Apollo Invests $2 Billion in Apex Service Partners at $10 Billion Valuation
Apex Service Partners has agreed to sell a minority stake to Apollo Global Management in a deal that values the residential services company at approximately $10 billion, including debt, according to people familiar with the matter.
Apollo is investing about $2 billion in the transaction, providing fresh capital to support Apex’s continued expansion across the United States. The company said it plans to use the investment to strengthen its national footprint, expand its multi-trade service offerings and enhance its technology and workforce infrastructure.
Founded in 2019 by Alpine Investors, Apex Service Partners has rapidly grown into one of the largest residential services platforms in the country. The Tampa, Florida-based company provides heating, ventilation and air conditioning (HVAC), plumbing and electrical services through a network that spans nearly every U.S. state.
The deal underscores growing private equity interest in the residential services sector, where investors are attracted by recurring demand, stable cash flows and opportunities for consolidation among fragmented local operators.
Apex previously completed a $3.4 billion continuation vehicle transaction in 2023, allowing Alpine Investors to maintain ownership while providing liquidity options for certain investors. Several major investment firms, including Blackstone Strategic Partners, HarbourVest Partners, Lexington Partners and Pantheon, participated in that transaction.
Investment banks Goldman Sachs and Evercore advised Apex on the minority stake sale process.
The latest investment marks another significant milestone for Apex as it continues to scale its operations in the highly competitive home services market, which has become an increasingly attractive target for private equity firms seeking long-term growth opportunities.
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