Confidential — Acquisition Brief
The Deal Sheet · Feb 2026
Business-Level Analysis — Deal #47
Established 30+ Year Commercial Plumbing & HVAC Company
Full acquisition analysis: financials, market context, valuation, risk assessment, and 100-day integration plan.
View Original Listing ↗ Conditional Strong market fundamentals in high-growth Austin area, but negative cash flow after SBA debt service and aggressive 7.2x SDE asking price create significant financial risk. Recommend pass at $8.5M or renegotiate to $6-6.5M range.
$6.5M
2024 Revenue
Unknown
Backlog (Jan '26)
$1,181,000
Est. SDE
5.5-6.5x
Est. Fair Multiple SDE
$6.5M - $7.7M
Est. Fair Value
01 — Business Overview
At a Glance
A 30-year commercial plumbing and HVAC contractor serving Central Texas with both service and construction divisions across commercial, multifamily, residential, and government projects. Operating from an 11,000 SF leased facility with 32 full-time employees, the business generated $6.5M revenue with $1.18M SDE in recent period. Critical concerns include asking price 30-40% above fair value, negative cash flow under SBA financing, and lack of disclosed revenue mix between high-margin service and lower-margin construction work.
5.0
Revenue Quality
Diversified commercial + residential mix with strong recurring base
8.0
Market Position
Las Vegas: extreme heat demand, population boom, construction surge
4.0
Information Quality
Limited public data — full financials behind NDA; requires verification
Key Strengths
- Prime geography: Williamson County growing 3.7% annually with 776,641 population and strong commercial development pipeline
- Operational maturity: 30+ years established with 32-employee infrastructure, dual service/construction capability, and 11,000 SF facility through Oct 2030
- Stable market fundamentals: Essential services, recurring maintenance revenue, minimal technology disruption risk in fragmented $29B+ consolidating industry
- PE acquisition tailwind: Active roll-up activity from Apex Service Partners, Sila Services, Wrench Group creating exit optionality
Key Questions
- Revenue mix breakdown: What percentage is recurring service vs. project-based construction? (Critical for valuation — service contracts command 6-8x vs. construction 3-5x)
- Customer concentration: Top 10 customer revenue breakdown, contract terms, and retention rates over past 3 years
- EBITDA reconciliation: Why is disclosed SDE $1,178,697 vs. reconstructed $1,181,000? What owner compensation, perks, and add-backs are included?
- Backlog and pipeline: Current committed project backlog, average project size, win rate on bids, and forward visibility
- Key employee retention: Compensation structure for top technicians, project managers, estimators — any retention agreements or equity expectations?
- Fleet and equipment: Age, condition, replacement schedule, and capex requirements for vehicles and tools (not included in asking price)
- License transferability: Confirm HVAC contractor licenses, EPA 608 certifications, and insurance policies transfer without gap or rate increase
- Inventory valuation: $500K inventory — what's turnover rate, obsolescence risk, and terms for financing separate from purchase price?
