Blackstone, managing $1.3 trillion in assets, has agreed to buy Champions Group for $2.5 billion, valuing the company at 18.5× EBITDA. Champions Group, a leader in residential HVAC, plumbing, and electrical services, serves 150,000 members with over 1,800 technicians. The deal, handled through Blackstone’s long-term BXPE fund, includes Odyssey Investment Partners retaining a minority stake. The transaction is set to close in the first half of 2026.
Blackstone is set to acquire Champions Group through its BXPE fund, a perpetual capital fund that operates differently from traditional private equity. The deal values Champions Group at an enterprise value of about $2.5 billion, based on an annual EBITDA of approximately $140 million.
As part of the agreement, Odyssey Investment Partners - the current owner of Champions Group - and its management team will hold onto a significant minority stake. This arrangement is designed to maintain leadership stability and operational continuity, while giving Blackstone majority control to pursue its long-term growth plans. Several key firms are involved in advising on this transaction: William Blair is the lead financial advisor to Champions Group and Odyssey, with Piper Sandler and Baird serving as co-advisors. On the legal side, Weil, Gotshal & Manges LLP represents Blackstone, while Latham & Watkins LLP advises Odyssey Investment Partners.
This carefully structured deal sets the stage for the next steps in the process.
The definitive agreement was announced on February 17, 2026. The transaction is expected to close during the first half of 2026, subject to standard closing conditions and regulatory approvals. Notably, this is one of the largest acquisitions and one of the highest EBITDA multiples we've ever seen in the field services space.
Champions Group is a leading residential services platform specializing in HVAC, plumbing, and electrical work across key U.S. markets like California, Texas, Colorado, Arizona, and Ohio. Established in 2000 and based in Orange County, California, the company has grown using a buy-and-build strategy. It operates under 19 to 23 regional brands, including Service Champions, Bell Brothers, Moore Home Services, Service Wizard, and HELP. In August 2023, the company rebranded from Service Champions to Champions Group Holdings, signaling its shift toward a broader national presence. This strategy allows the company to maintain the unique identity of local brands while benefiting from centralized marketing and procurement efficiencies.
The company’s recent acquisitions highlight its expansion efforts. In June 2025, Champions Group acquired Bee's Plumbing in Seattle, strengthening its presence in the Northwest. Earlier, in January 2026, Champions Group purchased Lex Cooling, Heating, Plumbing & Electrical in North Texas, furthering its push into more states. CEO Frank DiMarco has stressed the company’s focus on repair and replacement services, which offer more predictable demand due to aging housing stock, rather than the less stable new construction market.
This strategic growth complements Blackstone's investment philosophy, setting the stage for a collaborative approach to long-term success.
Blackstone is one of the largest investment companies in the world. It manages money for investors and uses it to buy businesses, real estate, and other assets to grow profits. Blackstone is executing this acquisition through its BXPE fund, which accounts for 48% of its fee-earning assets as of early 2026. The fund prioritizes investments in industries that are less likely to be disrupted by artificial intelligence, focusing on services that require skilled labor and cannot be easily automated. Unlike traditional private equity funds that aim for exits within 5–7 years, Blackstone’s approach allows for indefinite asset holding, enabling sustained growth.
The firm’s interest in home services aligns with its focus on "AI-resistant" sectors. While AI is reshaping many white-collar industries, tasks like fixing a burst pipe or repairing a furnace still demand hands-on expertise and physical presence. With $1.3 trillion in assets under management, Blackstone is well-positioned to support Champions Group’s buy-and-build strategy in the fragmented home services market, which exceeds $600 billion annually. By combining stable, necessity-driven businesses with higher-growth, tech-oriented assets, Blackstone aims to build a portfolio that is less vulnerable to rapid technological changes.
Private equity firms are shaking up the field service industry with aggressive buy-and-build strategies. We cover many of these stories on our News page. Private equity groups are consolidating the highly fragmented U.S. residential services market, which is worth over $500 billion annually. These efforts aim to transform local operators into digitally enabled platforms, creating a more unified and efficient landscape.
What’s new this time around? The focus isn’t just on scaling up but on adapting to modern challenges. With geopolitical friction, labour shortages, and supply chain challenges, companies like Blackstone are wanting certainty of profits. A well-run field service company can provide exactly that.
