Our most-read stories of November
M&A, going public, and what's to come in 2025
Image: Homepros
Ah, the holiday season. To welcome December, here’s a look at our five most-read stories from November:
Goldman Sachs’ private equity arm to acquire Sila Services
“Goldman Sachs’ private equity arm will acquire a majority stake in Sila Services from Morgan Stanley, valuing the company at about $1.7 billion, according to a few people familiar with the matter… The purchase price represents a ~17x multiple of the company’s 12-month EBITDA, which is just under $100 million, per the people.”
Inside ServiceTitan’s pitch to the public
“ServiceTitan estimates that home and building owners collectively spend around $1.5 trillion a year on trades services in the U.S. and Canada, outpacing both retail e-commerce ($1.1 trillion) and transportation and warehousing ($1 trillion). The company highlights three key factors driving demand for the trades: An aging housing stock, increasing job complexity, and extreme weather events.”
Any Hour Group watching inflation, playing offense in 2025
“Through a series of Google searches, I found that 27 private equity-backed HVAC and plumbing platforms either formed or underwent transactions between 2019 and 2021. Given platforms’ typical three to five-year hold period, these companies are approaching their next transaction. One of them is Utah-based Any Hour Group.”
D.C. is changing. What’s ahead for the HVAC industry?
“Since former President Trump won the election, a sea of changes, several of which will impact the HVAC industry, has been swirling in D.C. So I phoned Mark Valentini, who runs legislative affairs at PHCC, the trade group representing contractors nationwide, to get an idea of what’s worth paying attention to.”
Peterman Brothers betting on technician development, virtual sales in 2025
“As private equity dollars pour into the HVAC industry, many contractors — at least for now — are sticking with the independent path. One of those companies is Indiana-based Peterman Brothers. In 2025, the company’s making a few key bets that CFO Michael Sullivan and COO Andrew Hasty walked me through on an hour-long Zoom call.”
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