Alpine Investors
San Francisco, CA · Founded 2001 · ~$10-100B AUM
Why it invests in the trades
Alpine's 'PeopleFirst' model installs its own trained operators (CEO-in-Residence program) at the top of fragmented service businesses and buys founder-owned companies underneath them, keeping local brand names. It built Wrench Group first, sold it to Investcorp in 2016 after passing $150M of revenue, then explicitly re-ran the playbook with Apex Service Partners from Tampa in 2019. AUM was $16 billion as of June 30, 2023.
Platforms in Tampa Bay (2)
Apex Service Partners
Wrench Group
Local brands ultimately backed by Alpine Investors (4)
Frank Gay Services
Red Cap Plumbing & Air
CoolToday (N&M Cooling and Heating, Inc.)
Easy A/C
Deals
- Acquisition Red Cap Plumbing & Air → Wrench Group (backed by Leonard Green & Partners) · 105 employees
Notable exits — what happened next
How this investor has behaved when the clock ran out elsewhere.
- Wrench Group (2016) → Investcorp. Alpine grew Wrench Group past $150 million of revenue before selling to Investcorp; Investcorp later sold it to Leonard Green & Partners, which brought in TSG Consumer and Oak Hill in 2022. The brands Alpine assembled — including, later, Tampa's Red Cap Plumbing & Air — have passed through four sponsor groups and still operate under their original local names. [source]
- Apex Service Partners (partial) (2023) → Blackstone Strategic Partners, HarbourVest, Lexington Partners, Pantheon (continuation fund). Rather than sell Apex, Alpine moved it into a $3.4 billion single-asset continuation vehicle, giving 2019-vintage Fund VII LPs liquidity while keeping control. Apex remains Tampa-headquartered. [source]
- Wrench Group (2016) → Investcorp. Sold a majority stake alongside Skylight Capital after growing the platform to over $150 million of revenue [source]
People
- Daniel Cohen — sponsor partner. Vice president at Alpine Investors who led the formation of Apex Service Partners in Tampa and articulated the thesis of combining founder-led home-services companies to attract further founders.
- Graham Weaver — sponsor partner. Founder and CEO of Alpine Investors, the San Francisco firm behind both Wrench Group and Tampa-headquartered Apex Service Partners. Said the 2026 Apollo minority investment was 'a recognition of the platform they have built.'
Frequently asked
What does Alpine Investors own in Tampa Bay?
Frank Gay Services, Red Cap Plumbing & Air, CoolToday (N&M Cooling and Heating, Inc.), Easy A/C, through Apex Service Partners and Wrench Group.
Is Alpine Investors a private-equity firm?
Yes.
How long will Alpine Investors hold these companies?
Private-equity funds typically target a 3–7 year hold before a sale, recapitalization or continuation fund. See "Notable exits" for how this investor has behaved before, and Debt, exits and the 5-year clock.
Sources Verified — primary document
- Alpine Investors (2019-07-29) — press release. Apex launch, $100M commitment, Wrench Group precedent and 2016 Investcorp sale
- Business Wire / Alpine Investors (2023-10-25) — press release. $16B AUM as of 6/30/2023; continuation fund investors
- Alpine Investors (2026-05-28) — press release. Apollo minority investment
- PR Newswire (2016-03-03) — press release. Graham Weaver quote; Alpine and Skylight as prior owners of Wrench
- Apollo Global Management (2026-05-28) — press release. Additional Alpine investment alongside Apollo minority stake
Researcher notes: San Francisco HQ is well established but was not confirmed by a fetched page in this pass. Founding year not captured. | AUM band is an approximation for the 2019 period and is not taken from a cited source; treat as unverified. | Founding year and AUM band are general firm facts.
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