Alpine Closes Third Home Services Buy

Apex Service Partners, a portfolio company of Alpine Investors, has acquired Southern Air Heating & Cooling, a provider of residential HVAC services in Louisiana and Mississippi.

Apex Service Partners (ASP) was launched by Alpine in late July 2019 as a new platform to consolidate the firm’s investments in the home services sector. In June 2019, Alpine acquired Best Home Services, a Florida-based HVAC, plumbing and electrical service and repair business with 300 employees; and in early July 2019, Alpine acquired Florida-based Frank Gay Services, a plumbing, HVAC, electrical and mechanical services company with 175 employees.

Southern Air was founded in 1994 by Ira Preuett and is headquartered northwest of Baton Rouge in Ball, LA. The company services the northwest, northcentral, and northeast sectors of Louisiana through its five locations.

Tampa-headquartered ASP is led by CEO AJ Brown, an Alpine CEO-in-residence, who was previously the CFO of construction software company Avitru, an Alpine portfolio company that was sold in December 2018. Will Matson is the CFO and head of mergers and acquisitions for ASP.

“We are thrilled and privileged to partner with Southern Air founder and CEO Ira Preuett, and welcome Southern Air’s incredible employees to Apex. They have a proven history of providing fast, friendly and highly technical services that fit perfectly with Apex’s mission of building a people-focused national HVAC, plumbing and electrical services platform,” said Mr. Brown.

Alpine plans to invest at least $100 million of equity in HVAC, plumbing and electrical services companies over the next five years to build Apex into a national leader. The firm used a similar build-up strategy successfully in what later became known as the Wrench Group, an HVAC and plumbing services platform serving the Atlanta, Dallas, Houston and Phoenix markets, which grew to over $150 million in revenues. Alpine sold Wrench Group to Investcorp in 2016.

Alpine invests in US or Canadian based software and services companies that have from $1 million to $30 million of EBITDA. The firm was founded in 2001 and is based in San Francisco (

© 2019 Private Equity Professional | October 1, 2019

Print Friendly, PDF & Email