Apex Service Partners to Receive Strategic Investment from Apollo Funds

What happened

Apex Service Partners announced on May 28, 2026 that it had entered into a definitive agreement under which funds managed by affiliates of Apollo will acquire a minority interest in the company. Alpine Investors, Apex's existing investor, will also make an additional investment, and the Apollo Funds will partner with Alpine and Apex's management team. The companies said the investment "will support Apex's next phase of growth as the company continues to expand its national footprint, deepen its multi-trade service offerings and advance the technology and talent infrastructure that underpin its operating model." The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions. Kirkland & Ellis was legal counsel to Apex and Alpine, and William Blair and J.P. Morgan were financial advisors and Akin legal counsel to Apollo. Financial terms were not disclosed.

The company

Apex was founded in 2019 and bills itself as the nation's largest residential HVAC, plumbing, and electrical services business. It operates 75 local brands across 46 states from more than 150 locations, employs more than 13,000 people, and has served more than 16 million homes. The company recently moved its headquarters from Tampa, Florida, to Dallas. Co-CEOs AJ Brown and Will Matson lead it. "Seven years ago, our team founded Apex on a simple conviction that the best way to build a national platform in the trades is to invest deeply in the people who power it," they said.

Apex grows by partnering with local contractors that keep operating under their own names. Its Partner Services team gives those businesses shared recruiting and training, marketing and call-center support, procurement, finance and accounting, and in-house legal counsel. A full-time staff sources and executes acquisitions, and local implementation teams handle onboarding after close. Its training programs have supported more than 8,000 technicians and placed more than 300 Apex-trained operating leaders, and 65% of its senior leaders come from military backgrounds.

In October 2023, when Apex had more than 8,000 employees, Alpine closed a $3.4 billion single-asset continuation transaction dedicated to the company. Blackstone Strategic Partners, HarbourVest Partners, Lexington Partners, Pantheon, and Alpine's own Fund IX backed it, and Alpine's earlier investors could either take liquidity or roll into the new vehicle.

The investor

Apollo is a global alternative asset manager whose business runs from investment-grade credit to private equity, alongside its Athene retirement services business. It had approximately $1.03 trillion of assets under management as of March 31, 2026.

"We see significant opportunity in essential services, and Apex exemplifies the type of high-quality business we seek to support with hybrid, partnership-oriented capital and the resources of the broader Apollo platform," said Apollo Managing Director Munesh Advani.

Who else is putting capital into residential service platforms

Trade outlet Homepros listed the Apex deal alongside two other recent private equity moves in residential services: Blackstone's acquisition of Champions Group and Altas Partners' investment in Redwood Services. The Blackstone deal was an acquisition; the Apex agreement brings in a minority partner. Owners can see how buyers are approaching these trades on OffDeal's home and facility services industry page.

What this means for plumbing, HVAC, and electrical owners

For an owner fielding an approach from Apex, the platform across the table was moved into a continuation vehicle in 2023 with Alpine staying in, and it has now agreed to bring in a minority investor with Alpine investing again. That makes the buyer's own ownership a fair subject for an owner's diligence: who holds the platform today, and what a pending deal is set to change. With Apex, the sponsor the company was built with is staying, and Apollo is set to join it as a minority investor once the transaction closes.

OffDeal is an advisory firm that helps lower-middle-market business owners sell with confidence. Reach out to learn more about our expertise with plumbing, HVAC, and electrical businesses in Texas.

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Source: Apollo - https://www.apollo.com/insights-news/pressreleases/2026/05/apex-service-partners-and-alpine-investors-announce-strategic-mi