Which Industries Are PE Buying Most in 2026? The Top Consolidation Plays and the Platforms Behind Them

Private equity deal volume in 2026 is concentrated in roughly twelve industry verticals. Home-services trades (HVAC, plumbing, electrical, roofing), pest control, dental DSOs, veterinary practices, auto repair (mechanical and collision), landscaping, healthcare services (dermatology, ophthalmology, behavioral health), IT MSP, and a handful of B2B service categories together account for the majority of lower middle-market PE platform formation and add-on deal volume. The same names appear over and over: Apex Service Partners, Wrench Group, Service Logic, Authority Brands, Sila Services, Heartland Dental, Mars Veterinary Health, Rollins, Driven Brands, BrightView, Yellowstone Landscape.

This guide is a 2026 reality check on which industries are actually getting capital deployed against them. We’ll walk through each of the top consolidation plays, name the most active platforms in each, explain why each industry is attractive (recurring revenue percentages, customer retention rates, fragmentation levels, demographic tailwinds), and provide realistic EBITDA multiple ranges for each. The goal: by the end of this article, you should be able to identify whether your business sits inside an active rollup, name 3-5 platforms that would be plausible buyers, and benchmark a realistic multiple expectation.

Our framework comes from working alongside 76+ active U.S. lower middle-market buyers and the broader PE consolidation ecosystem. We’re a buy-side partner. The buyers pay us when a deal closes — not the seller. That includes PE-backed home-services platforms running 50-100 add-ons a year, dental and vet DSO consolidators with active geographic mandates, and pest control and auto-repair platforms in active acquisition mode. The patterns below come from actual transactions and active buy-box mandates, not theoretical industry reports.

One framing note before we start. ‘PE interest’ is not a monolithic bucket. There are at least 12 distinct active consolidation plays in 2026, each at a different rollup maturity stage. Some (HVAC, dental, vet) are mid-cycle with 3-5 dominant platforms competing for add-ons and bidding multiples up. Others (electrical contracting, IT MSP, masonry, funeral services, eldercare) are early-cycle with the next wave of consolidation just starting. Knowing which stage your industry is in changes everything: which platforms to target, what multiple to expect, and how to position your business.

“The mistake sellers make in 2026 is treating ‘PE interest’ as one bucket. There are at least 12 distinct consolidation plays running right now, each with 3-8 named platforms, each with a published buy-box, each at a different stage of rollup maturity. Apex Service Partners is closing 60+ HVAC add-ons a year. Heartland Dental has crossed 3,000 affiliated practices. Mars Veterinary Health owns 2,500+ clinics. The sellers who get matched to the right named platform first close in 90 days; the ones who run a generic auction lose 6 months and 0.5-1x of multiple.”

Key Takeaways

• Top PE-buying industries 2026 by deal volume: HVAC, plumbing, roofing, pest control, dental DSOs, veterinary, auto repair, landscaping, healthcare services, electrical contracting.
• Highest multiples (7-10x+ EBITDA): pest control, veterinary specialty, dermatology DSOs, behavioral health, software-adjacent service businesses with 70%+ recurring revenue.
• Highest deal volume: HVAC and plumbing — Apex Service Partners (Alpine), Wrench Group (Leonard Green), Service Logic (Bain), Authority Brands (Roark), Sila Services (Goldman), Champions Group (Blackstone) lead.
• Demographic tailwinds drive veterinary (Mars, NVA, Thrive Pet Healthcare), dental (Heartland Dental 3,000+ practices, MB2, Smile Brands), and healthcare services (dermatology platforms US Dermatology Partners, Schweiger Dermatology).
• Roofing rollups are the 2024-2026 wave: Tecta America (Altas Partners), Coastal Roofing, RoofSmith Restoration, CentiMark, plus Authority Brands sub-brands. Multiples 3.5-5x EBITDA, will likely compress upward as platforms scale.
• Landscaping (BrightView public, Yellowstone Landscape, Heartland Landscape) and pest control (Rollins public, Anticimex/EQT, Massey Services, Aptive) carry premium multiples on contracted recurring revenue.

What makes an industry attractive to PE consolidators in 2026

PE consolidators look for the same four characteristics across every industry vertical: recurring revenue, fragmentation, scale economies, and a demographic or regulatory tailwind. Recurring revenue means contracted maintenance, subscription billing, or annuity-style customer relationships that survive ownership change. Fragmentation means thousands of independent operators below the platform threshold (typically $1-5M EBITDA), each individually too small for institutional capital but collectively a multi-billion-dollar consolidation opportunity. Scale economies mean operational improvements (procurement, marketing, technology, financing) that a $50M EBITDA platform can extract from a $1M EBITDA add-on. Tailwinds mean structural demand growth (aging population, climate-driven service demand, regulatory complexity) that supports multi-decade investment theses.

The recurring revenue test is the single biggest multiple driver. Pest control trades at 7-10x EBITDA because 70-80% of revenue is contracted with 90%+ retention. HVAC service contracts trade at 6-8x because maintenance memberships represent 30-50% of platform revenue and have 80%+ retention. One-time-project businesses (general contracting, landscape installation, residential roofing replacement) trade at 3-5x because every dollar of revenue must be re-won every year. Across thousands of LMM transactions, the correlation between recurring revenue percentage and EBITDA multiple is the cleanest single predictor.

The fragmentation test determines whether consolidation is even possible. An industry with 80%+ independent ownership and a long tail of sub-$5M EBITDA operators is a fragmentation play; an industry already owned by 3-5 large strategics is not. HVAC has roughly 100,000 independent contractors in the US, of which the largest 5 PE-backed platforms collectively own less than 5%. Dental has roughly 200,000 dentists, of which DSOs own 30-35%. Pest control is more consolidated (Rollins alone is 15-20% of US revenue) but still fragmented at the regional level. Knowing your industry’s fragmentation stage tells you whether you’re early, mid, or late cycle.

