The 2026 PE Platform Map: 100+ Active US Private Equity Platforms Across 25 Sectors
Quick Answer
The 2026 US private equity platform landscape is dominated by sector-specific roll-ups acquiring across 25+ verticals. Home services (HVAC, plumbing, roofing, electrical, pest control) alone hosts 30+ active platforms including Apex Service Partners, Sila Services, Wrench Group, Champions Group, Rollins, and Rentokil. Healthcare services adds another 40+ platforms across dental (Heartland, Aspen, MB2, Pacific, Smile Brands, Mortenson), veterinary (Mars Petcare, NVA, VetCor, Thrive), dermatology, med spa, and behavioral health. Industrial verticals span auto repair (Caliber Collision, Boyd Group, Crash Champions), fire/life safety (Pye-Barker, APi Group), and self-storage REITs (Public Storage, Extra Space). This map covers backers, EBITDA bands, recent named transactions, and geographic focus for each platform, sourced from public portfolio pages, SEC filings, and trade press.
Christoph Totter · Managing Partner, CT Acquisitions
Buy-side M&A across the U.S. lower middle market · Updated May 16, 2026
Most owners can name two private equity firms. Maybe three if their accountant has handed them a list. The actual count of US PE-backed platforms actively acquiring lower-middle-market businesses in 2026 is north of 100, spread across more than 25 sectors. Each platform has a different sponsor, a different EBITDA appetite, and a different willingness to pay premium multiples for strategic fit. The owners who get the cleanest exits are the ones who know which platform is which.
This map is built from public records. Sponsor portfolio pages, SEC EDGAR filings, trade press deal coverage, and IRS Form D filings. We name the platform, the sponsor, the typical EBITDA range, and recent transactions where they were publicly disclosed. Where mandates are inferred from observable acquisition patterns rather than stated, we say so. The point is a defensible reference document you can use to read the buyer market behind your business.
We are CT Strategic Partners, a U.S. buy-side M&A firm based in Sheridan, Wyoming. We are buyer-paid: when a deal closes, the buyer compensates us. The seller pays nothing and signs nothing. We publish this map because the underlying aggregated public-source research is the work product of a 90-day compilation effort, and it is genuinely useful to owners trying to understand who actually buys in their sector.
A note on what this is not. This is not a directory of every PE firm that has ever touched a sector. Generic M&A directories list 500+ firms per vertical, most of which made one acquisition five years ago and exited the space. Our bar is higher: a platform earns a row if there is evidence of active 2024-2026 acquisition activity, a stated platform thesis, and a sponsor with committed capital. The list is shorter and more useful.
How to read a platform’s mandate from public signals
Before the sector pages, a quick framework on reading PE platform mandates without insider access. Most owners assume PE acquisition criteria are secret. They aren’t. Sponsors leave a trail of public signals.
Six public signals that reveal a platform’s mandate
- Portfolio page sector tags. Sponsor websites list current portfolio companies grouped by sector. A sponsor with three HVAC platforms is signaling continued HVAC interest. A sponsor with one dental and one vet platform is signaling healthcare services as a thesis area.
- Recent add-on press releases. Every platform announces material add-ons. BusinessWire and PR Newswire searches with the platform name plus ‘acquires’ return a chronology that reveals geography and sub-sector focus. A platform that announced 12 acquisitions in Texas and Florida is telling you what geography fits the mandate.
- Fund vintage and remaining deployment. A sponsor with a 2022-vintage fund deploying capital has 2-3 years of runway. A sponsor with a 2018-vintage fund is exiting, not buying. SEC Form D filings disclose fund formation and timing.
- Operating partner hires. When a sponsor hires an HVAC operator as an industry executive, an HVAC platform is being built or expanded. LinkedIn signal.
- Trade press platform announcements. ‘Sponsor X partners with founder Y to build platform’ announcements appear in PEHub, Axios Pro, Middle Market Growth, and sector pubs. These are stated mandates.
- Exit chatter. When a platform is rumored to be on the block (Reuters, Bloomberg leaks), add-on activity often pauses 6-12 months pre-exit. Useful negative signal.
Combined, these six signals let you triangulate any platform’s mandate within an afternoon of desk research. We do this systematically across 100+ platforms; the rest of this report is the output.
Home services platforms: HVAC, plumbing, electrical, roofing, pest, landscaping
Home services is the largest LMM consolidation thesis in US PE. Estimated 35+ active platforms across HVAC, plumbing, electrical, roofing, pest control, and landscaping. Below is the active 2026 platform set.
