The deal
Blackstone has agreed to acquire Champions Group, an Orange County, Calif.-based residential HVAC, plumbing and electrical platform, from Odyssey Investment Partners. Odyssey and Champions management keep a significant minority stake. The companies did not disclose terms.
Industry outlet HomePros reported, citing unnamed sources, a price of about $2.5 billion, or roughly 18.5 times about $140 million of annualized EBITDA. Those figures have not been confirmed by the companies.
Champions began as Service Champions in 2000 and now operates brands including Service Champions, Bell Brothers, Adeedo! and Lex across states including Arizona, California, Colorado, Nevada, Ohio, Texas and Washington, with more than 1,800 field technicians and 150,000 active members.
A headline multiple like 18.5 times belongs to a large platform with professional management, many brands and a huge membership base. It is not what a single local company should expect. What it does tell owners is that the companies buying local businesses are themselves worth a lot, which keeps their appetite for acquisitions strong. That demand is what gives well-prepared sellers leverage today.
What this means if you own a home service company
- Platform multiples aren't yours. Big platforms trade higher because of size and scale. Local companies are valued differently.
- Memberships drive value. 150,000 active members is a big part of why this platform is worth so much.
- Demand stays strong. Richly valued platforms keep buying. That's good news for owners who are ready.
Source: HomePros News, Feb. 17, 2026; Blackstone announcement. Summary and analysis by V2 Strategy Advisors.