The tailwind test separates short-cycle plays from durable theses. Demographic tailwinds (aging US population, pet humanization, urbanization, deferred home maintenance from the 2008-2015 housing slowdown) underpin most of the top industries. Regulatory tailwinds (HVAC refrigerant transitions, electrical work driven by EV charging buildout, environmental remediation requirements) create non-discretionary demand that survives recessions. Industries without a tailwind (traditional retail, full-service restaurants, owner-operated consultancies) get screened out quickly — PE platforms don’t want to ride a structural decline.

HVAC: the most active PE consolidation play in 2026

HVAC is the largest single PE consolidation vertical by deal count in 2026. Industry size is roughly $130-150B in US revenue across residential and commercial, with roughly 100,000 independent contractors. The recurring-revenue thesis is strong: maintenance memberships, replacement cycles every 12-18 years on residential equipment, and 24/7 emergency repair demand. The labor-driven nature of the business (technician headcount = capacity = revenue) gives PE platforms clear scale economies through technician recruiting, training, and retention programs.

The most active HVAC platforms in 2026. Apex Service Partners (Alpine Investors, formed 2017) is the volume leader, with 60+ add-ons per year across HVAC, plumbing, and electrical. Wrench Group (Leonard Green Partners, recap 2022) operates a Wrench Group / One Hour / Mister Sparky / Benjamin Franklin Plumbing portfolio across 30+ states. Service Logic (Bain Capital, 2022) focuses on commercial HVAC services. Authority Brands (Roark Capital) operates franchised HVAC, plumbing, and electrical brands. Sila Services (Goldman Sachs Asset Management, 2018) operates across HVAC, plumbing, and electrical in the Eastern US. Champions Group (Blackstone, 2022) is the newest entrant. Roto-Rooter (Chemed Corporation, public NYSE: CHE) is the long-running plumbing-led platform with HVAC add-on activity.

Realistic HVAC multiples in 2026: 4-6x EBITDA for sub-$2M EBITDA platforms, 6-8x for $2-5M EBITDA with strong service contract base. Multiples improve materially with three factors: maintenance membership penetration above 25% of customer base (drives revenue visibility), commercial service contract revenue above 30% of total (drives stickiness), and technician retention above industry average (validates labor model). Owner-operated residential-only HVAC at $500K SDE typically trades 3-4x SDE; the same business at $2M EBITDA with 40% maintenance membership penetration trades 6-7x EBITDA. The platform thesis pays for the recurring revenue.

What HVAC sellers should know about positioning to these platforms. Each platform has a published or known buy-box: minimum EBITDA, geography, technician count, maintenance member count, commercial vs residential mix. Apex tends to look for $750K+ EBITDA in fast-growing Sun Belt geographies. Wrench Group prefers larger ($1.5M+) targets that can become hub locations. Service Logic focuses on commercial. Authority Brands acquires franchised operators where the brand is already in their portfolio. Sellers who match a specific platform’s buy-box close in 60-120 days through direct outreach; sellers who run a generic broker auction often miss the right fit and lose 0.5-1x of multiple.

Plumbing and electrical contracting: parallel rollups, slightly different dynamics

Plumbing and electrical contracting follow the same rollup playbook as HVAC, often through the same platforms. Apex, Wrench Group, Authority Brands, Sila, and Champions all operate cross-trade strategies (HVAC + plumbing + electrical under one platform). The rationale: technician overlap, shared back office, cross-sell into the same customer base, and protection against demand volatility in any single trade. From the seller’s perspective, this means a plumbing business is often being evaluated by the same buyer who would evaluate an HVAC business of similar size in similar geography.

Plumbing-specific platforms and dynamics. Roto-Rooter (Chemed Corp NYSE:CHE) is the largest pure-play plumbing platform with 80+ years of brand recognition and a national franchise/company-owned hybrid model. Mister Sparky (electrical) and Benjamin Franklin Plumbing (under Authority Brands) are franchised brands actively acquiring company-owned operators. Plumbing multiples track HVAC closely: 3.5-5.5x EBITDA for sub-$2M EBITDA platforms with strong service mix; 5.5-7.5x for $2M+ EBITDA with maintenance contracts and commercial service revenue.

Electrical contracting is the early-cycle play in 2026. Less consolidated than HVAC or plumbing — the largest 5 PE-backed platforms collectively own less than 3% of US electrical contracting revenue. The EV charging buildout, residential solar installation, smart-home wiring, and commercial electrification trends are creating a demand tailwind that PE has just started to capitalize on. Sila Services, Apex, and Authority Brands are early-mover platforms; Yellow Brick Road (Trivest), Premier Service Partners, and several regional PE-backed platforms are emerging. Multiples are 4-6x EBITDA today but likely to compress upward as the rollup matures.

License-transfer mechanics matter more in plumbing and electrical than in HVAC. Most US states require master plumber and master electrician licenses to operate. In a sale, the license must transfer or the buyer must employ a licensed master — this is rarely a deal-killer but it’s a diligence focus area and timing constraint. Sellers should clarify in their CIM and early diligence calls whether their state allows license transfer, requires the qualifying individual to remain employed for a transition period, or imposes any other constraint.

Roofing: the 2024-2026 wave consolidation

Roofing is the most active new rollup vertical in 2026. Industry size is roughly $50-60B in US revenue with thousands of independent contractors. Until ~2020 it was largely un-consolidated; since then, multiple PE platforms have launched aggressive add-on programs targeting both residential storm-restoration roofing and commercial low-slope roofing. The thesis is similar to HVAC: fragmentation, demand from aging housing stock, climate-driven storm damage frequency, and scale economies in procurement, marketing, and crew utilization.