HVAC platforms
| Platform | Sponsor | Typical EBITDA target | Geographic focus | Notes |
|---|---|---|---|---|
| Apex Service Partners | Alpine Investors (recap 2023, partial KKR involvement noted) | $1M-$10M | National, heavy Southeast/Texas/Florida | One of the largest HVAC roll-ups; aggressive add-on pace 2023-2026 |
| Sila Services | Morgan Stanley Capital Partners | $1M-$8M | Northeast, Mid-Atlantic, expanding South | Plumbing + HVAC dual focus |
| Wrench Group | Apax Partners (acquired from Leonard Green) | $2M-$15M | National, Sun Belt-heavy | One of the original PE-backed HVAC roll-ups |
| Champions Group Holdings | Blackstone (Strategic Partners) | $1M-$10M | Texas, Southwest, expanding | HVAC, plumbing, electrical; very active add-on program |
| Redwood Services | Greenbriar Equity Group | $500K-$5M | National, regional density build | Smaller bolt-on focus than peers |
| Helix Holdings | Berkshire Partners | $1M-$8M | National | Residential HVAC and plumbing |
| AvidAire | Cortec Group | $500K-$3M | Sun Belt | Roll-up of independent HVAC operators |
| Service Logic | Leonard Green & Partners (recap from Warburg Pincus) | $3M-$25M | National, commercial focus | Commercial HVAC service; larger targets than residential roll-ups |
| ARS / Rescue Rooter | American Industrial Partners (acquired from CHC Companies) | $2M-$15M | National | Residential HVAC, plumbing, electrical; long-tenured platform |
| Comfort Systems USA (NYSE: FIX) | Public | $5M-$50M+ | National commercial | Public strategic; commercial mechanical contractor consolidator |
What HVAC platforms want in 2026: 60%+ residential or repeatable commercial service mix, $1M+ EBITDA, owner willing to roll 15-30% equity, recurring service agreement penetration above 25% of revenue, and clean GAAP financials with reviewed or audited statements for the last 2-3 years. Platforms paying the highest multiples (8-12x EBITDA) want $5M+ EBITDA businesses with branded local market presence and multi-location operations.
Plumbing platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| Roto-Rooter | Chemed Corporation (NYSE: CHE) | $500K-$10M | Acquires independents into franchise network; strong reputation buyer |
| Mr. Rooter | Neighborly (KKR + Permira buyout 2021) | $500K-$5M | Franchise consolidator within Neighborly home services platform |
| Benjamin Franklin Plumbing | Authority Brands (Apax Partners) | $500K-$3M | Franchise platform |
| Most HVAC platforms above | Various | $1M-$10M | Sila, Champions, Wrench, ARS, Apex all acquire combined HVAC + plumbing operators |
Roofing platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| Tecta America | Altas Partners (recap from ONCAP/Sun Capital) | $3M-$25M | Commercial roofing; largest US commercial roofing roll-up |
| CentiMark Group | Private (founder Edward Dunlap family-owned) | $2M-$15M | Strategic; not PE but very active acquirer in commercial roofing |
| RoofingCorp of America | Bow River Capital | $1M-$8M | Mid-market commercial roofing platform |
| Wind River Environmental | Carlyle (acquired 2021) | $2M-$15M | Adjacent services; not pure roofing |
| Carolinas Roofing | Regional PE-backed | $1M-$5M | Geographic infill platform |
| Whitaker Construction Group | Private/regional PE | $2M-$10M | Active Southeast commercial roofing acquirer |
Electrical platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| IES Holdings (NASDAQ: IESC) | Public | $5M-$50M+ | Largest electrical contractor consolidator; commercial focus |
| Sun Brite Services | Bertram Capital | $500K-$3M | Residential electrical roll-up |
| Mister Sparky | Authority Brands (Apax Partners) | $500K-$3M | Franchise platform within Authority Brands |
| Champions Group Holdings | Blackstone | $1M-$8M | Electrical add-ons within HVAC platform |
Pest control platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| Rollins / Orkin (NYSE: ROL) | Public | $200K-$10M | Largest US pest control consolidator; ~40 acquisitions/year |
| Rentokil / Terminix (NYSE: RTO) | Public (Rentokil acquired Terminix 2022) | $500K-$15M | Second largest; integration of Terminix ongoing through 2026 |
| Anticimex | EQT Partners | $500K-$10M | Aggressive US expansion via add-ons |
| Aptive Environmental | Goldman Sachs Asset Management | $1M-$10M | Door-to-door residential focus; growth via acquisitions and organic |
| Hawx Pest Control | Carrick Capital Partners | $500K-$5M | Residential pest roll-up; active add-on program |
| ProGuard Pest Control | Imperial Dade-adjacent / regional PE | $500K-$3M | Regional consolidator |
| Mantle Pest Solutions | Trivest Partners | $500K-$3M | Residential and commercial roll-up |
| Greenix Pest Control | Audax Private Equity | $1M-$8M | Mountain West and expanding |
| ABC Home & Commercial Services | Private/family | $500K-$5M | Texas-focused; strategic buyer |
| Arrow Exterminators | Private | $500K-$5M | Southeast-focused strategic |
Landscaping platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| BrightView Holdings (NYSE: BV) | Public (KKR significant ownership until 2024) | $2M-$20M | Largest US commercial landscaping consolidator |
| Yellowstone Landscape | CIVC Partners | $1M-$10M | Commercial landscaping roll-up |
| U.S. Lawns | Authority Brands (Apax Partners) | $500K-$3M | Franchise platform |
| The Davey Tree Expert Company | Employee-owned | $1M-$15M | Strategic; tree care focus; very active acquirer |
| SavATree | Apax Partners | $2M-$15M | Tree care and lawn services |
| SiteOne Landscape Supply (NYSE: SITE) | Public (consolidates suppliers, not service) | $2M-$30M | Distribution side; relevant for supply businesses |
Fire, life safety, cleaning, and other facility services platforms
Fire and life safety has been one of the most active LMM consolidation themes since 2020, driven by recurring inspection revenue and tight regulatory tailwinds. Cleaning has lagged but is accelerating in 2025-2026.
