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Find a verified pro near you →Champions Group Holdings sold to Blackstone BXPE at 18.5× EBITDA on February 17, 2026 — one of the highest multiples ever paid in residential home services. The brand on your invoice probably looks local. It isn’t.
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For what deals like this mean when you collect quotes, see who really owns your three contractor quotes.
Bottom line: Blackstone — the world’s largest alternative asset manager with $1.2 trillion AUM — just acquired Champions Group Holdings from Odyssey Investment Partners in a deal that announced February 17, 2026 and is expected to close in H1 2026. Odyssey and management are retaining a meaningful minority stake. The acquirer is BXPE (Blackstone Private Equity Strategies), Blackstone’s perpetual-capital vehicle — meaning there’s no exit clock and no forced sale window. Sources: Blackstone press release · Bloomberg · Mergersight
— S&P Global Market Intelligence + PE Professional analysis, 2026
The Deal in 30 Seconds (and Why “Perpetual Capital” Matters)
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Find a verified pro near you →What got sold: Champions Group Holdings — an Irvine, California-based platform of 22 residential HVAC, plumbing, and electrical brands across 7 states (Arizona, California, Colorado, Nevada, Ohio, Texas, Washington).
What got paid: $2.5 billion in cash, at approximately 18.5× trailing EBITDA — back-solving to about $140 million in annualized EBITDA. That’s roughly $1.5–2.0 billion in implied revenue.
Who bought it: Blackstone via BXPE — a perpetual private equity strategy. Traditional drawdown PE funds buy a company and need to exit within 5–7 years to return capital to LPs. BXPE doesn’t have that constraint. Champions Group can grow, acquire, and consolidate indefinitely under Blackstone ownership without a forced exit.
Why it matters: If you book any home service in the seven states above, there’s a meaningful chance the “local family-owned” company on the truck is one of these 22 brands. The truck is local. The pricing strategy, lead-fee structure, upsell scripts, and capital decisions are not.
The 22 Brands You’ve Never Heard Are All Champions Now
The strategic genius of the residential trades rollup is that consumer-facing brands stay local. The truck on your driveway still says “Bell Brothers” or “Hobaica Services” or “Sierra Air” — but the dispatching, pricing, financing, and incentives now route through a single Blackstone-owned shared services layer in Irvine, California. Here’s the full portfolio:
Source: Champions Group Holdings official site · ZoomInfo
Recent tuck-in acquisitions show the velocity is accelerating, not slowing: Champions added Lex Cooling/Heating/Plumbing/Electrical (Texas) in late 2025 and Bee’s Plumbing (Seattle) in June 2025 — two new state expansions in seven months.
The 18.5× EBITDA Math: How a $2.5B Acquisition Lands on Your Kitchen Table
Most homeowners don’t think about EBITDA multiples. But the math matters because it dictates what happens to your invoice for the next decade.
Blackstone paid $2.5B for ~$140M of EBITDA. That means Blackstone needs Champions Group to generate roughly $140M per year in operating cash flow just to stand still on the math. To justify the multiple (and BXPE’s expected returns), that EBITDA needs to grow — substantially.
EBITDA growth in residential home services comes from four levers:
All four are happening at Champions Group. All four affect the homeowner — whether through higher diagnostic fees, more aggressive replacement quotes, longer hold times when calling, or a different technician with each visit because the dispatch pool is now centralized across 22 brands.
— AllBetter editorial analysis, 2026
The 2026 Residential Trades Roll-Up Scoreboard
Champions Group is not alone. Here are the major platforms competing to consolidate residential HVAC, plumbing, and electrical in the U.S.:
| Platform | PE Owner | Brand Count | Scale |
|---|---|---|---|
| Apex Service Partners | Alpine Investors (Fund VII/VII-A + $3.4B continuation, 2023) | 107 | $1.3B revenue · 8,000+ techs · 60 add-ons in 2025 |
| Neighborly (Mr. Rooter, Mr. Electric, Aire Serv, Mr. Appliance, Molly Maid, Glass Doctor, Mr. Handyman, etc.) | KKR (acquired from Harvest Partners, 2021) | 30+ franchisor brands | 5,000+ franchisees globally · Mr. Rooter alone has 230+ locations |
| Champions Group (this article) | Blackstone BXPE (pending close H1 2026) | 22 | 1,800+ techs · 150K members · 7 states · ~$140M EBITDA |
| Authority Brands (Mister Sparky, One Hour Heating, Benjamin Franklin Plumbing, Mosquito Squad, etc.) | Apax Partners (majority since Sep 2018) | 15 | 2,000+ territories · 1,000+ franchise owners |
| Wrench Group | Leonard Green & Partners (majority); TSG Consumer + Oak Hill (minority since Nov 2022) | Multiple | 24 markets · 13 states · 5,800 employees · 1.75M customers/yr |
| ARS / Rescue Rooter | GI Partners (majority since 2020); Charlesbank (minority) | 1 unified brand | National footprint |
| Roto-Rooter | Chemed Corporation (NYSE: CHE — publicly traded, not PE) | 1 | 600+ service locations across all 50 states + Canada |
Sources: Alpine Investors · FranchiseWire · Apax · Leonard Green · Charlesbank
The 3-year acceleration story is the headline. Private equity went from 8% of HVAC deal flow in 2023 to 23% in 2024 to 51% in the first half of 2025. That’s not a wave — that’s a phase change in how residential trades are owned and operated. Champions Group at 18.5× is the cherry on top.
