BREAKING: Apollo Funds Takes Minority Stake in Apex Service Partners — The $3B HVAC Giant Gets Institutional Capital

Apex Service Partners — the nation's largest residential HVAC, plumbing, and electrical services business — announced on May 28, 2026 that it has entered into a definitive agreement with funds managed by affiliates of Apollo under which Apollo Funds will acquire a minority interest in Apex. Apollo Funds will partner with Apex's management team and existing investor Alpine Investors, which is also making an additional investment in Apex to support the company's continued growth. Financial terms of the transaction were not disclosed. The deal is expected to close in Q4 2026.

The numbers behind Apex in May 2026: 75 prominent local brands, operations across 46 states, more than 13,000 employees, and a customer base of over 16 million homes served. Annual revenue exceeds $3 billion. In 2025, the company completed approximately 60 add-on acquisitions — more than any other residential platform tracked by the CTC Acquisitions PE Roll-Up Tracker. The Apollo investment is the recognition, in institutional capital terms, that Apex has built something categorically larger than any prior residential home services platform.

Why Apollo — What This Investor Brings

Apollo Global Management is not a typical private equity firm. It manages approximately $700 billion in assets across credit, private equity, and real assets — making it one of the largest alternative asset managers in the world. The decision to take a minority stake in Apex, rather than a control acquisition, is consistent with Apollo's strategy of deploying its substantial credit and equity capital alongside strong management teams and existing sponsors in businesses with clear growth trajectories.

Apollo's choice of Apex specifically reflects several characteristics that distinguish the platform from earlier-stage residential HVAC roll-ups:

• Proven scale at $3B+ revenue: At $3 billion in annual revenue, Apex is large enough to be interesting to a $700 billion asset manager. Smaller platforms require too much operational development before they can absorb the scale of capital Apollo typically deploys.

• Demonstrated acquisition capability: Approximately 60 add-ons in 2025 — more than one per week — is verifiable evidence of an acquisition machine that can absorb Apollo's growth capital into additional acquisitions efficiently.

• Essential services durability: Residential HVAC, plumbing, and electrical are non-discretionary services that perform throughout economic cycles. This defensive characteristic aligns with Apollo's preference for businesses with durable cash flows.

• Minority structure preserves Alpine alignment: By taking a minority stake alongside continuing Alpine Investors, Apollo avoids a control acquisition that would require Alpine to exit. Alpine's continuing investment and management team continuity maintain the operational DNA that built Apex to this point.

Apollo Funds' minority investment in Apex Service Partners — announced May 28, 2026 — values the nation's largest residential home services platform at an implied scale of $3B+ annual revenue, 75 brands, 46 states, and 13,000 employees, with Alpine Investors simultaneously making an additional investment to support continued growth toward a Q4 2026 closing.

What Apex Has Built — The Scale Story

When Apex was founded in 2019, the residential home services consolidation wave was already underway — but Apex's pace of execution quickly distinguished it. The CTC Acquisitions tracker confirmed approximately 60 add-on acquisitions in 2025 alone, bringing the platform to nearly 300 businesses and approximately $1.3 billion in annual revenue at that point — since grown to $3 billion-plus.

The 75 prominent local brands across 46 states represent a specific organisational philosophy: Apex preserves local brand identity in acquired companies rather than rebranding everything under a single national brand. This approach maintains the customer relationships and contractor community trust that made local brands valuable in the first place — while Apex's platform infrastructure (technology, supply chain, HR, training, capital) operates behind the scenes.

Graham Weaver, Alpine Investors' Founder and CEO, characterised the Apollo investment directly: it validates the scale and pace of growth Apex has achieved since its 2019 founding. Seven years from inception to $3 billion in revenue and a minority investment from one of the world's largest asset managers is, by any measure, an extraordinary organisational achievement.

What the Investment Funds — Continued Acquisition Growth

The stated purpose of the Apollo investment is to support continued growth — which in Apex's case means continued add-on acquisitions. With approximately 2,100 independent HVAC distributors and tens of thousands of independent residential HVAC contractors still operating across the US, the acquisition runway remains enormous.

The Apollo capital also enables strategic investments beyond pure geographic acquisition: technology infrastructure, training programmes, supply chain consolidation, and the service agreement membership infrastructure that generates the recurring revenue PE buyers value most. Apex's platform serves over 16 million homes — building service agreement relationships with even a fraction of that installed customer base would generate recurring revenue that compounds significantly over time.

What It Means for Independent HVAC Contractors

For independent residential HVAC business owners evaluating their strategic options, the Apollo-Apex announcement confirms several things simultaneously:

• The buyer universe just got bigger: Apollo's capital enables Apex to accelerate acquisitions beyond the already-impressive pace of 60 per year. More Apex activity means more acquisition outreach to businesses in their target geographies.

• Valuations remain supported: Apollo does not invest in platforms where multiples are compressing. The minority investment at this scale signals continued institutional confidence in residential home services valuations.

• Scale is the endpoint: Apex at $3B with Apollo behind it is a preview of what the consolidation endgame looks like. The window for independent businesses to capture premium valuations in a competitive multi-buyer process remains open — but the platform consolidation continues.

Frequently Asked Questions

What is the Apex Service Partners Apollo investment?

Apex Service Partners announced on May 28, 2026 that funds managed by affiliates of Apollo will acquire a minority interest in the company, alongside existing investor Alpine Investors which is also making an additional investment. Financial terms were not disclosed. The transaction, advised by Goldman Sachs, Evercore, William Blair, and J.P. Morgan, is expected to close Q4 2026.

How big is Apex Service Partners?

Apex Service Partners operates 75 local brands across 46 states with more than 13,000 employees and has served over 16 million homes. Annual revenue exceeds $3 billion. The company, founded in 2019, completed approximately 60 add-on acquisitions in 2025 alone — more than any other tracked residential platform.

Why did Apollo invest in Apex?

Apollo is deploying minority capital alongside Alpine Investors to support Apex's continued growth — primarily through continued add-on acquisitions in residential HVAC, plumbing, and electrical across its 46-state platform. At $3B+ revenue with 75 local brands, Apex has the scale to absorb institutional capital efficiently while delivering the durable, essential-services cash flows Apollo targets.

What does the Apollo-Apex deal mean for independent HVAC contractors?

The Apollo investment accelerates Apex's already high-velocity acquisition pace, expands the buyer universe for independent residential HVAC businesses, and confirms continued institutional confidence in residential home services valuations. The window for independent businesses to participate in the acquisition market remains open.