Fire and life safety platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| Pye-Barker Fire & Safety | Leonard Green & Partners (Altas Partners minority) | $500K-$15M | Most aggressive fire/safety roll-up; ~50 add-ons since 2020 |
| APi Group (NYSE: APG) | Public (Viking Global, Blackstone holdings) | $2M-$50M+ | Public consolidator; commercial fire/safety and specialty services |
| Summit Fire & Security | SPX Technologies (NYSE: SPXC) | $1M-$15M | Active commercial fire/safety acquirer |
| Eagle Fire Inc. | Trilantic Capital Partners | $1M-$10M | Mid-Atlantic fire/safety platform |
| Sciens Building Solutions | Huron Capital Partners | $1M-$10M | Fire alarm and life safety systems integration |
| Western States Fire Protection | APi Group subsidiary | $1M-$10M | Western US sprinkler/fire focus |
| Davis-Ulmer Sprinkler | APi Group subsidiary | $1M-$10M | Northeast fire/sprinkler |
| Cintas Fire Protection | Cintas (NASDAQ: CTAS) | $1M-$10M | Strategic acquirer; fire/safety + uniform/facility services |
Fire/safety multiples 2026: $5M+ EBITDA businesses with 50%+ recurring inspection revenue routinely trade at 10-14x EBITDA. The recurring revenue mix is the single biggest valuation driver. Owners selling at the high end of this band typically run formal processes with 5-8 platform bidders.
Cleaning and janitorial platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| Aspen Building Solutions | Bregal Sagemount | $500K-$5M | Commercial cleaning roll-up |
| Vinguard Cleaning Systems | Regional PE | $500K-$3M | Active Sun Belt acquirer |
| City Wide Franchise Company | Private (franchise model) | $200K-$2M | Building maintenance management |
| ABM Industries (NYSE: ABM) | Public | $5M-$50M+ | Largest US facility services strategic acquirer |
| ServiceMaster Brands | Roark Capital Group | $500K-$3M | Franchise platform (cleaning + restoration brands) |
| ISS Facility Services | Public (CSE: ISS, EU-listed) | $5M-$50M | Global strategic; selective US acquirer |
Healthcare services platforms: dental, veterinary, dermatology, med spa, behavioral health
Healthcare services consolidation has been the largest single LMM private equity theme of the past decade. The dental DSO model alone supports 15+ active platforms. Veterinary is the fastest-growing sub-sector in 2026.
Dental support organizations (DSOs)
| Platform | Sponsor(s) | EBITDA target | Recent named transactions / notes |
|---|---|---|---|
| Heartland Dental | KKR (lead) + Ontario Teachers’ Pension Plan | $300K-$5M per practice | Largest US DSO; ~1,700 affiliated practices; nationwide |
| Aspen Dental | Leonard Green & Partners + Ares Management | $300K-$3M per practice (de novo + acquisitions) | ~1,000+ offices; de novo heavy strategy with selective acquisitions |
| Pacific Dental Services | Private (closely held) | $500K-$3M per practice | ~900+ offices; selective acquirer |
| MB2 Dental Solutions | Charlesbank Capital Partners + Warburg Pincus | $300K-$3M per practice | Doctor-partnership model; rapid expansion 2023-2026 |
| Smile Brands | New Mountain Capital | $300K-$3M per practice | ~650+ offices; multi-brand portfolio |
| Mortenson Dental Partners | Audax Private Equity + Genstar Capital | $300K-$3M per practice | Midwest/Southeast focus |
| Dental Care Alliance | Quad-C Management | $300K-$3M per practice | Multi-brand DSO; Northeast/Southeast |
| Great Expressions Dental Centers | Roark Capital Group | $300K-$3M per practice | Midwest focus |
| Western Dental & Orthodontics | New Mountain Capital | $300K-$3M per practice | California focus; pediatric/Medicaid heavy |
| Affordable Care | Berkshire Partners | $500K-$3M per practice | Dentures and implants specialty |
| Sage Dental | Imperial Capital | $300K-$2M per practice | Florida and Georgia focus |
| Specialty Dental Brands | Goldman Sachs Asset Management | $500K-$5M per practice | Specialty (ortho, OMS, endo) focus; premium multiples |
| U.S. Endo Partners | Pamlico Capital | $500K-$3M per practice | Endodontic specialty platform |
| OrthoSynetics / Premier Dental | Various | $500K-$5M per practice | Orthodontic specialty platforms |
Dental multiples 2026: General dentistry single-location practices trade at 5-7x EBITDA in DSO acquisitions. Specialty practices (ortho, OMS, endo, perio, pedo) command 8-15x EBITDA. Multi-location group practices ($3M+ EBITDA) trade at 8-12x.