How to Tell if Your Contractor Is a Champions-Owned Brand
The 22 brand names are listed above. Here’s the practical 60-second test:
- Check the invoice or membership-plan paperwork for a parent-company disclosure in tiny print. Look for “Champions Group Holdings,” “Service Champions,” or a generic “shared services” footer.
- Search the brand on LinkedIn and look at the parent organization listed in the company profile. If it’s Champions Group Holdings, you have your answer.
- Look at the email domain on technician communications. If technicians from a “local” brand email you from a centralized domain (e.g., a corporate-shared-services domain), that’s a tell.
- Watch for “platform pricing” — if a diagnostic fee or service-plan price suddenly matches what your neighbor on a different “local” brand paid down to the dollar, you’re seeing centralized pricing.
The Anti-Roll-Up Alternative — What AllBetter Does Instead
AllBetter is the opposite architecture. Independent contractors compete for your job in real time. There’s no platform layer raising your price to hit a Blackstone return target. Lead fees are $0. Payment goes to escrow until you approve the work.
The job posting structure is built so that your “verified plumber near you” is one human running their own truck — not a 1-of-1,800-technician dispatch network with a private equity P&L tied to your invoice.
More From the AllBetter Roll-Up Cluster
- The Homeowner’s Field Guide to the Roll-Up Scam — the consumer-friendly version of this analysis
- Who Owns Apex Service Partners? — Alpine Investors’ 107-brand HVAC empire
- Plumber Near Me — Book a Verified Local Plumber — the alternative
Frequently Asked Questions
Who owns Champions Group Holdings?
As of February 17, 2026, Blackstone (via its BXPE perpetual-capital strategy) announced an agreement to acquire Champions Group Holdings from Odyssey Investment Partners in a $2.5 billion deal. The transaction is expected to close in H1 2026. Odyssey and management are retaining a minority stake. Prior to Odyssey (Jan 2021–Feb 2026), the company was owned by CenterOak Partners.
How big is Champions Group Holdings?
Headquartered in Irvine, California, Champions Group operates 22 residential HVAC, plumbing, and electrical brands across 7 states (Arizona, California, Colorado, Nevada, Ohio, Texas, Washington). The platform employs more than 1,800 field technicians and serves over 150,000 active service-plan members. Annualized EBITDA is approximately $140 million.
What brands does Champions Group own?
Adeedo!, ASI, Bee’s Plumbing, Bell Brothers, Fetch-A-Tech, HELP Plumbing/Heating/Cooling, Hobaica Services, Howard Air & Plumbing, Jet Plumbing, JW Heating and Air, Lex Cooling/Heating/Plumbing/Electrical (Texas), M and M Heating Cooling Plumbing & Electrical, McAfee Air Heating & Plumbing, Moore Home Services, ProSkill Services, Scottsdale Air, Seatown Services, Service Champions, Service Wizard, Sierra Air, Swan Plumbing Heating & Air Conditioning, Timo’s Air Conditioning & Plumbing. The portfolio is actively growing through tuck-in acquisitions.
Why does this matter for homeowners?
The brand on your truck looks local. The pricing strategy, dispatch model, service-plan structure, and capital decisions route through a single Blackstone-owned platform. Blackstone paid 18.5× EBITDA — a multiple that requires aggressive ongoing EBITDA growth, which typically means higher prices, larger ticket sizes, more upselling, and consolidated dispatch (fewer personal relationships, faster turnover among technicians).
How can I find an independent local contractor instead?
Use a marketplace built around independent contractors with binding bids and escrow payment, not a directory that takes lead fees from PE-funded national platforms. The AllBetter app is one option: post your job free, verified local pros bid in real time, money sits in escrow until you approve.
What is BXPE and why does it matter?
BXPE is Blackstone Private Equity Strategies — a perpetual private equity vehicle, meaning it does not have a fixed exit timeline like traditional 5-7 year PE funds. For Champions Group, this means no forced sale clock and the platform can continue rolling up brands indefinitely under Blackstone ownership.
Are these brands still locally owned and operated?
No. The truck and the technician are local. The ownership, pricing, dispatch, service-plan structure, and strategic decisions are not. All 22 brands now route through Champions Group Holdings’ shared services layer in Irvine, California — and (pending close) through Blackstone’s broader portfolio infrastructure.