02 — Financial Analysis
Reconstructed P&L
Estimated Income Statement
| Line Item | Amount | % Revenue | Benchmark |
|---|---|---|---|
| Revenue | $6,500,000 | 100.0% | Reported |
| COGS (Materials) | –$2,522,000 | 38.8% | Industry avg: 38.8% |
| Direct Labor | –$2,197,000 | 33.8% | Industry avg: 33.8% |
| Gross Profit | $1,781,000 | 27.4% | Target: 28-35% for healthy HVAC |
| Vehicle / Fleet | –$195,000 | 3.0% | Industry range: 2-5% |
| Insurance (GL, WC, Auto) | –$162,500 | 2.5% | Industry range: 2-4% |
| Rent / Facilities | –$130,000 | 2.0% | $12,399/mo × 12 = $148,788 — Est. reduced |
| Office / Admin / Software | –$130,000 | 2.0% | Industry range: 1-3% |
| Marketing | –$65,000 | 1.0% | Industry range: 0.5-3% |
| Other Overhead | –$97,500 | 1.5% | Industry range: 1-3% |
| Depreciation | –$26,000 | 0.4% | Industry range: 0.3-0.5% |
| Net Profit (before owner comp) | $975,000 | 15.0% | Calculated |
| Owner Salary Add-Back | $180,000 | 2.8% | Est. $180K for $6.5M revenue business |
| SDE (Seller's Discretionary Earnings) | $1,181,000 | 18.2% | Target: 18-25% for efficient HVAC |
| EBITDA (SDE - Owner Salary) | $1,001,000 | 15.4% | Healthy for service-heavy mix |
| EBITDA (Est.) | $1,001,000 | 15.4% | Benchmark: 15–20% healthy |
| Estimated SDE | ~$1,181,000 | 18.2% |
SBA Financing Model
Estimated SDE of ~$1,181,000 can support SBA 7(a) debt service on a $8,500,000 acquisition. Assuming 10% down ($850,000) and a 10-year term at ~10.5% SBA rates, annual debt service is approximately $1,238,703. Estimated pre-tax income to owner: ~–$57,703+ after debt service.
03 — Working Capital & Seasonality
Cash Flow Reality Check
$780,000
Est. Working Capital Needed
$1,092,000 (July)
Peak Capital Requirement
High
Seasonality Risk
Monthly Revenue Seasonality (1.0 = Average Month)
Jan
0.60x
Feb
0.65x
Mar
0.80x
Apr
0.95x
May
1.20x
Jun
1.45x
Jul
1.50x
Aug
1.45x
Sep
1.15x
Oct
0.90x
Nov
0.70x
Dec
0.65x
Cash Conversion Cycle
Days Receivable
35 days
Days Payable
25 days
Net Cash Cycle
10 days
Assessment
Healthy — industry average 15-20 days, company outperforms due to prompt collections
Working Capital Recommendations
- Establish $400K Revolving Line of Credit: Secure working capital line to cover Jan-Feb payroll and overhead shortfalls ($150K-200K) when revenue drops 35-40% below annual average. Prevents cash crunch during slow season.
- Implement Progress Billing on Large Projects: Negotiate 30-50% deposits and monthly progress payments on commercial construction projects >$50K to reduce AR aging from 35 days toward 25 days. Improves cash conversion cycle.
- Build $250K Cash Reserve by August: During peak summer months (Jun-Aug), accumulate cash reserves from strong cash generation ($400K-500K over 3 months) to fund Nov-Feb operating deficits without debt drawdown.
- Shift Revenue Mix Toward Recurring Service: Grow maintenance contract base from est. 30% to 50%+ of revenue — recurring monthly billing smooths cash flow, reduces seasonality impact, and lowers working capital volatility.
- Optimize Inventory Management: Reduce $500K inventory to $350K through just-in-time ordering and vendor-managed consignment for common parts. Frees $150K working capital for operations without sacrificing service levels.
04 — Revenue Quality
How Sticky Is the Revenue?
Revenue Breakdown by Type
Service Maintenance Contracts (Est.) (Recurring) 30%
Service Repair & Emergency (Est.) (Repeat) 25%
Commercial Construction Projects (Est.) (One-Time) 35%
Government/Municipal Projects (Est.) (Repeat) 10%
Customer Concentration (Est.)
Top 1 Customer
~8%
Top 5 Customers
~20%
Top 10 Customers
~30%
Concentration Risk: Low — Low concentration risk based on diversified customer base across commercial, multifamily, residential, government segments. However, construction-heavy revenue mix (45%) creates project lumpiness.
Revenue Retention Estimate: 70-75% annual retention on maintenance contracts (industry benchmark 75-85%), unknown retention on construction customers due to project-based nature
Estimated percentage of revenue retained after an ownership transition, based on industry benchmarks and business characteristics.