Veterinary platforms
| Platform | Sponsor(s) | EBITDA target | Notes |
|---|---|---|---|
| Mars Petcare (Banfield, BluePearl, VCA, AniCura) | Mars Inc. (private) | $500K-$20M per practice | Largest global vet consolidator; selective US strategic acquirer post-2021 pause |
| National Veterinary Associates (NVA) | JAB Holding Company | $500K-$10M per practice | ~1,400+ locations globally; very active acquirer |
| Thrive Pet Healthcare | Partners Group + TSG Consumer Partners | $500K-$8M per practice | ~400+ locations; growth-stage roll-up |
| VetCor | Harvest Partners + Oak Hill Capital | $500K-$5M per practice | ~900+ practices; founder-friendly partnership model |
| MedVet | Coltala Holdings + Silver Oak Services Partners | $1M-$10M per practice | Specialty and emergency focus; premium multiples |
| CityVet | Compass Group Equity Partners | $500K-$3M per practice | Texas and Southwest focus |
| Heart + Paw | JAB Holding Company | $500K-$3M per practice | Concept-driven vet platform (vet + grooming + daycare) |
| PetVet Care Centers | KKR | $500K-$8M per practice | ~500+ practices; large platform |
| Compassion-First Pet Hospitals | JAB Holding Company (merged into NVA) | $1M-$10M per practice | Specialty platform consolidated under NVA |
| Veterinary Emergency Group (VEG) | Berkshire Partners | De novo + selective acquisitions | Emergency vet platform; rapid expansion |
| Ethos Veterinary Health | Mars Petcare | $1M-$15M per practice | Specialty/ER platform; high multiples |
Veterinary multiples 2026: Primary care practices trade at 7-12x EBITDA. Specialty and emergency practices command 14-22x EBITDA, the highest in lower-middle-market healthcare services. The recurring nature of vet care, low insurance dependence, and demographic tailwinds drive premium pricing.
Dermatology platforms
| Platform | Sponsor(s) | EBITDA target | Notes |
|---|---|---|---|
| Schweiger Dermatology | Frazier Healthcare Partners | $500K-$5M per practice | Northeast focus |
| Anne Arundel Dermatology | Ridgemont Equity Partners | $500K-$3M per practice | Mid-Atlantic to Southeast |
| Forefront Dermatology | Partners Group | $500K-$5M per practice | Midwest and national expansion |
| U.S. Dermatology Partners | ABRY Partners | $500K-$5M per practice | Texas, Oklahoma, Southwest |
| Advanced Dermatology and Cosmetic Surgery | Harvest Partners | $500K-$5M per practice | Florida and Southeast |
| Pinnacle Dermatology | Chicago Pacific Founders | $500K-$3M per practice | Midwest focus |
| Epiphany Dermatology | NMS Capital | $500K-$3M per practice | Texas and Southeast |
Med spa and aesthetics platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| LaserAway | Marlin Equity Partners | De novo + selective acquisitions | Largest US med spa; ~150+ locations |
| Ideal Image | L Catterton (formerly) | Selective acquisitions | Mid-market med spa platform; struggled financially 2024 |
| SkinSpirit | Norwest Equity Partners | $500K-$3M per location | Premium med spa platform |
| Sono Bello | Sentinel Capital Partners | De novo + acquisitions | Body contouring specialty |
Behavioral health platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| Acadia Healthcare (NASDAQ: ACHC) | Public | $2M-$50M | Largest US behavioral health operator; psychiatric and addiction |
| Discovery Behavioral Health | Webster Equity Partners | $1M-$10M | Eating disorders and mental health |
| Centerstone | Nonprofit (not PE; relevant strategic) | $1M-$10M | Largest US nonprofit behavioral health system |
| LifeStance Health (NASDAQ: LFST) | Public (TPG, Summit Partners legacy) | $500K-$5M | Outpatient mental health roll-up |
| Pinnacle Treatment Centers | Linden Capital Partners | $1M-$10M | Addiction treatment |
| BayMark Health Services | Webster Capital | $1M-$10M | Opioid treatment programs |
Auto repair, collision, wireless tower, and IT MSP platforms
Auto repair and collision is the second largest physical-services consolidation theme after home services. IT MSP is the dominant tech-services consolidation theme.
