Middle-market private equity company Alpine Investors (Alpine) has acquired Frank Gay Services (Frank Gay), a plumbing, HVAC, electrical and mechanical services company based in Orlando, Florida. Terms of the private transaction have not been disclosed.
Frank Gay joins Best Home Services (Best), an HVAC, plumbing, and electrical services and repairs company based in Naples, Florida, to serve as the foundation of Apex Service Partners (Apex), Alpine’s new home and commercial services companies. The businesses will continue to operate independently under their respective brands.
“Alpine has extensive experience in the HVAC, plumbing, and electrical services space and we are excited to apply our expertise to quickly grow Apex into a market leader,” says Daniel Cohen, Vice President at Alpine. “Best and Frank Gay have exceptional reputations in the industry. Bringing them together makes Apex an attractive home for other founders who are looking for a growth partner for their businesses.”
Alpine plans to invest at least USD100 million of equity capital in founder-owned companies over the next five years to build Apex into a national leader. The firm applied a similar strategy successfully in what later became known as the Wrench Group, an HVAC and plumbing services platform serving the Atlanta, Dallas, Houston and Phoenix markets, which grew to over USD150 million in revenues and was subsequently sold to Investcorp in 2016.
“Home and commercial services is a fragmented market where Apex can further strengthen already great companies to accelerate growth with our resources and support,” says AJ Brown, CEO of Apex, which is headquartered in Tampa, Florida. “As part of the Apex partnership, these businesses will be able to leverage the expertise of some of the best operators in the country as well as have access to capital to build new facilities, invest in their teams, provide the best possible equipment and training for technicians, and ultimately, enhance their customers’ experience and employees’ career opportunities.”
Brown, an Alpine CEO-in-residence, was previously CFO of construction software company Avitru, a former Alpine portfolio company. Joining Brown is Will Matson, who is serving as Head of M&A and CFO of Apex. HVAC, plumbing and electrical services business owners interested in joining Apex should contact Will Matson at [email protected] or 817-614-1242.
“In such a customer-centric industry, it can be difficult to transition leadership,” says Frank Gay, Founder of Frank Gay Services. “Alpine’s strong focus on people and relationships makes it stand out among financial firms, positioning Apex well to succeed in a competitive, high-touch industry like ours. We could not be more excited about our future and partnership with Alpine.”
Orchard MB acted as exclusive transaction advisor to Frank Gay Services.