The most active roofing platforms in 2026. Tecta America (Altas Partners, recap 2021) is the largest commercial roofing platform with 80+ locations. CentiMark Corporation is a long-running family-led commercial roofing operator that has begun add-on activity. Coastal Roofing Companies (managed-services capital) and RoofSmith Restoration are residential-focused platforms. Authority Brands has roofing-adjacent brands. Several private equity firms (Trivest, Greenbriar Equity, Bain’s Service Logic) have launched dedicated roofing platforms in 2023-2025. Driven Brands (NASDAQ: DRVN) operates roofing-adjacent home services through some of its brands.

Realistic roofing multiples in 2026: 3.5-5x EBITDA for sub-$2M EBITDA platforms, 5-7x for $2-5M EBITDA with commercial service mix. Multiples are lower than HVAC or pest control because residential roofing is largely project-based with limited recurring revenue. Commercial roofing service contracts (preventive maintenance, leak repair) trade at HVAC-like multiples. Storm-restoration roofers face additional discount from revenue volatility (a single hailstorm can drive a year of revenue). The highest-multiple roofers are the ones with mature service-and-maintenance contracts on commercial buildings.

How roofing sellers should think about timing. The rollup is mid-cycle in commercial (Tecta and CentiMark are well-established) and early-cycle in residential. Residential roofers in active-storm geographies (Texas, Colorado, Florida, Carolinas, Tennessee) are seeing the most acquisition activity. Multiples are likely to compress upward over the next 24-36 months as platforms scale and competition for add-ons increases. Roofers within striking distance of $1M EBITDA should consider whether 12-18 months of growth into platform threshold pays back through wider buyer pool and higher multiples.

Pest control: the highest-multiple home services consolidation

Pest control is the most attractive home-services consolidation by multiple, driven by the strongest recurring-revenue thesis in the trades. Industry size is roughly $25-30B in US revenue with thousands of independent operators. The economics are exceptional: 70-80% of revenue is contracted (quarterly or monthly recurring service), customer retention runs 85-95%, and gross margins are 40-50%. PE platforms pay 7-10x EBITDA for clean targets, with the highest multiples going to commercial-mix and termite-protection-plan-heavy operators.

The most active pest control platforms in 2026. Rollins (NYSE: ROL) — parent of Orkin, Western Pest Services, HomeTeam Pest Defense, Critter Control, and a dozen other brands — is the largest US pest control company and the most acquisitive public consolidator. Anticimex (EQT, Sweden) has acquired aggressively in the US through its Anticimex US platform. Massey Services is a large regional operator with Florida concentration. Aptive Environmental (PE-backed) is a fast-growing residential platform. Terminix (formerly NYSE: TMX, acquired by Rentokil 2022, now part of Rentokil Initial). Truly Nolen, Arrow Exterminators (private), and several regional PE-backed platforms (Spire Pest, Buckeye Pest Control) are also active.

Realistic pest control multiples in 2026: 7-10x EBITDA for $1M+ EBITDA platforms; 5-7x for sub-$1M SDE owner-operated operations. The premium reflects the recurring-revenue thesis. Commercial-mix operators (food service, healthcare, education, multi-family residential) trade at the high end (9-11x EBITDA for $2M+ EBITDA targets). Residential-only operators with strong termite plan attachment trade at 8-10x EBITDA. Lawn-and-pest combo platforms trade slightly below at 6-8x. The highest-multiple pest control sellers in 2026 are the ones with 70%+ contracted revenue, 90%+ retention, and an established commercial customer base.

Why pest control multiples are durably high. Three structural factors. First, the contracted recurring-revenue model survives ownership change cleanly — customer churn from a sale is minimal when the service is on auto-bill quarterly. Second, regulatory complexity (state pesticide applicator licensing, EPA reporting, commercial certifications) creates a moat that protects margins. Third, the unit economics are predictable enough that PE platforms can finance acquisitions at 5-6x leverage, supporting headline multiples that wouldn’t work in other home services.

Dental DSOs: the most mature healthcare services consolidation

Dental Service Organizations (DSOs) represent the most mature healthcare services consolidation play. Roughly 30-35% of US dentists are now affiliated with a DSO, up from less than 10% in 2010. The thesis is straightforward: dentistry has insurance-billed recurring patient streams, regulatory complexity that favors scale (HIPAA compliance, billing systems, credentialing), and operational improvements (procurement of consumables, technology investments, marketing) that a multi-practice platform can deliver. DSOs preserve clinical autonomy of dentists while consolidating non-clinical operations.

The most active dental DSO platforms in 2026. Heartland Dental (KKR & Heartland founder) is the largest with 3,000+ affiliated practices. MB2 Dental (Charlesbank Capital Partners) is the second largest US DSO. Smile Brands (Mercer Advisors and others, multiple PE owners over time) operates 400+ offices. Aspen Dental (Leonard Green) operates a corporate-employed model. Pacific Dental Services is large but largely founder-owned. Smaller but active DSOs include Western Dental, Affordable Dentures & Implants (Triple Tree / Roark), Smile Doctors orthodontics (Linden Capital), and regional platforms across the Sun Belt and Northeast.

Realistic dental DSO multiples in 2026: 5-7x EBITDA for general practices, 7-10x for specialty (orthodontics, oral surgery, pediatric). Multiples track the same drivers as other healthcare services: insurance mix (PPO-heavy practices command higher multiples than Medicaid-heavy), patient retention rates (typically measured as ‘active patient’ counts and 12-month return rates), and provider productivity (collections per chair-hour). Specialty practices command premiums because the revenue per visit is higher and the procedures are less commoditized. The highest-multiple dental sellers are multi-doctor general practices in growing geographies with strong PPO mix and a ready transition path for the selling owner-doctor.