Auto repair and collision platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| Caliber Collision | Hellman & Friedman + Leonard Green & Partners + OMERS Private Equity | $500K-$10M per location | Largest US collision repair platform; ~1,700+ locations |
| Service King Collision Repair Centers | Merged into Crash Champions 2022 (Clearlake Capital) | $500K-$5M per location | Now part of Crash Champions |
| Crash Champions | Clearlake Capital Group | $500K-$5M per location | ~600+ locations after Service King merger |
| Classic Collision | New Mountain Capital | $500K-$5M per location | ~300+ locations; Southeast and expanding |
| Boyd Group Services (TSX: BYD) | Public (Canadian) | $500K-$5M per location | Gerber Collision & Glass in US; ~900+ locations |
| Driven Brands (NASDAQ: DRVN) | Public (Roark Capital significant ownership) | $500K-$5M per location | Multi-brand auto services: Take 5 Oil Change, Maaco, Meineke, CARSTAR |
| Mavis Tire Express Services | BayPine + West Street Capital (Goldman) | $500K-$5M per location | Tire retail roll-up; ~2,000+ locations |
| Big O Tires / Express Oil Change | Speedway Motorsports / various | $500K-$3M per location | Multiple platforms |
Wireless tower platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| American Tower (NYSE: AMT) | Public REIT | $1M-$100M+ | Largest US tower owner; ~220,000+ global sites |
| Crown Castle (NYSE: CCI) | Public REIT | $1M-$100M+ | ~40,000+ US towers; small cells; fiber |
| SBA Communications (NASDAQ: SBAC) | Public REIT | $1M-$100M+ | ~17,000+ US towers; international expansion |
| Vertical Bridge | DigitalBridge + private | $1M-$50M | Largest private US tower operator |
| Diamond Communications | Centerbridge Partners | $1M-$30M | Tower portfolios and rooftop sites |
| Harmoni Towers | Palistar Capital | $500K-$10M | Smaller tower roll-up |
IT MSP and cybersecurity platforms
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| Ntiva | PSP Capital + ABS Capital Partners | $500K-$5M | National MSP roll-up; managed cybersecurity focus |
| ConvergeOne | CVC Capital Partners | $1M-$20M | Enterprise IT services; emerged from 2024 restructuring |
| Evergreen Services Group | Alpine Investors | $500K-$5M | Vertical MSP roll-up with permanent capital model |
| Integris | Frontenac Company | $500K-$5M | MSP roll-up; mid-market focus |
| Logically | Recognize Partners | $500K-$5M | MSP and cybersecurity roll-up |
| Cetrom Information Technology / Coretelligent | NewSpring Capital / Norwest | $500K-$5M | Mid-market MSP platforms |
| Tyler Technologies (NYSE: TYL) | Public | $2M-$50M+ | Government tech strategic; selective acquirer |
| Optiv Security | KKR | $2M-$30M | Cybersecurity services consolidator |
Manufacturing roll-ups, industrial distribution, co-packing, and self-storage
The industrial side of LMM PE is more fragmented than services because it spans hundreds of sub-verticals. Below are the most active 2026 themes with named platforms.
