MSouth Equity Partners, the Atlanta-based private equity firm that sponsors residential HVAC, plumbing, and electrical platform USA Hometown Experts, launched a sale process for the company in late April, according to reports from The Deal and PE Hub published May 7 — the latest indication that the HVAC services consolidation cycle is generating sponsor exits even at platforms that are still in early to mid-stage build-out.
Citizens Bank's investment banking arm is advising MSouth as sell-side advisor on the process, both outlets reported. USA Hometown Experts generates between $30 million and $40 million in EBITDA, according to The Deal, with PE Hub placing the figure at $30 million. At current peer multiples in the HVAC services sector — where comparable platform transactions have closed at roughly 16 times EBITDA — the company could fetch $480 million or more, PE Hub noted. USA Hometown Experts and representatives for MSouth did not respond to requests for comment.
What USA Hometown Experts Is
USA Hometown Experts was formed in 2022 and is headquartered in Memphis, Tennessee. The platform operates across seven to nine states in the Southeast, with service areas spanning Alabama, Georgia, Texas, South Carolina, Tennessee, Florida, and West Virginia, according to the company's website. The business is focused on residential and commercial HVAC, plumbing, electrical, and overhead door services, operating through a portfolio of locally branded companies that retain their independent identities and management teams after being acquired by the platform.
The company is led by CEO Bill Sublette, who brings approximately 25 years of experience in residential and consumer-facing service businesses including a 16-year run at Service Experts Heating & Air Conditioning. The platform's leadership team averages 20 years of industry experience across HVAC, plumbing, electrical, IT, and human resources functions — a depth of operational leadership that is consistent with what institutional buyers look for when evaluating a platform for a sponsor-to-sponsor acquisition.
USA Hometown Experts represents MSouth's second platform investment in the residential services space, reflecting Atlanta-based MSouth's thesis that the Southeast residential services market is a high-quality consolidation opportunity given the region's population growth, aging housing stock, and underpenetrated fragmented contractor base. MSouth's Fund IV is the current sponsoring vehicle.
Recent Add-Ons and Growth
The platform's most recent disclosed acquisition was Metro Plumbing, Heating & Air, a Chattanooga, Tennessee-based family business acquired in August 2025. Founded by Mark Hardin in 1989, Metro had grown into one of the largest residential service providers in the Chattanooga region, offering HVAC, plumbing, septic, and drain services under CEO Drew Hardin, who retained his role after the transaction. FourBridges Capital Advisors acted as the exclusive financial advisor to Metro's shareholders on that deal.
Prior add-ons include Ashworth Heating & Cooling and Charleston Electric, among others, building the platform's presence across its Southeast footprint. The acquisition model is consistent with most residential HVAC roll-ups: target established local operators with strong contractor reputations, preserve local brand identity and management, and provide capital and operational infrastructure to support growth without disrupting the community relationships that drive recurring service revenue.
The Sale Process Context
MSouth launching a sale process for USA Hometown Experts places the company squarely in the accelerating wave of sponsor-to-sponsor transactions that have defined the HVAC services sector since 2024. Recent platform-level deals include Blackstone's acquisition of Champions Group at approximately $2.5 billion and roughly 18.5 times EBITDA in February 2026, Apollo's $2 billion minority investment in Apex Service Partners at a $10 billion total valuation in May 2026, Bain Capital and Mubadala's acquisition of Service Logic from Leonard Green, and Goldman Sachs Alternatives' acquisition of Sila Services from Morgan Stanley Capital Partners at approximately $1.5 to $1.7 billion. Each of these transactions has reinforced the view that the residential and commercial HVAC services sector commands premium institutional multiples.
At $30 to $40 million of EBITDA, USA Hometown Experts is smaller than the platforms that have transacted at multi-billion dollar valuations — but the 16x peer multiple that PE Hub applied to generate the $480 million-plus estimate reflects the same demand dynamics that have driven larger transactions. Buyers for the platform would most likely include other PE-backed HVAC services platforms looking to expand their Southeast footprint, larger sponsors interested in establishing a Southeast entry point, or strategically motivated acquirers such as Wrench Group or ARS/Rescue Rooter that are actively building national scale through acquisitions.
What It Means for the HVAC Market
The USA Hometown Experts sale process is notable partly for its timing relative to the broader HVAC M&A cycle. The platform was founded in 2022, meaning MSouth is exploring an exit roughly three to four years into the hold period — a relatively compressed timeline that reflects both the strength of current market conditions and the sponsor's read that the window for premium HVAC services exits is open and may not remain so indefinitely. Residential HVAC is widely regarded by industry advisors as mid-cycle in its consolidation, with the premium multiples of the 2024-2026 period potentially compressing if buyer competition softens or interest rate conditions change.