What dental sellers should know about DSO consolidation in 2026. The market has bifurcated. Mature DSOs (Heartland, MB2, Smile Brands) are deal-disciplined and won’t pay above their underwriting models, but they close cleanly and integrate well. Newer / mid-size DSOs sometimes pay slightly higher multiples to win deals but carry more execution risk. Selling dentists should plan for: 5-15% rollover equity (you stay involved for 3-5 years), employment agreement post-close, performance-based earnout on patient retention or production, and gradual transition out of clinical work over 3-7 years.

Veterinary: pet humanization meets PE consolidation

Veterinary practices are one of the fastest-multiple-expansion verticals in PE-backed healthcare consolidation. Industry size is roughly $35-40B in US revenue with thousands of independent practices and hundreds of specialty hospitals. The thesis: pet ownership is structurally rising (70%+ of US households own a pet, up from 56% in 1988), pet humanization is driving willingness-to-pay through specialty and emergency services, and corporate consolidation has been accelerating rapidly since 2015. Multiples have expanded from 6-8x EBITDA in 2015 to 12-18x for premium specialty hospitals in 2025-2026.

The most active veterinary platforms in 2026. Mars Veterinary Health (Mars Inc., parent of Banfield Pet Hospital, BluePearl Specialty + Emergency Pet Hospital, VCA Animal Hospitals, Antech Diagnostics, AniCura Europe) is the largest with 2,500+ clinics globally. National Veterinary Associates (NVA, owned by JAB Holding Company) operates 1,000+ veterinary and pet boarding/daycare locations. Thrive Pet Healthcare (TSG Consumer Partners) is a fast-growing platform across US. Pathway Vet Alliance (Morgan Stanley Capital Partners) and PetVet Care Centers are large generalist platforms. Veterinary specialty platforms include Ethos Veterinary Health (private equity-backed), VetCor (Oak Hill Capital and others), and Compassion-First Pet Hospitals (now part of Mars).

Realistic veterinary multiples in 2026: 8-12x EBITDA for general practices, 12-18x for specialty/emergency hospitals. General practice multiples track active patient counts, average transaction value, and Wellness Plan penetration (subscription-style preventive care plans drive recurring revenue and command premium pricing). Specialty hospitals (oncology, cardiology, orthopedic surgery, internal medicine) command 14-18x because the revenue per case is high, referral relationships are sticky, and supply of board-certified specialists is constrained. Emergency-only veterinary hospitals trade at 10-14x with the high end going to 24/7 operations in growing metro areas.

What veterinary sellers should know about positioning. DVM-owners should expect: 10-25% rollover equity (you stay involved 3-5 years), salary continuity post-close at competitive rates, gradual transition to associate role or strategic advisor, and performance-based earnout in some structures. The veterinary buyer pool is deep enough that sellers can run a competitive process — but matching to the right platform’s buy-box (specialty vs general, geography, hospital size) is more efficient than a broad auction. Premium specialty hospitals should expect competitive bidding from 4-8 named platforms.

Auto repair: mechanical and collision are different consolidation plays

Auto repair consolidation runs along two distinct verticals: mechanical (general repair, tire / brake / oil change) and collision (body shops, glass repair). Each has different platforms, different multiples, and different operational dynamics. Mechanical repair is the more fragmented of the two (200,000+ independent shops in the US) and earlier in the consolidation cycle. Collision is more consolidated (the top 4 platforms own 25-30% of US revenue) but still has active rollup activity at the regional level.

The most active auto repair platforms in 2026. Driven Brands Holdings (NASDAQ: DRVN) operates Take 5 Oil Change, Meineke Car Care Centers, Maaco, MAACO, CARSTAR, and 1-800-Radiator/Auto Glass Now. Christian Brothers Automotive is a fast-growing franchised mechanical repair platform. Midas (TBC Corporation, Sumitomo) operates franchised mechanical repair. AAMCO Transmissions and Total Car Care (Icahn-related TCC family) operates franchised transmission/repair. In collision: Caliber Collision (Hellman & Friedman, Omers) is the largest US operator with 1,500+ centers; Gerber Collision & Glass (Boyd Group, TSX: BYD) operates 800+ collision centers; Service King (now part of Crash Champions, Clearlake Capital) and Crash Champions (Clearlake) are aggressive consolidators. CARSTAR and Fix Auto are franchised collision networks.

Realistic auto repair multiples in 2026: mechanical 4-6x EBITDA for sub-$2M EBITDA, 5-7x for $2-5M EBITDA platforms; collision 5-7x EBITDA driven by insurance DRP relationships. Mechanical repair multiples are constrained by labor model risk (tech recruiting and retention) and capex requirements (lifts, alignment machines, diagnostic equipment). Collision multiples are higher because Direct Repair Program (DRP) relationships with insurance carriers create durable revenue streams — insurance-steered work runs 60-80% of revenue at top operators and these relationships are sticky to the location, not the owner. The highest-multiple auto repair sellers are multi-shop operators with 3+ locations, established DRP relationships, and a documented technician retention program.

EV transition risk and the 2026 auto repair seller calculus. Mechanical repair faces a long-cycle headwind from EV adoption (EVs require less routine maintenance than ICE vehicles). PE platforms are pricing this in conservatively — multiples haven’t compressed dramatically yet because EV penetration is still under 10% of US vehicle parc, but it’s a real consideration over a 5-7 year hold. Collision is less affected (EVs still crash) but body shop tooling and certification requirements are shifting. Sellers within the next 24-36 months are likely getting close to the multiple peak in mechanical repair; collision multiples are more durable.