Manufacturing roll-ups (selected sub-verticals)
| Sub-vertical | Active platforms | Typical sponsors |
|---|---|---|
| Precision machining | CIRCOR International (recently private), Trive Capital portfolio companies, Industrial Growth Partners platforms | Audax, Industrial Growth Partners, Trive Capital, Insight Equity, Wynnchurch Capital |
| Contract manufacturing | Coghlin Companies, Promet Optics, Velentium, multiple regional platforms | Arsenal Capital, Trive, Argonne Capital, ParkerGale |
| Medical device contract manufacturing | Tessy Plastics, Cretex Medical, Phillips-Medisize (Molex), MGS Mfg Group, Spectrum Plastics (DuPont) | Various strategic; Carlyle, Genstar, Goldman, Linden Capital exposure |
| Plastics injection molding | Mack Group, RMS Company, Synova, multiple regional roll-ups | Audax, Wynnchurch, Mason Wells, Saw Mill Capital |
| Specialty chemicals / coatings | Sherwin-Williams strategic, RPM International strategic, Behr (Masco) strategic, smaller PE platforms | Arsenal Capital, American Securities, SK Capital |
| Aerospace and defense components | TransDigm Group (NYSE: TDG), Heico (NYSE: HEI), Moog, Mercury Systems, Curtiss-Wright | Strategics dominate; AE Industrial Partners, J.F. Lehman PE exposure |
| Packaging and labels | ProAmpac, Berlin Packaging, Sonoco (NYSE: SON), Sealed Air (NYSE: SEE), TricorBraun, Resource Label Group | Pritzker Private Capital, Genstar, Charlesbank, TPG, GTCR |
| Building products manufacturing | SiteOne (NYSE: SITE), Beacon Roofing Supply (NASDAQ: BECN), US LBM (Bain Capital), CRH (NYSE: CRH) | Bain, Platinum Equity, KKR, Apollo |
Industrial distribution platforms
| Platform | Sponsor / status | EBITDA target | Notes |
|---|---|---|---|
| Univar Solutions | Apollo Global Management (took private 2023) | $2M-$50M | Largest US chemicals distributor |
| DXP Enterprises (NASDAQ: DXPE) | Public | $1M-$30M | Industrial distribution roll-up; pumps, bearings, MRO |
| White Cap | Clayton, Dubilier & Rice + Sterling Investment Partners | $2M-$30M | Construction industrial distribution |
| Wesco International (NYSE: WCC) | Public | $2M-$50M | Electrical and industrial distribution |
| HD Supply (Home Depot) | Strategic (HD owned) | $2M-$30M | MRO and facilities maintenance |
| Vallen Distribution | Nautic Partners | $2M-$20M | Safety and MRO distribution |
| Industrial Distribution Group platforms | Audax, Wynnchurch, Sterling, KKR | $1M-$25M | Multiple verticalized distribution roll-ups |
Co-packing and contract food manufacturing
| Platform | Sponsor | EBITDA target | Notes |
|---|---|---|---|
| MSI Express | WindRose Health Investors / Mubadala Capital | $2M-$20M | Contract beverage manufacturing |
| Massman Companies | Private/family + selective PE | $1M-$10M | Co-packing and contract food |
| ProAmpac | Pritzker Private Capital | $2M-$30M | Flexible packaging |
| Refresco | KKR + PAI Partners | $2M-$50M | Largest independent contract beverage |
| Hearthside Food Solutions | Charlesbank + Partners Group | $2M-$50M | Largest US contract food manufacturer |
| TreeHouse Foods (NYSE: THS) | Public | $2M-$50M | Private label / contract food strategic |
| Multiple regional co-packers | Various PE | $500K-$5M | Highly fragmented sub-vertical |
Self-storage operators and REITs
| Operator | Status | EBITDA target | Notes |
|---|---|---|---|
| Public Storage (NYSE: PSA) | Public REIT | Acquires by NOI / facility value | Largest US self-storage owner; ~3,000+ facilities |
| Extra Space Storage (NYSE: EXR) | Public REIT | By facility value | Merged with Life Storage 2023; ~3,650+ facilities |
| CubeSmart (NYSE: CUBE) | Public REIT | By facility value | ~1,400+ facilities |
| National Storage Affiliates (NYSE: NSA) | Public REIT | By facility value | ~1,000+ facilities |
| StorageMart | Private (Burnam family + GIC Pte) | By facility value | ~250+ facilities |
| Prime Storage | Blackstone Real Estate | By facility value | Large private operator |
| Andover Properties | Private + institutional capital | Smaller portfolios | Roll-up of independents |
Self-storage 2026 pricing: Stabilized Class A facilities trade at 4.5-6.0% cap rates in primary MSAs and 5.5-7.0% in secondary MSAs. Class B/C facilities trade 6.5-8.5% caps depending on lease-up and physical condition. Single-facility transactions generally clear faster than multi-facility portfolios, which require deeper underwriting.
Geographic concentration: where platforms are buying in 2026
PE platform acquisition activity is not evenly distributed across the US. Five regional clusters absorb the majority of LMM transaction volume.
| Region | Leading sectors | Why platforms target it |
|---|---|---|
| Texas | HVAC, plumbing, electrical, pest control, dental, vet, IT MSP, oil & gas services, manufacturing | Population growth, business-friendly regulation, energy economy, low income tax, large addressable LMM business count |
| Florida | HVAC, plumbing, pest control, dental, vet, dermatology, roofing, marine services | Demographic tailwinds (retirees, in-migration), hurricane-driven services demand, high-density LMM population, no income tax |
| Sun Belt / Carolinas / Georgia / Tennessee | Home services across the board, healthcare services, manufacturing, logistics | Manufacturing reshoring, population growth, lower cost base, infrastructure tailwinds |
| Northeast urban corridor | Healthcare services, dental, vet, behavioral health, fire/life safety, IT MSP | Density, regulatory complexity that favors consolidated operators, higher revenue per location |
| Midwest manufacturing belt | Precision machining, contract manufacturing, industrial distribution, auto repair | Manufacturing density, aging founder cohort, recurring industrial service demand |
If your business is in one of these geographies, the addressable platform pool for your specific sector is materially larger than the national average. If your business is in a less-targeted region, the right approach is often to bring the business to platforms with geographic infill mandates rather than waiting for inbound interest.
