,865 | 15 | 0.5% |
| Minnesota | 1,850 | 25 | 1.4% |
| Mississippi | 1,089 | 4 | 0.4% |
| Missouri | 2,250 | 26 | 1.2% |
| Montana | 822 | 2 | 0.2% |
| Nebraska | 934 | 6 | 0.6% |
| Nevada | 1,093 | 7 | 0.6% |
| New Hampshire | 851 | 3 | 0.4% |
| New Jersey | 3,483 | 32 | 0.9% |
| New Mexico | 726 | 4 | 0.6% |
| New York | 7,061 | 30 | 0.4% |
| North Carolina | 4,798 | 43 | 0.9% |
| North Dakota | 412 | 0 | 0.0% |
| Ohio | 3,494 | 44 | 1.3% |
| Oklahoma | 1,899 | 10 | 0.5% |
| Oregon | 1,570 | 12 | 0.8% |
| Pennsylvania | 4,370 | 42 | 1.0% |
| Rhode Island | 553 | 2 | 0.4% |
| South Carolina | 1,841 | 27 | 1.5% |
| South Dakota | 465 | 0 | 0.0% |
| Tennessee | 2,492 | 22 | 0.9% |
| Texas | 10,270 | 75 | 0.7% |
| Utah | 1,786 | 18 | 1.0% |
| Vermont | 330 | 2 | 0.6% |
| Virginia | 2,877 | 25 | 0.9% |
| Washington | 2,346 | 31 | 1.3% |
| West Virginia | 555 | 2 | 0.4% |
| Wisconsin | 2,151 | 34 | 1.6% |
| Wyoming | 390 | 1 | 0.3% |
How we did it
On October 3, 2026 we read each group's own list of the companies it owns, then each company's website: its home page and the locations and contact pages it links to. Jev, a model from TypeSafe that answers questions about text with a probability, read the pages: which links on a group's list lead to its companies, what work each company does, and which lines give the address of one of its own offices, shops or branches, one line per address, the one with the ZIP code. Each office counts once, even when sister companies list it. Towns a company serves don't count. Code fetched the pages and did the counting.
Review agents then checked Jev's work without seeing its answers. On the 209 companies whose trade they could judge, they agreed with Jev on 206. They read every address line of the 159 companies counted from their address lines and agreed on the count for 148. Where a reviewer and Jev differed, the reviewed answer is used.
571 companies were listed. We read 506 of their websites. 65 sites refused our crawler or didn't answer, and each of those counts as one location when its group's list shows it does HVAC or plumbing work. Companies that only do electrical work, or other work, aren't counted, and neither are locations outside the US.
Groups that don't list their companies count at the size each one states, one location per company or market, and are shown apart. Franchised shops, such as One Hour, Benjamin Franklin, Mr. Rooter and Aire Serv, count as independent.
The number of contractors is the Bureau of Labor Statistics count of private establishments with employees for the first quarter of 2026, 125,652 HVAC and plumbing contractors (NAICS 238220, plumbing, heating and air-conditioning contractors). It covers both trades and commercial contractors, so the commercial groups count too. A state's count is the larger of that count and the Census Bureau's 2023 County Business Patterns count (West Virginia, Wisconsin and Wyoming use the first count only).
These shares are floors. Groups we didn't find, and offices a company's site doesn't list, aren't in them. The full method
Cite this page
Fulkerson Advisors (2026). Who Owns US HVAC and plumbing contractors: Private Equity's Share, October 2026. https://www.fulkersonadvisors.com/research/private-equity-ownership/hvac-and-plumbing
Use any of these numbers or charts. Credit Fulkerson Advisors and link to this page. The data is under a CC BY 4.0 license.