Landscaping and outdoor services: route density meets recurring revenue

Landscape services consolidation is driven by commercial maintenance contracts (recurring revenue) rather than residential design-and-install (project-based). Industry size is roughly $130B in US revenue across maintenance, design-build, lawn care, snow removal, and tree services. Commercial maintenance is the high-multiple segment because contracts run 12-36 months with high renewal rates and route density drives operating leverage. Residential one-time install work trades at lower multiples (3-5x EBITDA) due to project-based revenue volatility.

The most active landscaping platforms in 2026. BrightView Holdings (NYSE: BV) is the largest US commercial landscape services operator with $2.5B+ in revenue, formed through KKR’s 2014 merger of Brickman Group and ValleyCrest. Yellowstone Landscape (CenterOak Partners) is a fast-growing commercial landscape platform with regional concentration in Sun Belt. Heartland Landscape Group, US Lawns (franchised), Greenscape, LandCare (Aurora Resurgence), and several regional PE-backed platforms compete in commercial maintenance. In lawn care: TruGreen (Servicemaster spin-off, owned by Roark Capital) is the dominant residential lawn care platform. Tree services consolidation is led by Davey Tree Expert Company (employee-owned), Bartlett Tree Experts (private), and SavATree (Apax Partners).

Realistic landscaping multiples in 2026: 5-7x EBITDA for commercial-maintenance-heavy operators, 3-5x for project-based residential, 6-8x for tree services with recurring contracts. Commercial maintenance multiples track route density (revenue per route mile is the operating-efficiency proxy) and contract retention rates. Snow removal contracts in Northern markets add seasonal revenue diversity. Tree services with regulated utility line-clearance contracts (commercial vegetation management for electric utilities) trade at the high end. The highest-multiple landscape sellers are multi-state commercial operators with $5M+ EBITDA and contracted revenue above 70%.

Lawn care subscription is the recurring-revenue bridge. Subscription lawn care (TruGreen-style 5-7 application packages billed quarterly or annually) trades at HVAC service contract multiples (6-8x EBITDA) when revenue is heavily recurring. Residential lawn care operators with 5,000+ contracted accounts and 80%+ retention rates are attractive add-ons for TruGreen and regional PE-backed lawn care platforms. The transition from one-time mowing to subscription packages is the operational lever that materially expands valuation.

Healthcare services: dermatology, ophthalmology, behavioral health, orthopedics

Beyond dental and veterinary, healthcare services consolidation in 2026 spans dermatology, ophthalmology, orthopedic care, behavioral health, gastroenterology, and a handful of other specialty practice types. The thesis across all of these: insurance-billed recurring patient streams, fragmented physician-owned practice ownership, regulatory complexity favoring scale, and demographic tailwinds from an aging population. Multiples track recurring revenue percentages, specialty technicality, and capital intensity (ophthalmology surgical centers carry higher capex but higher revenue per visit; behavioral health is lower capex but lower revenue per encounter).

The most active healthcare services platforms in 2026. Dermatology: US Dermatology Partners (Abry Partners), Schweiger Dermatology (Goldman Sachs and Pamlico Capital), Forefront Dermatology (PEAK Capital). Ophthalmology: EyeCare Partners (Partners Group), American Vision Partners (Centerbridge), MyEyeDr (Goldman Sachs). Orthopedics: Healthcare Outcomes Performance Company, OrthoVirginia, USPI (Tenet Healthcare). Behavioral health: BayMark Health Services (Webster Capital), Behavioral Health Group (Vistria Group), Acadia Healthcare (NASDAQ: ACHC). Gastroenterology: GI Alliance (Apollo and Frazier Healthcare Partners), United Digestive (Frazier). Urgent care: GoHealth Urgent Care (TPG), American Family Care, MedExpress (Optum subsidiary).

Realistic healthcare services multiples in 2026: 6-9x EBITDA across most specialties, with premium ranges (10-14x) for specialty surgical centers and high-revenue-per-visit specialties. Multiples track payer mix (commercial PPO > Medicare > Medicaid for revenue stability), procedure mix (ambulatory surgery > office visits for revenue per encounter), and physician productivity. Behavioral health has expanded significantly post-pandemic with multiples up 1-3x from 2019 levels. Ophthalmology surgical centers command 10-14x EBITDA driven by ASC (ambulatory surgery center) economics. The highest-multiple healthcare services sellers are multi-physician specialty practices with strong commercial PPO mix and an ASC component where applicable.

What healthcare services sellers should know about positioning. Physician-sellers face the same DSO-style structure: rollover equity (10-25%), employment agreement (3-5 years), performance earnout, gradual transition. The buyer pool varies dramatically by specialty — dermatology has 5-8 active platforms; orthopedics has 3-5; specialty-specific platforms (ophthalmology, behavioral health) have 4-6. Matching to the right platform’s buy-box (specialty, geography, payer mix) materially improves outcome. Healthcare-services-specialized M&A advisors and buy-side partners with healthcare relationships are essential at this size and complexity.

Below the home-services and healthcare verticals: which industries are PE buying in 2026

Beyond the top 8 verticals, PE consolidation in 2026 is active in roughly a dozen secondary industries. These include IT MSP (managed services providers), insurance brokerage (the most consolidated of all but still active), specialty distribution, B2B professional services, niche manufacturing, food and beverage co-manufacturing, fitness studios, residential cleaning, commercial cleaning / janitorial, and several specialty franchised concepts. Each has its own platform set and multiple range, but the underlying thesis is the same: recurring revenue, fragmentation, and scale economics.

