Apex Service, backed by private equity firm Alpine Investors, is nearing a minority stake sale to Apollo at a valuation of $10 billion, according to sources.
The investment, reported by Reuters on Wednesday, involves a $2 billion commitment from Apollo, as confirmed by another source familiar with the matter.
Apex plans to utilize the funds to expand its national footprint, enhance its multi-trade service offerings, and advance its technology and talent infrastructure.
The financial terms of the deal were not disclosed by Apex, which has been working with Goldman Sachs and Evercore on the stake sale process.
The residential services sector has increasingly attracted private equity firms due to its steady cash flows and high valuation potential in fragmented markets.
Apex, headquartered in Tampa, provides HVAC, plumbing, and electrical services across nearly every U.S. state, employing over 7,800 tradespeople.
Alpine Investors launched Apex in 2019 and moved it into a single-asset continuation vehicle in 2023, a $3.4 billion transaction involving Blackstone Strategic Partners, HarbourVest Partners, Lexington Partners, and Pantheon.
Background
The deal highlights the growing interest in the residential services sector by private equity firms, driven by its promising financial returns.
Moving forward, the market will be watching how Apex leverages this investment to strengthen its market position and service offerings.
