Apex Service Partners Closes Apollo-Led Minority Investment, With Sixth Street Joining
Apex operates in 46 states with more than 150 locations, 13,000 employees and $3 billion in annual revenue. The deal, announced in May, closed Oct. 30.
Apex Service Partners has closed the minority investment led by funds managed by Apollo affiliates that it announced in May, the company and Alpine Investors said Oct. 30. Alpine, Apex's backer since 2019, put in more money as well, and so did Sixth Street, which was not named in the original announcement.
No price or stake size was disclosed in May or at closing. Apex describes itself as the country's largest residential HVAC, plumbing and electrical services business, with more than 150 locations in 46 states, more than 13,000 employees and more than $3 billion in annual revenue. In May it said it ran 75 local brands.
"Our approach has stayed the same since 2019: back strong operators, invest in their people, and give them room to build something lasting," said Graham Weaver, founder and CEO of Alpine. Apex co-CEOs AJ Brown and Will Matson said, "Together, we will keep investing in training, technology, and our local brands." The companies said the partnership will support a wider national footprint, more multi-trade service and investment in technology and talent.
Between signing and closing, Piper Sandler joined Goldman Sachs and Evercore as advisers to Apex and Alpine, with Kirkland & Ellis as counsel. Harris Williams and Latham & Watkins advised Sixth Street. William Blair, J.P. Morgan and Akin advised Apollo, which reported about $1.05 trillion under management at midyear.
The deal lands in a crowded field. In its October residential services report, Capstone Partners counted 223 sector deals announced or completed in 2026, with private equity sponsors behind 60.5 percent of them and HVAC, plumbing and electrical making up 19.3 percent, second only to landscaping and lawn care.
Why This Matters to Contractors
Apex's case to investors and to the owners it buys from rests on labor: in May it said its programs had supported more than 8,000 technicians and placed more than 300 Apex-trained operating leaders. The same Capstone report, citing the TechForce Foundation, put HVAC technician supply at 63.8 percent of demand in 2024 and projected 62.9 percent by 2029. With Apollo and Sixth Street capital behind it, Apex will be bidding for the same scarce technicians as the independent shops in its 46 states.
Sources
- Apex Service Partners and Alpine Investors, "Apex Service Partners and Alpine Investors Announce Closing of Strategic Minority Investment from Apollo Funds in Apex," Oct. 30, 2026 (via Sixth Street). sixthstreet.com
- Apex Service Partners and Alpine Investors, "Apex Service Partners and Alpine Investors Announce Strategic Minority Investment from Apollo Funds in Apex," May 28, 2026. apollo.com
- Capstone Partners, "Residential Services M&A Update," October 2026. capstonepartners.com