We are tracking Apollo Global Management's strategic minority investment in Apex Service Partners, announced May 28, 2026, with close expected in the fourth quarter of 2026. Apollo's entry marks its first institutional exposure to HVAC home services. The parties did not disclose terms.
Press reports describe roughly $2,000,000,000 for a stake above twenty percent at about $10,000,000,000 enterprise valuation.
Neither Apollo nor Apex confirmed those figures, and the implied multiple of seventeen to twenty times rests on analyst EBITDA estimates, not disclosed numbers.
Existing sponsor Alpine Investors stays majority owner and is adding capital alongside Apollo. Apex runs seventy-five-plus local brands across one hundred fifty locations in forty-six states, employing more than thirteen thousand, with revenue above $3,000,000,000.
Our data indicates this is the largest single capital event in the ninety-day window and a marquee validation of residential HVAC scale for the largest institutional capital.