Alpine Investors is moving toward a minority sale of its home‑services portfolio company, Apex Service Partners, valuing the deal at roughly $10 bn including debt. The move follows a $3.4 bn continuation vehicle transaction in 2023 that kept the asset on Alpine’s books while letting limited partners exit for investors seeking new growth opportunities in the sector.

Alpine launched Apex in 2019, then spun it into a single‑asset vehicle to preserve long‑term upside. The latest stake sale would lift Apex’s valuation to almost three times the 2023 figure, underscoring the firm’s confidence in the company’s build‑and‑scale model for investors looking to benefit from the company’s service portfolio across the U.S. market today.

Apex, headquartered in Tampa, Florida, supplies heating, ventilation, air conditioning, plumbing and electrical services nationwide, employing more than 7,800 tradespeople. The transaction signals Alpine’s willingness to monetize part of its flagship asset while maintaining a controlling stake, a strategy that may attract other private‑equity firms seeking similar upside in the service sector for investors today.

The deal will reshape the U.S. home‑services landscape, consolidating a fragmented market under a proven operator. With a valuation near $10 bn, it provides a benchmark for future sales in the sector and signals confidence in sustained demand for essential maintenance services amid a resilient economy for investors seeking value in the sector today and capable.