Churn Risk Factors
Construction Revenue Volatility (High likelihood)
Mitigation: 35% of revenue from one-time commercial projects creates unpredictable pipeline. Shift focus to recurring maintenance (target 50%+) and long-term service agreements with property managers.
Key Account Concentration (Medium likelihood)
Mitigation: Est. top 10 customers represent 30% revenue — loss of 1-2 major accounts could impact 5-10% of revenue. Implement quarterly business reviews with top accounts, diversify customer base through marketing.
Service Quality Decline Post-Sale (Medium likelihood)
Mitigation: If key technicians or project managers depart during transition, service quality could suffer and drive customer attrition. Implement retention bonuses, maintain seller involvement for 6-12 months.
Competitive Pressure from PE-Backed Platforms (Medium likelihood)
Mitigation: ResiXperts, FirstCall Mechanical, Comfort Systems expanding in Texas with aggressive marketing and pricing. Differentiate through superior service, niche expertise (government contracts), local relationships.
03 — Valuation Assessment
What's This Business Worth?
Valuation Triangulation
| Method | Low | Mid | High |
|---|---|---|---|
| SDE Multiple (Independent Operator) | $5,500,000 | $6,500,000 | $7,675,000 |
| EBITDA Multiple (Platform/PE Buyer) | $6,006,000 | $7,007,000 | $8,008,000 |
| Comparable Transactions (Regional HVAC) | $5,500,000 | $6,500,000 | $7,500,000 |
Blended Fair Value
$6.0M - $7.5M
Premium Factors
Prime Austin/Williamson County market with 3.7% annual population growth, strong commercial pipeline
7%
Dual service + construction capability with government project access and multifamily penetration
6%
Operational scale at 32 employees, mature infrastructure, facility lease through Oct 2030
7%
Discount Factors
Below-target 27.4% gross margin suggests unfavorable revenue mix (construction-heavy) or pricing pressure
7%
Lack of disclosed EBITDA, revenue breakdown, customer concentration, backlog creates material information risk
8%
Negative $57K annual cash flow under SBA financing at asking price — financially unworkable for independent buyer
9%
Severe HVAC technician shortage (75% of companies report hiring difficulty, 40% workforce over 45) threatens labor inflation
6%
04 — Market Context
Market & Comparable Transactions
Williamson County TX represents one of the nation's fastest-growing markets with 3.7% annual population growth, 776,641 residents, and 358,000-person economy driven by Austin metro expansion. The HVAC industry is consolidating rapidly with 29,053 private companies available for acquisition and active PE platforms (Apex Service Partners, Sila Services, Wrench Group) deploying capital at 5-10x EBITDA for quality add-ons. However, severe technician shortage (75% report hiring difficulty, 40% workforce over 45) creates labor cost inflation risk and competitive pressure for talent retention.
| Comparable | Revenue | Multiple | Location |
|---|---|---|---|
| Hart HVAC and Electric (Fort Worth/Weatherford TX) — residential HVAC/electrical acquired by ResiXperts (FoW Partners platform) | Undisclosed | Est. 5-7x EBITDA (typical residential platform add-on) | Fort Worth/Weatherford, TX |
| J&S Mechanical Contractors (West Jordan UT) — commercial mechanical acquired by Comfort Systems USA for $120M | $145-160M annualized, $12-15M EBITDA | 8-10x EBITDA (public acquirer premium) | West Jordan, UT |
| Champions Group (Orange County CA) — residential HVAC/plumbing/electrical platform acquired by Blackstone for $2.5B | $500M+ | 18.5x EBITDA (premium platform multiple) | Orange County, CA |
Bull Case
Austin's explosive growth creates sustained demand for commercial HVAC services across multifamily, office, government, and light industrial segments. A well-run service-heavy mix with 60%+ recurring maintenance revenue could justify 6-7x SDE to a platform buyer seeking Central Texas density. The dual plumbing/HVAC capability, government contract access, and 30-year operational track record provide competitive moat in fragmented market. Facility lease through 2030 and 32-employee infrastructure enable immediate revenue scaling through add-on acquisitions or organic hiring.
