Hot (and cool) industry attracts private equity cash

The stay cool air conditioning business is red hot among the cash-flush private equity crowd. 

At least three HVAC and related home services companies in the region have been purchased by private equity firms in the past six months — with more potentially on the horizon. One of the buyers, newly formed Tampa-based Apex Service Partners, plans to spend at least $100 million of equity capital into founder-owned homes services companies nationwide in the next five years. Apex’s funding, according to a statement, comes from San Francisco-based Alpine Investors, a middle-market private equity firm specializing in technology and service industries.