How to use this map if you are thinking about selling
The 100+ platforms above are a starting point, not a sale process. The way to translate this map into an actual exit is sequential.
Step 1: identify the 5-12 platforms that fit your specific business
Cross-reference your sector, EBITDA size, geography, and growth profile against the tables above. A $2.5M EBITDA HVAC business in Tampa with 65% residential service mix matches roughly 8-10 platforms in our home services tables: Apex, Sila, Champions, ARS, Wrench, Helix, AvidAire, Service Logic, plus 1-2 regional roll-ups. That is your candidate set.
Step 2: read each candidate’s recent transaction pace and sub-sector fit
Some platforms are highly active in 2026, some are slowing pre-exit, and some have shifted sub-sector mandates. Press release archive searches over the trailing 18 months reveal which platforms are deploying capital actively versus parked. We refresh this report quarterly to keep this layer current.
Step 3: prepare your business to clear platform diligence
Reviewed or audited financials for 3 years. Clean adjusted EBITDA bridge with documented add-backs. Customer concentration analysis. Recurring revenue documentation. Employee retention plan. Working capital normalization. The cost of preparation is dwarfed by the value spread between a prepared and an unprepared sale.
Step 4: run a confidential pre-marketing process
The owners who get the cleanest exits do not respond to inbound. They run a structured outreach to the 5-12 fit-aligned platforms identified in Step 1, using either an investment banker, a buy-side advisor (our model), or a direct approach if they have the relationships. The difference between a 1-buyer process and a 5-buyer process is typically 15-30% of headline value.
Step 5: negotiate structure as carefully as price
Headline price is one variable. Rollover requirement, earnout structure, working capital methodology, escrow size, R&W insurance treatment, employee retention obligations, non-compete duration, and tax structuring (asset vs stock, 338(h)(10), F-reorg) all move real economic value. Two offers at the same headline price can differ by 20-30% in net-to-seller after taxes and structure.
If you want a real-market read on which platforms in this map would fit your specific business, schedule a confidential call. We are buyer-paid: you pay nothing, sign nothing, and are free to walk at any time.
Private Equity Platforms by Sector: Limitations of This Analysis
This map is a useful starting point, not the universe. Known limitations:
- Platform-only view. We name 100+ active platforms but exclude the 800+ independent sponsors, search funders, and family offices that also buy in these sectors. Those buyers are covered in our separate 2026 LMM Buyer Mandate Report.
- Mandates evolve faster than quarterly updates. Specific platforms may pause add-on activity pre-exit or shift sub-sector focus between updates. For a specific business, real-time outreach beats static reference.
- Sponsor structures change. Platforms get recapitalized, sold to new sponsors, or taken public. A platform’s sponsor in May 2026 may not be its sponsor by Q4 2026. We refresh quarterly but cannot capture intra-quarter changes.
- EBITDA ranges are observed, not committed. A platform that ‘typically’ acquires $1M-$5M EBITDA may close a $10M deal if the strategic fit is right. The ranges are a useful filter, not a rule.
- Not every sub-sector is covered. We focused on the 25 sectors with the heaviest 2026 LMM PE activity. Niche sectors (specialty consumer brands, agriculture, water/wastewater services, marine) are not fully mapped here.
- This is aggregated public-source research. Every named transaction or sponsor relationship is sourced from public records (portfolio pages, SEC filings, trade press). Inferences from observable activity are flagged as such. Specific sale decisions should be informed by transaction-specific due diligence and qualified counsel.
Private Equity Platforms by Sector: Frequently Asked Questions
How many active US PE platforms are buying in the lower middle market in 2026?
Our map covers 100+ named platforms across 25 sectors. The full universe of US PE-backed platforms acquiring $500K-$50M EBITDA businesses is estimated at 250-400, depending on how strictly you define ‘active.’ Most owners encounter 2-3 of these through inbound outreach; a structured process surfaces 5-12 fit-aligned platforms for any given business.
Which sector has the most active PE platforms?
Home services (HVAC, plumbing, electrical, roofing, pest control, landscaping) has the largest active platform count, with 35+ platforms acquiring in 2026. Healthcare services (dental, vet, dermatology, behavioral health) is second at 40+ platforms but spread across more sub-verticals. Fire/life safety is third with 8+ active platforms relative to a much smaller addressable business count, which drives premium multiples.
Who is the biggest US PE-backed HVAC platform?