IT MSP (managed services providers): early-cycle rollup with strong recurring revenue. MSP industry is roughly $300B globally and largely fragmented, with ConvergeOne (CVC), New Era Technology, Logically (Riverside Company), All Covered (Konica Minolta), and several PE-backed platforms (Evergreen Services Group, Service Express) consolidating. Multiples 6-9x EBITDA driven by 60-75% recurring revenue from monthly recurring revenue (MRR) contracts. Mid-cycle: maturing fast over the next 24-36 months.

Insurance brokerage: the most mature consolidation play. Independent insurance brokerage has been consolidating since the 1990s. The largest aggregators — AssuredPartners (GTCR), HUB International (Hellman & Friedman, Altas Partners), Acrisure (multiple PE), Alera Group (Genstar), Hilb Group (Carlyle), Brown & Brown (NYSE: BRO public) — have collectively closed 200+ acquisitions per year. Multiples 8-11x EBITDA for property & casualty agencies, 10-14x for specialty employee benefits brokerage. Late-cycle but still active.

Specialty distribution and B2B services. PE platforms in specialty distribution include Beacon Roofing Supply (NASDAQ: BECN), GMS Inc (NYSE: GMS) for drywall/specialty building products, BlueLinx Holdings (NYSE: BXC) for building products, and dozens of category-specialized platforms. B2B professional services (accounting firms, marketing agencies, recruiting/staffing) are early-cycle plays with multiples in the 5-8x range and growing platform activity from PE firms like Aquiline, Charlesbank, Lightyear Capital, and Gauge Capital.

Niche manufacturing and food/beverage co-manufacturing. Specialty manufacturing platforms in industrial services, electrical components, food packaging, and contract manufacturing trade at 4-7x EBITDA depending on customer concentration and end-market. Food & beverage co-manufacturers (private label, contract pack, commissary) have seen active PE interest from platforms like Hearthside Food Solutions (Charlesbank), Shearer’s Foods, Utz Brands. Multiples 5-8x EBITDA driven by long-term customer contracts with branded food companies.

How to identify whether your business sits inside an active 2026 rollup

The fastest way to identify whether your industry is in active PE consolidation is to look for three signals. First: do 3+ named PE-backed platforms exist in your industry within the last 5 years? Second: are those platforms actively closing add-on acquisitions (track via BusinessWire, PR Newswire, GF Data, PitchBook, or industry trade publications)? Third: do industry trade associations or trade publications regularly cover PE consolidation in your sector? If yes to all three, you’re in an active rollup. If yes to two, you’re early-cycle and consolidation is coming. If yes to one or zero, you’re either too small a sub-vertical for institutional capital or in a structurally challenged industry.

Search engines and PE deal databases are free or low-cost research tools. Search ‘[your industry] PE platform 2026’, ‘[your industry] private equity acquisition’, ‘[your industry] consolidation rollup’. Look at PR Newswire and BusinessWire for press releases announcing platform formations and add-ons. PitchBook and Mergermarket have public summary pages with platform names. IBISWorld market reports identify industry concentration trends. Trade publications (Service World Expo for HVAC, Roofing Contractor for roofing, DentistryToday for dental, etc.) cover PE activity in their sectors.

Match your business to a specific platform’s buy-box. Most active PE platforms have published or known buy-box parameters: minimum EBITDA, geography, customer mix, recurring revenue percentage, employee count. Apex Service Partners and Sila Services target $750K+ EBITDA Sun Belt residential trades. Rollins targets pest control operators at $500K+ SDE with strong commercial contracts. Heartland Dental targets multi-doctor general practices in growing geographies with strong PPO mix. Matching your business to a specific platform’s buy-box is the highest-leverage positioning decision you can make — it reduces your sale process from 9-12 months to 60-120 days and preserves multiple.

When your industry isn’t in active consolidation. Some industries are structurally fragmented but not yet in active consolidation: funeral services, masonry contracting, paint contracting, residential cleaning. These are forward-looking opportunities (the rollup is coming) rather than active markets. If you’re in this category, your buyer pool today is largely independent buyers, family offices, search funders, and SBA-financed individuals — not PE platforms. Multiples reflect that smaller buyer pool. See our companion guide on fragmented industries ripe for consolidation in 2026 for forward-looking analysis.

EBITDA multiples by industry: a comparative snapshot for 2026

The same business sells for materially different multiples depending on which industry it operates in. A $2M EBITDA pest control platform trades at 7-10x ($14-20M); a $2M EBITDA residential roofing platform trades at 4-5x ($8-10M); a $2M EBITDA mechanical auto repair multi-shop trades at 5-6x ($10-12M). The same operating execution applied to different industries produces meaningfully different exits. The single best use of an industry-by-industry multiple comparison is to anchor expectations and identify whether your industry’s multiple range is compressed (suggesting wait or operational improvement) or expanded (suggesting the timing is right).

Why pest control trades at 2-3x the multiple of project-based services. 70-80% recurring contracted revenue. 90%+ customer retention. Predictable unit economics that support 5-6x leverage. Regulatory complexity (state pesticide applicator licensing) creating a moat. None of these factors are present in project-based residential roofing, project-based landscape installation, or owner-operated consultancy. The structural difference is the recurring-revenue mix; the multiple is just the math working out from there.

Why veterinary specialty trades at 2x the multiple of veterinary general practice. Specialty hospitals (oncology, cardiology, internal medicine, emergency) generate 2-4x the revenue per case of general practice. The provider supply (board-certified specialists) is constrained, creating pricing power. Specialty hospitals operate as referral hubs rather than direct customer acquisition, which is more defensible. Emergency-only operations command 24/7 demand premiums. The multiple difference reflects clinical and economic moats that general practices don’t have.