Bear Case
The 27.4% gross margin significantly trails healthy HVAC targets (28-35%) and suggests construction-heavy revenue mix commanding lower multiples (3-5x vs. 6-8x for service). Negative cash flow under SBA financing makes deal unworkable without $1.5-2M equity injection or significant price reduction. Lack of disclosed customer concentration, backlog, and revenue mix creates material diligence risk — construction backlog could evaporate post-closing. Severe technician shortage threatens wage inflation and customer service continuity if key employees depart. At $8.5M asking price (7.2x SDE), buyer overpays 30-40% vs. market comps.
06 — Competitive Landscape
Who You're Up Against
50-150 HVAC contractors in Williamson County and greater Austin area (mix of 1-5 person independents, 10-50 person regionals, PE-backed platforms)
Est. Local Competitors
Fragmented
Market Structure
Low — residential HVAC dominated by franchises (Aire Serv, One Hour Heating & Air Conditioning), but commercial/multifamily primarily served by independents
Franchise Penetration
Key Local Competitors
| Company | Type | Est. Revenue | Threat Level |
|---|---|---|---|
| Prodigy Heating & Air | Independent | $1-3M | Local Leander-based competitor with strong customer reviews (4.9/5 stars), quick response times, competitive pricing. Primarily residential but expanding into light commercial. |
| CityWide A/C & Heating | Independent | $2-5M | Family-owned with 30+ years experience in Austin area, offers residential and light commercial services. Competes on reputation and local relationships. |
| ResiXperts (Hart HVAC acquisition platform) | PE-Backed | $50M+ (platform) | FoW Partners-backed platform actively consolidating HVAC/plumbing/electrical in Southwest US. Competitive advantages: professional marketing, operational support, purchasing power. Expanding into Austin market. |
| FirstCall Mechanical Group | PE-Backed | $200M+ (platform) | SkyKnight Capital-backed, Austin-based commercial mechanical services platform with 15+ acquisitions. Strong presence in Southeast/Mid-Atlantic, significant capital for growth and competitive pricing. |
| Comfort Systems USA (NYSE: FIX) | PE-Backed | $4.5B+ (public company) | Publicly traded mechanical/electrical services with continuous M&A activity (acquired J&S Mechanical for 8-10x EBITDA). Significant scale, capital resources, and ability to win large commercial projects. |
Competitive Advantages
30-year operational history and local relationships
Moderate
Dual plumbing + HVAC capability (cross-sell opportunity)
Strong
Government contract experience and certifications
Strong
Multifamily property management relationships
Moderate
Moat Assessment
Moderate competitive moat. Business benefits from 30-year local reputation, dual plumbing/HVAC capability creating switching costs for commercial customers, and government contract experience providing niche differentiation. However, fragmented market with low barriers to entry (HVAC license, insurance, trucks) enables constant new competition. PE-backed platforms (ResiXperts, FirstCall, Comfort Systems) have scale advantages in marketing, purchasing, and talent acquisition. To strengthen moat, business must shift toward recurring maintenance contracts (higher switching costs), develop specialized expertise (controls automation, energy efficiency), and build key account relationships that value service quality over price.
05 — Risk Assessment
Risk Scores & Due Diligence
8.0
Market Risk
Low — HVAC is essential in Las Vegas
5.5
Operational Risk
Medium — Labor + owner dependency unknown
3.0
Financial Risk
High — Estimated financials only
Due Diligence Priorities
- 1. Revenue Quality Deep Dive: Obtain 3-year revenue breakdown by service vs. construction, recurring maintenance contracts vs. one-time projects, customer type (commercial/multifamily/residential/government). Analyze gross margin by segment to validate mix assumptions. Review top 20 customer list with retention rates and contract terms.
