Is Private Equity Buying HVAC Companies in Ohio? A 2026 Map for Owners

Editorial update: October 14, 2026. Original reporting dates are unchanged.

Private-equity-backed platforms have acquired Ohio HVAC, plumbing, commercial roofing, and other home-services businesses, including the named transactions below. Those deals establish buyer activity in specific markets, not a statewide pace or a likely offer for every shop.

Ohio owners have several documented examples of acquisitions to study, but none establishes that a buyer will call every local shop. This review names the buyers and deals cited here, then explains the operating and financial measures owners can examine before deciding whether to sell or remain independent.

The short answer, and the proof

Reported national investments in HVAC, plumbing, and electrical platforms give context for Ohio’s named acquisitions. They do not measure how many Ohio companies will sell or at what price. The transactions below are the local evidence.

Sila Services, backed by Goldman Sachs Alternatives, acquired NEOH, an Ohio platform made up of five operating brands: Simpson Heating & Air, Bonsky Heating & Cooling, Best Heating & Air Solutions, Ultra Clean Duct Cleaning, and Coblentz Plumbing Solutions, along with a training academy. Sila also picked up Ainsley Heating & Cooling, a residential HVAC company in Cortland. In Columbus, Wrench Group acquired Buckeye Heating & Cooling, a shop founded in 1948, and folded it under its Williams Comfort Air umbrella. In the Cincinnati area, a private-equity-backed platform acquired HELP Plumbing, Heating, Cooling, Drains and Electric, a business that had served the region for more than 80 years. And Trades Holding Company, a sponsor-backed operator headquartered in Columbus itself, has been rolling up Mr. Rooter plumbing territories across Greater Cincinnati, Dayton, and north-central Ohio.

Crain’s Cleveland Business reported that investors and bankers saw strong demand for plumbers, electricians, roofers, and especially HVAC service providers. That account supports buyer interest in the sector; the Ohio transactions above provide the more specific local evidence.

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Who is actually buying in Ohio

The named Ohio purchases involve platforms that own HVAC, plumbing, or related service brands. These examples do not measure the share of all Ohio acquisitions funded by combined-trades buyers.

Sila Services

Sila Services, backed by Goldman Sachs Alternatives after a reported late-2024 transaction valued near $1.7 billion, acquired NEOH and Ainsley Heating & Cooling in Ohio. Those two deals establish activity in the state, not Sila’s future target list. The reported platform value does not price either local company.

Wrench Group

Wrench Group, backed by Leonard Green & Partners, acquired Buckeye Heating & Cooling in Columbus. Buckeye was founded in 1948. The acquisition shows interest in one established local operator; it does not establish a size or age rule for future targets.

Trades Holding Company

Trades Holding is based in Columbus and has bought Mr. Rooter franchise territories. Succession may be part of an individual seller’s decision, but the cited transactions do not establish that it is the most common reason for Ohio home-services acquisitions.

National platform deals for context

Apollo agreed to a minority investment in Alpine-led Apex Service Partners in May 2026 at a reported $10 billion valuation. Apex had more than 100 brands in the cited period; the investment agreement was not a transfer of majority ownership. Champions Group’s reported Blackstone transaction in early 2026 was about $2.5 billion, or roughly 18.5 times earnings. Those are national platform figures, not offers for Ohio shops. Their presence in the sector does not prove that either company will acquire a particular Ohio business.

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Why buyers may consider Ohio shops

The cited acquisitions involve businesses with existing customers, service capacity, and in some cases succession needs. Those factors help explain buyer interest, but each Ohio transaction still depends on its own financials and terms.

Succession can motivate a sale when an owner wants to retire and no internal successor is ready. Check each deal’s announcement before treating succession as its stated reason; the examples here do not establish a count of retiring Ohio owners.

Signed maintenance agreements and memberships can help a buyer estimate future service work. Repair calls may repeat, but they are not contracted revenue. Renewals, cancellations, and service costs determine whether the book produces dependable cash flow.

Ohio has independent contractors that larger buyers may examine. This article does not count all eligible targets or establish that no brand leads statewide. Acquisition capacity depends on each company’s scale, service mix, and financials.