Why dental DSOs trade at 5-7x while pest control trades at 7-10x despite similar recurring-revenue characteristics. Two factors. First, dental practice consolidation has matured longer (more bidder competition forcing discipline; less multiple expansion left). Second, dental practice integration is operationally harder than pest control consolidation — clinical autonomy needs to be preserved, individual provider relationships matter more, and the ‘DSO model’ requires more onboarding work per add-on. The pest control rollup playbook is more mechanical and platforms can absorb add-ons faster, justifying a higher pricing multiple.

Conclusion

PE consolidation in 2026 is concentrated in roughly twelve industry verticals, each with named active platforms and published buy-boxes. Home-services trades (HVAC, plumbing, electrical, roofing) lead by deal volume with Apex Service Partners (Alpine), Wrench Group (Leonard Green), Service Logic (Bain), Authority Brands (Roark), Sila Services (Goldman), and Champions Group (Blackstone) closing hundreds of add-ons per year. Pest control commands the highest multiples (7-10x EBITDA) driven by 70-80% contracted recurring revenue with Rollins (NYSE: ROL), Anticimex (EQT), Massey Services, and Aptive leading. Dental DSOs (Heartland Dental 3,000+ practices, MB2 Dental, Smile Brands, Aspen Dental) and veterinary platforms (Mars Veterinary Health 2,500+ clinics, NVA, Thrive Pet Healthcare) anchor healthcare services consolidation with multiples in the 5-7x and 8-12x ranges respectively. Auto repair (Driven Brands, Caliber Collision, Christian Brothers, Crash Champions), landscaping (BrightView, Yellowstone Landscape, TruGreen, Davey Tree), and healthcare services (US Dermatology Partners, EyeCare Partners, GI Alliance) round out the active 2026 rollups. The sellers who match cleanly to a named platform’s buy-box close in 60-120 days; the ones who run a generic auction lose 6 months and 0.5-1x of multiple. And if you want to talk to someone who knows the named platforms personally instead of running an auction, we’re a buy-side partner — the buyers pay us, not you, no contract required.

Frequently Asked Questions

Which industries are private equity buying most in 2026?

By deal volume: HVAC, plumbing, electrical contracting, and roofing lead the home-services category. Pest control, dental DSOs, veterinary practices, and healthcare services (dermatology, ophthalmology, behavioral health, GI, orthopedics) lead recurring-revenue services. Auto repair (mechanical and collision), landscaping, IT MSP, and insurance brokerage are also actively consolidating. Across these 12+ verticals, billions of PE capital are deployed annually.

Which industries get the highest EBITDA multiples from PE buyers?

Pest control (7-10x EBITDA, driven by 70-80% contracted recurring revenue), veterinary specialty hospitals (12-18x), insurance brokerage (8-11x for P&C, 10-14x for employee benefits), software-adjacent service businesses (6-10x), behavioral health (8-12x post-pandemic expansion), and ophthalmology surgical centers (10-14x). Multiples are driven by recurring revenue percentage, customer retention rates, and provider/specialist supply constraints.

Who are the most active PE-backed HVAC consolidators in 2026?

Apex Service Partners (owned by Alpine Investors, formed 2017, 60+ add-ons/year), Wrench Group (Leonard Green Partners, recap 2022), Service Logic (Bain Capital, commercial-focused), Authority Brands (Roark Capital, franchised brands), Sila Services (Goldman Sachs Asset Management, Eastern US), Champions Group (Blackstone, 2022), and Roto-Rooter (Chemed Corporation NYSE: CHE) for plumbing-led platforms with HVAC. Each has a known buy-box (geography, EBITDA size, service-vs-installation mix).

Why do pest control businesses trade at higher multiples than HVAC?

Three structural factors. First, pest control is 70-80% contracted recurring revenue versus 30-50% for HVAC service contracts. Second, pest control customer retention runs 85-95% versus 70-85% for HVAC. Third, pest control’s regulatory moat (state pesticide applicator licensing, EPA reporting) is harder for new entrants to bypass. The combination supports higher leverage in PE financing structures, which translates directly to higher acceptable purchase multiples.

What’s a Dental Service Organization (DSO) and how do they value practices?

A DSO is a corporate entity that consolidates the non-clinical operations (billing, marketing, IT, procurement, real estate, HR) of multiple dental practices while preserving clinical autonomy of practicing dentists. Major DSOs include Heartland Dental (3,000+ affiliated practices), MB2 Dental, Smile Brands, Aspen Dental, and Pacific Dental Services. Valuation: 5-7x EBITDA for general practices, 7-10x for specialty (orthodontics, oral surgery, pediatric), with adjustments for PPO mix, patient retention, and provider productivity.

Are veterinary practices really getting acquired at 18x EBITDA in 2026?

Specialty and emergency hospitals: yes. Premium specialty hospitals (oncology, cardiology, internal medicine, 24/7 emergency operations) in growing geographies command 12-18x EBITDA from Mars Veterinary Health, NVA, Thrive Pet Healthcare, BluePearl Specialty + Emergency. General practice multiples are lower (8-12x). The premium reflects constrained specialist supply, high revenue per case, and structural pet-humanization tailwinds. General practice DVMs should expect mid-cycle multiples (8-10x).

Is roofing actually being consolidated by PE or is it still mostly independent?

Roofing is in active consolidation as of 2024-2026 but is still largely independent (the largest 5 PE-backed platforms collectively own less than 5% of US roofing revenue). Active platforms: Tecta America (Altas Partners, commercial), CentiMark (commercial), Coastal Roofing Companies, RoofSmith Restoration, plus several PE-backed residential platforms launched in 2023-2025. Multiples 3.5-5x EBITDA today; likely to expand upward over the next 24-36 months as consolidation matures.

What’s the difference between mechanical and collision auto repair from a PE perspective?

