NEW YORK, May 27 - Apex Service Partners is close to completing a transaction to sell a minority stake that could value the company at roughly $10 billion on an enterprise basis, including debt, according to a person familiar with the matter.
The home services group, which is backed by private equity firm Alpine Investors, has engaged investment bank Goldman Sachs to run the process, the person and two additional individuals with knowledge of the discussions said. Those people spoke anonymously because the discussions are private.
At this stage, the identity of the incoming investor and the precise size of the minority share being sold have not been publicly disclosed or confirmed by the parties involved.
Goldman Sachs declined to comment on the matter. Requests for comment directed to Alpine Investors and to Apex Service Partners did not receive immediate responses.
Apex provides residential heating, ventilation and air conditioning (HVAC), plumbing and electrical services. The company is headquartered in Tampa and, according to its website, operates in nearly every U.S. state with more than 7,800 tradespeople delivering services.
Private equity interest in the residential services segment has grown in recent years, driven by investors' attraction to relatively steady cash flows and the potential for premium valuations in a market made up of many small, local operators.
Alpine established Apex in 2019. In 2023, Alpine repositioned Apex into a single-asset continuation vehicle through a transaction valued at $3.4 billion. That structure enables the private equity sponsor to maintain ownership of the asset while offering some existing investors the opportunity to exit their holdings.
Participants in that 2023 continuation deal included Blackstone Strategic Partners, HarbourVest Partners, Lexington Partners and Pantheon, according to information disclosed at the time of the transaction. Alpine Investors is based in San Francisco and manages nearly $19 billion in assets.
Details remain limited about the current minority sale, including the final valuation mechanics and whether the deal will close on the terms cited by the source. Market participants will be watching for confirmations from the firms involved or regulatory filings that would provide further clarity.