Blackstone’s strategy targets “AI-resistant” sectors - industries where human expertise remains irreplaceable, like fixing a furnace or repairing a burst pipe. While white-collar roles are increasingly automated, these hands-on services still demand skilled professionals. Private equity now dominates 80–90% of transaction values in certain service subsectors, and Blackstone’s involvement is expected to intensify competition and raise valuations for smaller, independent businesses.
The ongoing consolidation offers a wealth of growth opportunities, especially for operators that can adapt to the technology of today. Larger platforms bring business models that independent operators often struggle to compete with. For instance, Champions Group’s 150,000 active users highlight the power of subscription-based models in driving scalable operations.
The market itself provides a solid foundation for growth. With the median age of U.S. homes now surpassing 40 years, there’s a steady demand for repair and replacement services. Add to that the growing frequency of extreme weather events, which is driving up emergency HVAC and electrical service calls. Meanwhile, the industry faces a projected shortfall of 2.6 million skilled workers by 2026, giving larger, professionally managed platforms a clear edge in attracting and training talent.
Technology is also playing a pivotal role in shaping the future. By early 2026, 93% of service organizations had adopted AI in some capacity. AI-powered scheduling alone has boosted technician efficiency by 20–30%, which is like adding 2–3 extra technicians to a 10-person team. Top-performing teams are now hitting first-time fix rates (a crucial field service KPI) of 88% or higher, far surpassing the industry average of 75%.
With recurring revenue models, operational scale, and cutting-edge technology, larger platforms are creating a gap that independent operators must bridge quickly - or risk being left behind.
The deal between Blackstone and Champions Group underscores what private equity firms prioritize: steady revenue streams, streamlined operations, and clean financial records. If you're a field service business owner aiming to expand - or planning for a potential sale - it's crucial to develop these systems well in advance.
A good starting point is adopting recurring revenue models. Champions Group's membership program is an excellent example of how predictable, ongoing revenue supports scalable growth. Companies with subscription-based models grow revenue nearly five times faster than S&P 500 firms. Plus, improving customer retention by just 5% can boost profits by anywhere from 25% to 95%.
Financial discipline is another must. Uncollected receivables can scare off potential buyers. Automating tasks like invoicing, payment processing, and overdue reminders ensures steady cash flow. It's also important to routinely review financial statements like profit and loss reports and balance sheets. Decisions about tax structures, such as S-corp versus C-corp, can also impact acquisition readiness.
Top-notch operations are equally critical. Field Service Management (FSM) technology allows businesses to assign and sequence jobs up to 50% more effectively, increasing overall work capacity by 20%. Key metrics like wrench time (technician utilization), first-time fix rates, scheduling efficiency, and repeat visit percentages should be tracked closely. As Jim Schleckser, Founder of The CEO Project, explains:
"The more you can demonstrate a reliable delivery of results in the company, the more premium you build inside it. People will pay more for that".
With these foundational systems in place, businesses can then explore advanced tools to further refine their operations.
The $2.5 billion Blackstone–Champions Group deal signals a major shift in the field service industry. Private equity firms are increasingly drawn to essential home services - like HVAC, plumbing, and electrical - because these businesses offer consistent cash flow and are less vulnerable to rapid technological changes. This acquisition set a new valuation standard at 18.5× EBITDA.
As consolidation accelerates, independent field service owners are navigating both challenges and opportunities. Larger platforms are acquiring smaller operators to broaden their geographic coverage and expand service offerings. Champions Group’s large-scale operations showcase the power of disciplined strategy and execution.
For those in the field service industry, private equity backing isn’t a requirement to build a scalable business. By focusing on standardizing operating procedures, automating repetitive tasks, and monitoring key metrics like on-time delivery and customer satisfaction, you can position your business for growth.
Whether you’re planning to grow independently or aiming for a future exit, prioritize standardization, recurring revenue, and financial discipline. The Blackstone deal proves that investors value businesses capable of delivering steady, predictable results. By implementing these systems, you can set the stage for long-term success.
The acquisition doesn't hint at any direct changes to service pricing or quality for homeowners. Instead, it reflects Blackstone's focus on investing in essential home services, with no signs of immediate shifts in how operations are managed.
As industries continue to consolidate, independent owners need to play to their strengths and stay flexible in the face of change. Getting your finances and operations in order is one of the best first steps. Leveraging tools like Service Empire AI can help simplify operations and boost retention of customers and employees alike. Focus on building strong ties within your community, honing specialized expertise, and keeping up with trends such as smart technology and energy-efficient systems. Additionally, joining networks or co-ops can offer access to shared resources, helping smaller businesses stay competitive.
