Apollo takes a minority stake in Tampa-based Apex Service Partners

The largest residential home-services company in the country is headquartered in Tampa, and on May 28, 2026 one of the world’s largest asset managers bought a piece of it.

Apollo Global Management announced that Apollo-managed funds had agreed to acquire a minority interest in Apex Service Partners, with existing owner Alpine Investors also making an additional investment. Apollo’s release describes Apex as the nation’s largest residential HVAC, plumbing and electrical services company: 75 local brands, more than 150 locations across 46 states, over 13,000 employees and roughly $3 billion in annual revenue, run by co-CEOs AJ Brown and Will Matson from headquarters in Tampa and Dallas-Fort Worth (Source: Apollo Global Management, 2026).

Valuation was not disclosed by the parties. Reuters reported the day before the announcement that the stake sale valued Apex at about $10 billion (Source: Reuters via U.S. News, 2026). The deal was expected to close in the fourth quarter of 2026.

The co-CEOs said in the release: “Apollo is a value-add capital partner with a shared commitment to accelerate what is already working.”

Apollo managing director Munesh Advani framed Apex as the kind of business the firm backs with hybrid, partnership-oriented capital.

Seven years from two companies to $3 billion

Alpine Investors launched Apex in July 2019 out of two Florida contractors, including Orlando’s Frank Gay Services, with an initial commitment reported at $100 million (Source: Alpine Investors, 2019).

In October 2023, Alpine closed a $3.4 billion single-asset continuation fund to hold Apex longer rather than sell it (Source: Business Wire / Alpine Investors, 2023). Continuation vehicles let a sponsor move an asset from an old fund into a new one, returning cash to earlier investors while keeping control. The 2026 Apollo transaction is a further step in the same direction: new capital in, partial liquidity out, no change of operator.

Why a Tampa dateline matters

Apex does not put its own name on a truck. Its brands are the local names homeowners already know in each market, which is why a $10 billion valuation for a Tampa-headquartered company generates almost no local coverage. The company that decides pricing architecture and compensation design for 75 service brands is a twenty-minute drive from most of Hillsborough County.

It is also not alone here. Panther Service Group launched in Tampa in 2026, and Pool Troopers built a national pool platform from Tampa before being sold in January 2026.

What it means for homeowners

This is a capital event, not an operational one. No Tampa Bay brand changed hands, no technician’s employer changed, and nothing here says anything about the work any Apex brand performs.

What it illustrates is how the model is financed. Three things follow from the structure generally:

• Scale is the product. A platform’s value at sale is a multiple of its earnings, and multiples rise with size. That creates a permanent incentive to acquire more local companies and to raise revenue per service call.
• Ownership layers stack. A homeowner calls a local brand; the brand belongs to a platform; the platform is owned by a fund; the fund now has an additional institutional co-investor. Each layer has its own return target and its own timeline.
• Liquidity events do not end the cycle. A continuation fund in 2023 and a minority sale in 2026 both kept the same operator in place while resetting the clock for investors.

None of that is illegal or hidden — it is announced in press releases written for investors, not for customers. The gap between those two audiences is the reason this site exists.

Look up any local brand in the company database, or browse investors to see which funds control which Tampa Bay contractors.