Permira Agrees to Buy Flint Group Stake, Valuing HVAC Firm Over $1.5B

Private equity firm Permira has agreed to take a majority stake in Flint Group, a Kansas City company that buys and partners with residential HVAC, plumbing and electrical contractors. Reuters reported that the deal values Flint at more than $1.5 billion and is expected to close by the end of 2026.

For the contractors under Flint’s umbrella, the deal means a new controlling owner. General Atlantic, which invested in Flint in 2023, has remained a backer, and the size of its remaining stake after the sale was not disclosed.

How Flint grew into a national platform

Flint was founded in 2019 in Kansas City, Missouri, according to Homepros. It builds scale by partnering with local home-service businesses, and its network now runs from Washington state to Florida.

Finimize, citing Reuters, reported that Flint went from seven brands in five states in 2023 to 20 brands across 15 states today. Homepros has described the count as 20 partnered businesses. Revenue topped $400 million in 2025, more than triple the 2022 level, according to the same report. Current annualized revenue and EBITDA (earnings before interest, taxes, depreciation and amortization) were not disclosed.

A sale process that wrapped up in two months

In September, Homepros reported that Flint had started a formal sale process and hired investment bank William Blair to run it. At that point the process was described as early, with no certainty that a buyer would emerge. Permira’s agreement came about two months later.

The companies have said little. A Flint representative declined to comment, William Blair did not respond to a request for comment, and Permira did not immediately reply. Terms of General Atlantic’s 2023 investment were never made public.

According to Finimize, Permira plans to apply its digital approach to help Flint send service leads to technicians faster and keep their schedules full.

What it means for home services buyouts

The deal adds to a run of private equity purchases in home services, where large funds are trying to stitch small, independent operators into national networks. Contracting Business reported that private equity firms made up 60.5% of all residential services M&A activity in 2026. HVAC, plumbing and electrical companies accounted for 19.3% of that activity through late July 2026, second only to landscaping and lawn care, and buyers backed by private equity completed nearly two-thirds of the deals in that segment.

Total deal count has slipped, though. Capstone counted 223 residential services transactions announced or completed so far in 2026, compared with 257 over the same period in 2025, Contracting Business noted.

Labor is one reason companies want scale. Capstone found that the supply of HVAC technicians covered only 63.8% of demand in 2024, and it projects that figure will fall to 62.9% by 2029.

Other large home services deals

• Blackstone announced in February 2026 that it would buy Champions Group for $2.5 billion, at roughly 18.5 times EV/EBITDA, a valuation measure that compares a company’s total value with its earnings, according to Capstone.
• Apollo made a minority investment in Apex Service Partners in a deal that valued Apex at $10 billion, Homepros reported.
• USA Hometown Experts is reportedly in a sale process, according to Homepros.

What to watch next

The Permira deal still has to close, which Reuters reported is expected by the end of 2026. Neither company has released the price Permira is paying for its stake or said whether Flint’s management will stay in place.

Source: Hoodline