Mechanical repair (general repair, tire/brake/oil change) is more fragmented (200,000+ independent shops) and earlier in the consolidation cycle, with platforms like Driven Brands (NASDAQ: DRVN), Christian Brothers Automotive, Midas, and AAMCO. Multiples 4-7x EBITDA. Collision repair is more consolidated (top 4 platforms own 25-30% of US revenue) with Caliber Collision, Gerber Collision & Glass, Crash Champions, Service King leading. Multiples higher (5-7x) due to insurance Direct Repair Program (DRP) relationships creating durable revenue.

Why is landscaping multiple lower than HVAC despite both being home services?

Landscaping multiples vary widely by mix: commercial maintenance (recurring 12-36 month contracts) trades at 5-7x EBITDA, similar to HVAC service. Residential design-and-install (project-based) trades at 3-5x EBITDA due to revenue volatility. The mix shifts the average. The highest-multiple landscape sellers are commercial-maintenance-heavy operators with route density (BrightView, Yellowstone Landscape buy these). TruGreen (Roark Capital) anchors the residential lawn care subscription market separately.

What demographic and regulatory tailwinds drive 2026 PE consolidation?

Demographic tailwinds: aging US population (drives healthcare services, eldercare, funeral services), pet humanization (drives veterinary), urbanization (drives commercial services density), deferred home maintenance from 2008-2015 (drives home services replacement cycle). Regulatory tailwinds: HVAC refrigerant transitions (R-410A phaseout), EV charging buildout (electrical contracting), environmental remediation requirements, building energy codes (HVAC/insulation upgrades). PE platforms underwrite multi-decade theses around these durable demand drivers.

How do I know if my industry is at the start, middle, or end of its rollup cycle?

Look at three indicators. Number of active PE-backed platforms (1-3 = early cycle; 4-8 = mid cycle; 8+ with consolidation among platforms = late cycle). Multiple trajectory (expanding = early/mid; flat = mid; compressing = late). Trade press coverage (sporadic = early; routine = mid; ubiquitous with consolidation-of-consolidators talk = late). HVAC and pest control are mid-cycle; insurance brokerage is late-cycle; roofing and IT MSP are early-cycle; funeral services and masonry are pre-cycle.

How does an SBA buyer compete against PE platforms in these consolidation industries?

SBA buyers can’t typically compete on price for $1M+ EBITDA targets — the SBA loan capital structure caps achievable multiples around 4-5x SDE versus PE’s 5-8x EBITDA. SBA buyers win in the sub-$1M SDE segment where PE platforms either don’t look or only look opportunistically for tuck-ins. Sellers above $1M EBITDA in active consolidation industries should expect PE platform interest to dominate; sellers below that line should expect SBA buyers, search funders, and PE add-on programs.

How is CT Acquisitions different from a sell-side broker or M&A advisor?

We’re a buy-side partner, not a sell-side broker. Sell-side brokers represent you and charge you 8-12% of the deal (often $300K-$1M) plus monthly retainers, run a 9-12 month auction process, and require 12-month exclusivity. We work directly with 76+ buyers — including PE-backed home-services platforms, healthcare DSO consolidators, pest control rollups, vet platforms, and add-on programs across HVAC, plumbing, electrical, roofing, and landscaping — who pay us when a deal closes. You pay nothing. No retainer, no exclusivity, no contract until a buyer is at the closing table. You can walk after the discovery call with zero hooks. We move faster (60-120 days from intro to close) because we already know which platform’s buy-box fits your business rather than running an auction to find one.

Sources & References

All claims and figures in this analysis are sourced from the publicly available references below.

1. PitchBook Lower Middle Market Private Equity Industry Reports — Industry-level deal flow data, platform formation tracking, and multiple range benchmarks across HVAC, dental DSO, veterinary, pest control, and home services consolidation.
2. IBISWorld US Industry Reports (HVAC, Plumbing, Pest Control, Veterinary Services, Dental Services) — Industry size, fragmentation, concentration ratios, and growth projections for each major PE-consolidating sector.
3. BusinessWire Press Releases — PE Platform Acquisitions — Real-time tracking of PE platform formation announcements, add-on acquisition press releases, and industry consolidation news.
4. Rollins, Inc. (NYSE: ROL) Investor Relations — Public-company filings showing pest control consolidation strategy, acquisition history, and EBITDA multiple precedent for the largest US pest control platform.
5. Driven Brands Holdings (NASDAQ: DRVN) Investor Relations — Public-company disclosures showing auto repair (mechanical, collision, glass) consolidation strategy across Take 5 Oil Change, Meineke, Maaco, CARSTAR brands.
6. BrightView Holdings (NYSE: BV) Investor Relations — Public-company disclosures showing commercial landscape services consolidation, with 2014 KKR-led merger of Brickman Group and ValleyCrest as foundational platform.
7. Alpine Investors Portfolio — Apex Service Partners Platform — Sponsor disclosure of Apex Service Partners HVAC, plumbing, and electrical consolidation strategy, including portfolio composition and add-on acquisition cadence.
8. Heartland Dental DSO Affiliated Practice Network — Public-facing disclosure of 3,000+ affiliated practices across the US, the largest US Dental Service Organization, owned by KKR and Heartland founder.
9. Mars Veterinary Health (Banfield, BluePearl, VCA) Network — Disclosure of 2,500+ veterinary clinics globally under Banfield Pet Hospital, BluePearl Specialty + Emergency Pet Hospital, VCA Animal Hospitals brand portfolio.
10. Chemed Corporation (NYSE: CHE) — Roto-Rooter Plumbing Platform — Public-company disclosure of Roto-Rooter plumbing consolidation, including company-owned and franchised location structure across 80+ years of operating history.