Good morning. If your phone's been ringing with "just exploring your options" calls, you're not imagining it — money is pouring into the trades, and it's coming for the owners. Here's what to know before you pick up.
Top story — The roll-up is real, and it's speeding up
Private equity now backs at least 20 active U.S. plumbing platforms that made disclosed acquisitions between January 2024 and April 2026 (CT Acquisitions). The names are heavy: Champions Group, which agreed to a Blackstone buyout in February 2026, carries roughly a $2.5 billion enterprise value — about 18.5x earnings. Apex Service Partners (Alpine Investors) runs 75 local brands across 46 states on more than $3 billion in annual revenue (Alpine Investors, May 2026).
Why it matters to you: even if you never sell, the shop across town may now have a billion-dollar balance sheet behind its ads, its pay rates, and its truck fleet. And if you are weighing an exit, the market's paying 6–11x EBITDA for platform-quality shops (over $2M in earnings) and 3–8x for smaller tuck-ins. The multiple you land is mostly decided before the first meeting — by one number. (See The Tip.)
Quick hits
R-410A is winding down — but not gone. New R-410A split systems have been illegal to manufacture since Jan 1, 2025. But an EPA final rule effective July 27, 2026 removed the Jan 1, 2026 install deadline, so residential systems whose components were built or imported before 2025 can still be installed from existing inventory — except in New York, which kept the 2026 cutoff by state law. New equipment now runs A2L refrigerant like R-454B — roughly 78% lower global-warming potential, and not a drop-in for old systems. (Johnson Controls; Federal Register; NAHB)
Your software bill, ranked. Jobber's entry Core plan runs $29/mo billed annually (about $39–49/mo month-to-month); Housecall Pro's Basic is $59/mo billed annually (about $79/mo monthly); ServiceTitan stays quote-only at roughly $245–500/mo per tech on a 12-month contract, plus a $5,000–50,000 one-time implementation fee. Per-seat plans balloon as you add techs — price the crew you'll have in 18 months, not the one you have today. (getjobber.com/pricing; Housecall Pro; contractor-reported ServiceTitan ranges, 2026)
What "deep pockets" buys: Roto-Rooter's parent paid $20.6M in 2026 for just two franchise territories — San Francisco and Fort Worth. That's the going rate for a foothold in your market. (CT Acquisitions)
The Tip — Know your number before they do
Every offer you'll ever get is built on one figure: your trailing-twelve-month EBITDA (earnings before interest, taxes, depreciation, and amortization). Buyers calculate it in minutes; most owners are off by a mile. Pull it this week — revenue minus real operating costs, then add back your own salary and any one-off expenses — and multiply by 6 for a floor, 11 for a strong shop. Now you know your walk-away number before anyone else names one for you.
Tool watch — [Not sponsored]
Comparing field software? Don't start with the demo — start with your tech count. Jobber and Housecall Pro publish flat entry pricing; ServiceTitan doesn't, and its per-seat model is where growing shops get surprised. Price it for the crew you'll have in 18 months, not the one you have today.
That's the callout. See you next time.
The Callout — the business brief for the trades. We label every commercial placement: [Sponsor], [Affiliate], or [Not sponsored]. Today's Tool watch is our own honest read — no one paid for it. 231J Ramparts Road, Te Anau 9600, New Zealand · Unsubscribe anytime.
Sources: CT Acquisitions — 2026 Plumbing PE Roll-Up Tracker · Johnson Controls — Navigating the Refrigerant Transition · Jobber — official pricing · Housecall Pro — pricing · FieldCompare — ServiceTitan pricing (user-reported ranges) · Alpine Investors — Apex Service Partners announces strategic minority investment from Apollo Funds (28 May 2026) · Federal Register — Phasedown of Hydrofluorocarbons; Reconsideration of Certain Regulatory Requirements (91 FR 31284, eff. 27 Jul 2026) · NAHB — EPA Finalizes Refrigerant Rule Update to Allow Older HVAC Unit Installation