Home services company Apex Service Partners is reportedly nearing a minority stake sale, a move that could value the business at approximately A$15 billion (US$10 billion), including debt. Private equity firm Alpine Investors currently backs Apex, and investment bank Goldman Sachs is understood to be advising on the transaction. The identity of the potential new investor and the exact size of the minority stake have not yet been disclosed, according to sources familiar with the situation.
Headquartered in Tampa, Florida, Apex Service Partners specialises in residential heating, ventilation, and air conditioning (HVAC), plumbing, and electrical services. The company operates across nearly every U.S. state and boasts a substantial workforce of more than 7,800 tradespeople, according to its official website.
The potential sale highlights a growing trend within the private equity sector, which has increasingly targeted the residential services market. Firms are drawn to the industry’s consistent cash flows and the scope for high valuations in fragmented markets composed of numerous smaller, local operators. Alpine Investors, based in San Francisco, California, launched Apex in 2019 and facilitated its transfer into a single-asset continuation vehicle in 2023 through a A$5.1 billion (US$3.4 billion) transaction.
This particular structure allows private equity firms to maintain ownership while providing existing investors with an option to cash out. Major firms such as Blackstone Strategic Partners, HarbourVest Partners, Lexington Partners, and Pantheon reportedly participated in that 2023 deal. Alpine Investors manages nearly A$28.5 billion (US$19 billion) in assets. Representatives for Goldman Sachs declined to comment on the current process, while Alpine and Apex did not immediately respond to inquiries.
