Apex Service Partners, which is backed by private equity firm Alpine Investors, is nearing a minority stake sale that could value the business at around $10bn including debt, according to a report by Reuters citing an unnamed person familiar with the matter.
The company is working with Goldman Sachs to run the process, though the identity of the incoming investor and the size of the stake being sold have not yet been disclosed.
The transaction would mark another significant liquidity event in the residential services sector, which has attracted sustained investor interest due to its recurring cash flows, fragmented operator base and potential for consolidation-driven growth.
Headquartered in Tampa, Apex provides heating, ventilation and air conditioning (HVAC), plumbing and electrical services across the United States. The company operates nationwide and employs more than 7,800 tradespeople, according to its website.
Alpine Investors founded Apex in 2019 and previously restructured it into a single-asset continuation vehicle in 2023, a $3.4bn transaction that allowed the firm to extend its ownership while providing partial liquidity to existing investors. The deal at the time included participation from secondary investors such as Blackstone Strategic Partners, HarbourVest Partners, Lexington Partners and Pantheon Ventures.
The potential valuation highlights continued investor appetite for scaled residential services platforms, particularly in HVAC, plumbing and electrical markets where consolidation strategies have driven outsized returns in recent years.
Alpine Investors manages nearly $19bn in assets and has been active in building sector-focused platforms across the US lower-middle-market economy.
Goldman Sachs reportedly declined to comment, while Alpine and Apex reportedly did not respond to requests for comment.
