Red Cap Plumbing & Air
Plumbing / HVAC · Tampa, Hillsborough County · Founded 2003
About the company
Residential plumbing and HVAC contractor operating in Tampa since 2003, serving roughly 75,000 customers across the Tampa Bay area at the time of its sale. John Gennaro was president at acquisition.
Ownership history
What changed after the sale
Wrench Group stated Red Cap retained its local leadership and management and continued operating under its existing brand name - a contrast with Wrench's treatment of Easy A/C, which was merged into CoolToday. CEO Ken Haines said 'Red Cap is a great fit in our family of regional brands'; president John Gennaro said the team was 'thrilled to be part of the Wrench Group family.' Wrench reported 3,100+ team members at the time.
Only sourced observations are listed. Customers and employees can add what they saw.
Who really profits
Money paid to Red Cap Plumbing & Air now flows to Wrench Group (Sarasota, FL), and from there to its investors — Leonard Green & Partners, TSG Consumer Partners, Oak Hill Capital, Investcorp, Alpine Investors — whose funds are ultimately owed returns by their limited partners. Multi-brand residential HVAC, plumbing and electrical platform that keeps acquired companies operating under their original regional names and layers on shared technology, call-center and operations support. Grew under Alpine Investors, was sold to Investcorp in 2016, then to Leonard Green & Partners, which in 2022 brought in TSG Consumer Partners and Oak Hill Capital as co-investors. As of 2026 the company reports 26 markets across 15 states, roughly 7,300 team members and 5,300 vehicles, with Florida coverage in Tampa Bay, Sarasota, Orlando, Jacksonville-St. Augustine, Fort Myers-Naples and Fort Lauderdale.
Capital events at the platform level: 2016-01-01 exit — Alpine Investors sells Wrench Group to Investcorp after growing it past $150M of revenue (date approximate; year cited in Alpine's own Apex launch release).; 2020-01-01 exit — Investcorp announces sale of Wrench Group to Leonard Green & Partners (exact announcement date not captured; see LGP release).; 2022-11-09 recap — TSG Consumer Partners and Oak Hill Capital invest alongside Leonard Green and management to fund Wrench Group's next phase of growth.; 2016-03-03 recap — Investcorp acquired a majority stake from Alpine Investors and Skylight Capital; management retained meaningful ownership; 2019-11-01 new sponsor — Investcorp announced the sale of Wrench Group; Leonard Green & Partners is identified as the subsequent backer in 2020 trade coverage; 2019-04-08 exit — Investcorp sold The Wrench Group to Leonard Green & Partners; terms undisclosed. Investcorp had formed Wrench in 2016 from four locally operated businesses in Atlanta, Dallas, Houston and Phoenix..
Read more: why prices rise after a sale · debt, exits and the 5-year clock.
Same owner, different name
Other Tampa Bay brands controlled by Wrench Group. Getting a "second opinion" from one of these is not a second opinion.
CoolToday (N&M Cooling and Heating, Inc.)
Easy A/C
Frequently asked
Who owns Red Cap Plumbing & Air?
Red Cap Plumbing & Air is owned by Wrench Group, a private-equity platform headquartered in Sarasota, FL, whose capital has come from Leonard Green & Partners, TSG Consumer Partners and 3 other investors. The sale was announced April 20, 2021; the company still operates under its original name.
Is Red Cap Plumbing & Air private equity owned?
Yes. Red Cap Plumbing & Air is part of Wrench Group, which is backed by Leonard Green & Partners and TSG Consumer Partners and Oak Hill Capital and Investcorp and Alpine Investors. See the buyer profile for the capital structure.
Is Red Cap Plumbing & Air locally owned?
Not in the sense most homeowners mean. Control sits with Wrench Group in Sarasota, FL, although the local brand name is still used.
When was Red Cap Plumbing & Air sold?
April 20, 2021 (announcement date).
Did Red Cap Plumbing & Air change its name after the sale?
No. Keeping the acquired brand name is standard practice for platforms; it preserves customer trust and reviews while ownership changes behind it.
Sources Verified — primary document
- Wrench Group (2021-04-20) — platform site. Founded 2003, 105 employees, ~75,000 customers, president John Gennaro, brand retained
- Business Wire (2021-04-19) — press release. Wire version of the announcement
- Contractor (2021-04-20) — trade press. Trade coverage
Researcher notes: Employee count is as of April 2021.
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