Apex Service Partners

Tampa, FL · Formed 2019 · CEO AJ Brown and Will Matson (co-CEOs as of 2026)

How it operates

Launched by Alpine Investors in July 2019 around two Florida founding companies, Best Home Services (Naples) and Frank Gay Services (Orlando), with an initial commitment of at least $100 million of equity over five years. Apex buys founder-owned residential HVAC, plumbing and electrical businesses and explicitly retains local brand identities rather than consolidating under one name, layering shared recruiting, training and back-office resources on top. By May 2026 it reported 75 local brands, 150+ locations in 46 states, 13,000+ employees and roughly $3 billion of annual revenue. Alpine describes the model as a repeat of the approach it used at Wrench Group before selling that platform to Investcorp in 2016.

Tampa Bay brands (1)

Deal history in the region

• May 28, 2026
  Apollo funds take a minority stake in Tampa's Apex Service Partners
  Minority investment Apex Service Partners (backed by Apollo Global Management) · 13000 employees
• October 25, 2023
  Alpine closes $3.4B continuation fund for Tampa-based Apex Service Partners
  Recapitalization Apex Service Partners (backed by Alpine Investors) · $3.4B · 8000 employees
• July 29, 2019
  Alpine Investors forms Apex Service Partners from two Florida contractors
  Platform formation Apex Service Partners (backed by Alpine Investors)
• July 29, 2019
  Alpine launches Tampa-based Apex Service Partners with Frank Gay Services
  Platform formation Frank Gay Services → Apex Service Partners (backed by Alpine Investors)

Capital events

Recapitalizations, sponsor changes, debt raises, bankruptcies and exits at the platform level. These set the clock that local brands live on.

• 2019-07-29
  recap — Alpine Investors forms Apex Service Partners from Best Home Services (Naples, FL) and Frank Gay Services (Orlando, FL), committing at least $100M of equity over five years; AJ Brown installed as CEO out of Alpine's CEO-in-Residence program. [source]
• 2019-07-29
  recap — Platform formation; Alpine Investors committed at least $100 million of equity capital over five years [source]
• 2019-07-29
  exit — Platform formation: Alpine Investors launched Apex Service Partners by combining Frank Gay Services and Best Home Services, committing at least $100 million of equity capital over five years. [source]
• 2023-10-25
  recap — Alpine closes a $3.4 billion single-asset continuation vehicle for Apex — one of the largest ever in home services — led by Blackstone Strategic Partners, HarbourVest, Lexington Partners and Pantheon, with $450M from Alpine Fund IX. Provided liquidity to 2019-vintage Fund VII LPs. Apex had 8,000+ employees at the time. [source]
• 2026-05-28
  recap — Apollo funds agree to acquire a minority stake in Apex alongside an additional investment from Alpine; Reuters-sourced reporting put the valuation near $10 billion. Apollo characterized it as hybrid, partnership-oriented capital. Expected to close Q4 2026. [source]
• 2026-05-28
  new sponsor — Apollo-managed funds agreed to acquire a minority interest in Apex, with Alpine Investors making an additional investment; valuation undisclosed, expected to close in Q4 2026. [source]

People

• AJ Brown — platform ceo. Founding CEO of Tampa-headquartered Apex Service Partners, installed by Alpine Investors in July 2019 out of its CEO-in-Residence program after serving as CFO of Alpine portfolio company Avitru. Serves as co-CEO with Will Matson as of 2026.
• Will Matson — platform ceo. Joined Apex Service Partners at formation in 2019 as head of M&A and CFO; co-CEO alongside AJ Brown as of the May 2026 Apollo investment.