Apex Service Partners (Alpine Investors with reported KKR involvement) is widely considered the largest pure-play residential HVAC platform by acquisition count and revenue. Service Logic (Leonard Green & Partners) is the largest commercial HVAC service platform. Both are very active in 2026.
Which PE firms own the largest dental DSOs?
Heartland Dental is owned by KKR (lead) with Ontario Teachers’ Pension Plan. Aspen Dental is owned by Leonard Green & Partners and Ares Management. MB2 Dental is owned by Charlesbank Capital Partners and Warburg Pincus. Smile Brands is owned by New Mountain Capital. Pacific Dental Services is closely held private. Sponsorship has changed multiple times across the DSO landscape; verify current ownership at time of any specific transaction.
What’s the largest US veterinary platform?
Mars Petcare (private; owns Banfield, BluePearl, VCA, AniCura, and Ethos Veterinary Health) is the largest US and global veterinary consolidator by location count and revenue. National Veterinary Associates (JAB Holding Company) is second by location count. KKR’s PetVet Care Centers, Harvest Partners’ VetCor, and Partners Group’s Thrive Pet Healthcare are the next-tier US platforms.
Are there active PE platforms buying small manufacturing businesses?
Yes, dozens. Active sponsors in lower-middle-market manufacturing include Audax Private Equity, Wynnchurch Capital, Industrial Growth Partners, Trive Capital, Insight Equity, Arsenal Capital Partners, Pritzker Private Capital, Mason Wells, ParkerGale, and Saw Mill Capital. Each has built multiple platform investments in precision machining, contract manufacturing, plastics, specialty chemicals, and other sub-verticals.
Do public companies acquire small businesses or only large ones?
Many public companies are very active LMM acquirers. Rollins (NYSE: ROL) acquires $200K-$10M EBITDA pest control businesses. APi Group (NYSE: APG) acquires $2M-$50M EBITDA fire/safety and specialty services businesses. Comfort Systems USA (NYSE: FIX) acquires $5M-$50M commercial HVAC. Driven Brands (NASDAQ: DRVN) acquires $500K-$5M auto service businesses. The ‘only public companies buy big’ assumption is outdated; many publics run dedicated LMM add-on programs.
How do I find which platforms specifically fit my business?
Cross-reference your sector and EBITDA size against the tables in this report. For most LMM businesses, 5-12 platforms will fit. Schedule a confidential call with us for a real-market read at no cost. We are buyer-paid: the seller pays nothing, signs nothing, and is free to walk at any time.
What does it mean when you say a platform’s mandate is ‘inferred’?
Some platforms publicly state their mandate (sector, EBITDA range, geography). Others do not, but their public acquisition activity reveals a consistent pattern. When we describe an inferred mandate, we are saying the pattern is observable from 6-18 months of public deal announcements, not from a stated commitment. Inferred mandates are useful but can change without warning.
How often is this map updated?
Quarterly. We refresh based on new transactions, sponsor recapitalizations, fund cycle updates, and mandate evolutions. The current snapshot is May 16, 2026. Subscribers to the CT Strategic Partners newsletter receive notification when new versions are published.
Are family offices included in this map?
No. This map focuses on PE-backed platforms with stated platform theses. Family offices acquire across the same sectors but with different structures (longer holds, often less competitive bidding processes). Family office mandates are covered in the separate 2026 LMM Buyer Mandate Report.
Where can I see the source data for a specific platform?
Every named platform in this report has at least one public source: a sponsor portfolio page, an SEC filing, a press release, or trade-press deal coverage. We can share specific source citations for any platform on request via the contact form.
Sources & References
- SEC EDGAR filings — 10-K, 10-Q, and 8-K filings from public consolidators (Rollins, Rentokil Initial, APi Group, Comfort Systems USA, Driven Brands, IES Holdings, others)
- PE sponsor portfolio disclosures — public portfolio pages from KKR, Blackstone, Apax Partners, Audax, Leonard Green & Partners, Ares, Berkshire Partners, Charlesbank, New Mountain Capital, Goldman Sachs Asset Management, Carlyle, Bain Capital, TA Associates, Hellman & Friedman, Roark Capital, and 30+ other named sponsors
- BusinessWire / PR Newswire / GlobeNewswire — acquisition announcements 2024-01-01 through 2026-05-15
- PEHub, Axios Pro, Middle Market Growth, Buyouts, AxialMarket, Mergermarket — trade-press deal coverage
- BVR / DealStats Database — observed transaction multiples by sector and EBITDA band
- Pitchbook 2026 LMM Report — aggregate transaction trends
- SRS Acquiom 2026 M&A Deal Points Study — deal-structure benchmarks
- NAREIT and public REIT investor disclosures — self-storage and tower platform data
Last updated: May 16, 2026. CT Strategic Partners refreshes this report quarterly. For corrections or methodology questions, get in touch.
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