Latest / The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions
How Private Equity Is Buying Up Plumbing and HVAC Contractors
In this episode of The Buyout Show, Lucas and Luna dive into the wave of private equity investment rolling through the residential plumbing and HVAC industry. They focus on the specific case of HomeServe, a UK-based home warranty and repair company that was acquired by a PE-backed roll-up in 2025 and has since consolidated over 30 local service providers across the US. Lucas explains the economics: how a fragmented market of mom-and-pop shops with recurring service revenue and long customer lifetimes attracts PE firms, and why the '10x EBITDA' multiple paid for HomeServe actually…
The skinny
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