The Apollo Funds investment in Apex Service Partners, announced May 28, 2026, brought public confirmation of scale figures that the company had been building toward but not comprehensively disclosed: 75 prominent local brands, operations across 46 states, more than 13,000 employees, over 16 million homes served, and revenue exceeding $3 billion annually. These numbers deserve examination in the context of what they mean for the HVAC market — not just as a financial story but as a market structure story.

The US has approximately 50 states and fewer than 120 million housing units. A single residential home services platform in 46 states has operational presence in 92 percent of American states. The 16 million homes served — if evenly distributed across the housing stock — represents approximately 13 percent of all US homes. These are not the statistics of a regional consolidator. They are the statistics of a national service infrastructure.

What 75 Local Brands in 46 States Looks Like Operationally

Understanding how Apex manages 75 brands across 46 states requires understanding the platform's organisational model. Apex does not operate as a single national brand — it preserves local brand identity in every acquired company, with Apex's platform infrastructure operating behind the scenes. The homeowner who calls their trusted local HVAC company may be calling a company that has been in the Apex portfolio for two years without ever knowing it.

This local brand preservation model is both a customer retention strategy and an acquisition strategy. Customer retention: the homeowner's relationship is with the local brand they trust, not with a corporate entity. Acquisition: sellers who want their brand to continue are more willing to partner with Apex than with a platform that immediately rebrands to a national identity.

Apex Service Partners operates 75 local brands across 46 states with $3B+ in annual revenue and 16M+ homes served — making it the nation's largest residential home services platform by disclosed metrics. The Apollo Funds minority investment announced May 28 provides capital for continued growth of a platform that completed approximately 60 add-on acquisitions in 2025 alone.

The Geographic Coverage Map — What 46 States Means

Four states where Apex does not currently operate (given 46 state coverage) likely represent lower-priority markets by residential services density, smaller populations, or geographic remoteness. The platform's coverage of 92 percent of US states means that for virtually every regional HVAC contractor in a population centre, Apex is already a known or potential acquirer in their market.

The competitive implications of this coverage for independent contractors are specific:

• Apex outreach is likely: Independent contractors in markets where Apex operates brands are almost certainly already receiving acquisition inquiries from Apex's business development team — or will receive them as the post-Apollo investment acquisition pace potentially accelerates.

• Competitor entry is real: In markets where Apex has established brands, independent contractors are competing against a platform with national purchasing leverage, shared technology infrastructure, and institutional marketing support. The competitive environment is different than it was five years ago.

• Partnership as an alternative to competition: For some independent contractors, the Apex partnership model — joining the platform while retaining local brand identity and customer relationships — may be more attractive than continuing to compete independently against a well-capitalised national platform.

The $3 Billion Revenue Milestone in Context

Apex surpassing $3 billion in annual revenue makes it larger than Lennox International's residential segment, larger than most standalone HVAC OEM business units, and approaching the scale of publicly traded commercial contractors like Comfort Systems USA. For a company founded in 2019, this revenue scale in seven years represents one of the fastest residential services build-outs in industry history.

The comparison to Comfort Systems USA (estimated $12 billion in 2026 revenue) shows how far the residential platform model still has to run even at Apex's scale — but Apex's pure residential home services focus and Apollo's growth capital suggest the trajectory is not plateauing.

Frequently Asked Questions

How many states does Apex Service Partners operate in?

Apex Service Partners operates in 46 US states through 75 local brands. With more than 13,000 employees and 16 million-plus homes served, the company is the nation's largest residential home services platform by disclosed metrics as of May 2026.

What is Apex's annual revenue?

Apex Service Partners discloses annual revenue exceeding $3 billion as of May 2026. The company grew from approximately $1.3 billion toward $3 billion-plus through approximately 60 add-on acquisitions in 2025 alone, building on its 2019 founding to become the largest residential home services platform in the US.