Reported shop and platform multiples differ, but the 5-to-8 and 17-to-20 ranges are benchmarks from different transaction tiers, not a guaranteed spread. Integration expenses, debt, and seller terms affect returns.

Industry trackers reported that private-equity add-on activity targeting HVAC service providers rose roughly 88 percent year over year through mid-2025. They also put financial buyers at about half of tracked HVAC service transactions, up from roughly a third a year earlier. These national tracker figures depend on coverage and do not count Ohio sales.

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What buyers look for

Some larger platform buyers use revenue, EBITDA, fleet, and maintenance-plan screens. The roughly $3 million revenue and $500,000 EBITDA examples here are not universal floors. Smaller firms can interest local or regional buyers. Ask which earnings definition and deal terms a prospective buyer actually uses.

A buyer can test reliable financial statements, job-level profit, management beyond the owner, dispatch records, and signed service agreements. Those records help explain the business and its obligations. They do not guarantee a premium offer or convert repeat calls into contracted revenue.

Compare your Ohio company with the stated size and maintenance benchmarks before treating a platform valuation as a guide. An outside market review can help identify the buyers active in your area, but an actual price requires diligence on your financials and deal terms.

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How the deals are structured

A deal may combine cash at close, contingent earnout, and equity rolled into the buyer. The illustrated percentage ranges are not standard terms for every Ohio seller. Ask for an offer schedule showing conditions, dilution, debt, and tax treatment.

Rollover equity may gain or lose value if the platform later sells, and a second exit is not assured. Earnout and cash-at-close terms also carry conditions. Compare the written offer with an adviser rather than converting a hypothetical future exit into proceeds today.

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Comparing a sale with remaining independent

An owner can compare an actual sale proposal with the cost and prospects of remaining independent.

If you want to sell, prepare financial statements, debt schedules, service agreements, and the terms of any offer. Ask how the buyer calculated earnings and what conditions apply to cash, earnout, and rollover equity. More than one credible offer can help you compare terms, but the documented Ohio deals do not guarantee competing bidders for your company.

An independent shop can review customer acquisition, scheduling, service quality, and its local visibility when competing with larger platforms. The NEOH transaction does not prove that independents will lose customers or that search and AI recommendations caused a decline.

Ohio had a stronger home-turnover reading and summer cooling demand at the time of this report. Those dated signals suggest work for service shops, not a guaranteed call volume for any company. An independent operator can assess how customers find the business and whether it can answer and schedule that demand.

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Frequently asked questions

Is private equity really buying HVAC companies in Ohio?

Yes. Private-equity-backed platforms have completed multiple HVAC, plumbing, and home-services acquisitions in Ohio, including Sila Services buying the five-brand NEOH platform and Ainsley Heating & Cooling, Wrench Group buying Buckeye Heating & Cooling in Columbus, and a backed platform acquiring HELP in the Cincinnati area. Local business press has reported the trend directly.

Which buyers have acquired Ohio HVAC and plumbing companies?

Sila Services acquired NEOH and Ainsley Heating & Cooling. Wrench Group acquired Buckeye, Trades Holding bought Mr. Rooter territories, and HELP is another Cincinnati-area example. These are past examples, not a list of buyers currently approaching Ohio shops.

How much do private equity firms pay for an HVAC company?

Some industry benchmarks put smaller HVAC transactions near 5 to 8 times EBITDA and much larger platform transactions higher. These are distinct categories, not appraisals. Cash, earnout, debt, and rollover equity can make a headline price different from proceeds at closing.

How big does my Ohio HVAC business need to be for private equity to be interested?

Some platform buyers use approximate revenue, EBITDA, fleet, and maintenance-plan screens. The $3 million revenue and $500,000 EBITDA figures here are examples, not fixed eligibility rules. A smaller shop may interest a local or regional buyer depending on its actual records.

Should I sell my HVAC company to private equity or stay independent?

Selling can address an owner’s succession or liquidity goals; remaining independent may also fit. Compare real offers, obligations, customer demand, and the costs of staying competitive. No path guarantees an outcome.

Geographic correction: Heartland’s January 19, 2022 announcement places Flame Heating & Cooling among its Detroit/Ann Arbor additions, not its Ohio acquisitions. Heartland’s 2021 acquisition summary.