In a market dominated by headlines about Blackstone's $2.5 billion Champions Group deal and Goldman Sachs' Sila acquisition, two residential HVAC platforms are quietly executing systematic expansion strategies that are building significant scale without attracting equivalent attention. Legacy Service Partners and NearU Services represent the mid-tier of the residential home services PE landscape — platforms that have been building consistently, have accumulated genuine scale, and are positioned for the next phase of the consolidation cycle.

Legacy Service Partners — $531 Million and 33 Add-Ons

Legacy Service Partners, backed by Gridiron Capital since January 2023, is headquartered in Tampa, Florida. Founded in 2021 by Jake Sloane, Frank Zhang, and Rob Millock, Legacy operates a national platform across 19 states with HVAC, plumbing, and electrical service brands and has raised over $531 million in total capital. Public disclosures document at least 33 add-on acquisitions since the platform's 2021 founding — approximately one acquisition per month across a five-year period.

Key recent verified transactions in the CTC Acquisitions tracker window include John Henry's Plumbing, Heating & Air and Buehler Air Conditioning — both added in May 2023 to establish initial market positions — and NJ Pipe Doctor (March 2025) expanding the New Jersey footprint with HVAC adjacency.

• Gridiron Capital: The Greenwich, Connecticut PE firm focuses specifically on lower middle market services businesses. Gridiron's investment in Legacy represents a commitment to the home services consolidation thesis at scale.

• 19-state coverage: Legacy has achieved broader geographic coverage faster than most residential platforms — 19 states from a 2021 founding in just four years reflects acquisition discipline and execution pace.

• $531 million total capital: The scale of capital raised confirms Gridiron's conviction in the platform and provides significant firepower for continued geographic and capability expansion.

Legacy Service Partners, backed by Gridiron Capital with $531 million in total capital raised, has completed at least 33 HVAC and home services add-on acquisitions across 19 states since its 2021 founding — approximately one acquisition per month — building one of the most geographically diverse residential home services platforms in the US.

NearU Services — Southeast-Focused With National Ambitions

NearU Services, headquartered in Charlotte, North Carolina and backed by Freeman Spogli & Co. and SkyKnight Capital since August 2022, takes a different geographic approach than Legacy — concentrating initially on Southeast markets where HVAC demand is strongest before expanding nationally.

The Southeast focus is a deliberate strategy: the Southeast has the highest HVAC demand intensity, the fastest-growing residential markets, and the most established multi-trade contractor culture in the country. Building a dense, high-quality network in the Southeast before expanding to lower-intensity markets creates a more defensible platform than spreading thin coverage across the entire US simultaneously.

Freeman Spogli & Co., the Los Angeles-based PE firm, has a specific focus on consumer and business services — making NearU a natural portfolio fit alongside its other services investments. SkyKnight Capital, the smaller co-investor, brings additional capital and financial services expertise.

How Mid-Tier Platforms Differ From the Giants

Understanding the difference between Legacy/NearU (mid-tier) and Champions/Sila (top-tier) helps HVAC business owners calibrate which acquirers they are most likely to encounter:

• Valuation expectations: Mid-tier platforms are building at lower multiples than the 18.5x Blackstone paid for Champions — typically 6 to 10 times EBITDA for residential businesses. This creates better economics for the acquirer and realistic expectations for sellers who are not trying to achieve record-setting multiples.

• Integration intensity: Larger platforms with more established operating infrastructure tend to drive harder post-acquisition integration. Mid-tier platforms often have lighter integration requirements — especially in earlier add-ons — making the transition smoother for acquired management teams.

• Acquisition targets: Mid-tier platforms actively pursue businesses that top-tier platforms may pass over as too small — $1 million to $8 million EBITDA range businesses that still represent attractive returns at the lower acquisition multiples mid-tier platforms pay.

Frequently Asked Questions

What is Legacy Service Partners?

Legacy Service Partners is a Tampa, Florida-based national residential HVAC and home services platform backed by Gridiron Capital, with $531 million in total capital raised and at least 33 add-on acquisitions across 19 states since its 2021 founding. The platform adds approximately one new business per month across its HVAC, plumbing, and electrical service brands.

What is NearU Services?

NearU Services is a Charlotte, North Carolina-based residential home services platform backed by Freeman Spogli & Co. and SkyKnight Capital since August 2022, with a Southeast-focused geographic strategy building multi-trade HVAC, plumbing, and electrical service density before expanding nationally.

What size HVAC businesses do mid-tier PE platforms target?

Mid-tier platforms like Legacy Service Partners and NearU typically target businesses in the $1 million to $8 million EBITDA range — businesses that are too small to attract top-tier platform attention (Champions, Sila) but represent strong acquisition economics at 6 to 10 times EBITDA for platforms with realistic return expectations.