- 2. Financial Reconciliation: Request full P&L, balance sheet, tax returns for 2023-2025. Reconcile disclosed $1,178,697 SDE vs. reconstructed $1,181,000 — identify owner compensation, perks, discretionary expenses, one-time costs. Validate COGS and labor percentages against actual payroll records.
- 3. Backlog and Pipeline Verification: Review current project backlog (committed revenue), average project size, win rate on bids, typical lead time from bid to award. Assess forward visibility — can business sustain $6.5M run rate post-closing or does it rely on specific contracts?
- 4. Key Employee Retention Analysis: Interview top 5 technicians, project managers, estimators. Review compensation benchmarking vs. market (median TX HVAC tech earns $52K). Assess retention risk and cost to implement stay bonuses or equity incentive plan.
- 5. License and Insurance Transfer: Verify HVAC contractor license (Class A or B), EPA 608 certifications for technicians, general liability insurance ($300K/$600K or $100K/$200K depending on class). Confirm no lapse during ownership transfer and obtain renewal quotes.
- 6. Fleet and Equipment Assessment: Catalog all vehicles, tools, equipment with age, condition, replacement cost. Develop 3-year capex forecast. Confirm none of critical assets are personally owned by seller or subject to liens.
- 7. Working Capital and Inventory: Analyze AR aging (35-day DSO), AP terms (25-day DPO), inventory turnover. Validate $500K inventory value and obsolescence risk. Negotiate inventory financing terms separate from purchase price or include in total deal structure.
- 8. Facility Lease Review: Review lease agreement for 11,000 SF facility — confirm $12,399/mo rent, renewal options, landlord consent for assignment, personal guarantee requirements. Assess suitability for scaling operations.
08 — Transfer Checklist
What Needs to Transfer
$165K - $230K
Total Estimated Transfer Cost
60-90 days
Estimated Time to Complete
60-90 days (critical path: licenses, insurance, lease assignment)
Deal Transfer Checklist
✓
License HVAC Contractor License (Class A or B) Critical
Cost: $115 + $500 legal Time: 30-45 days Buyer must have 4 years experience under licensed contractor or hire qualifying party. Texas TDLR administers.
✓
License EPA Section 608 Technician Certifications Critical
Cost: $0 (individual certs) Time: Immediate Certifications belong to individual technicians — verify all techs hold valid EPA 608 for refrigerant work.
✓
Insurance General Liability Insurance ($300K/$600K Class A or $100K/$200K Class B) Critical
Cost: $15K-25K annual Time: 14-30 days Obtain quotes before closing. Rate depends on revenue, claims history, coverage limits. No lapse permitted.
✓
Insurance Workers Compensation Insurance Critical
Cost: $60K-80K annual (Est. 3-4% of payroll) Time: 14-30 days High rate for HVAC trade due to injury risk. Experience mod impacts pricing — request loss runs.
✓
Insurance Commercial Auto Insurance (Fleet) Critical
Cost: $25K-35K annual Time: 7-14 days Covers service vehicles, trucks. Verify driver records for all employees operating vehicles.
✓
Contract Facility Lease Assignment (11,000 SF, $12,399/mo through Oct 2030) Critical
Cost: $2K legal + landlord approval Time: 30-60 days Landlord consent required. May require personal guarantee or additional security deposit. Review renewal options.
✓
Contract Customer Contracts and Service Agreements Critical
Cost: $3K-5K legal review Time: 30-45 days Review all active maintenance contracts, construction project agreements for assignability. Some may require customer consent.
✗
Contract Vendor Accounts and Credit Terms
Cost: $0-2K (new credit apps) Time: 30-60 days Major suppliers (HVAC equipment, plumbing materials) require new credit applications. May lose existing terms/discounts initially.
✗
Regulatory Government Contract Certifications (if applicable)
Cost: $5K-10K recertification Time: 60-90 days If business serves government/municipal projects, verify certifications (HUB, small business, etc.) and transferability.
✗
Regulatory Bonding Capacity (for large commercial projects)
Cost: $2K-5K annual + bonding fees per project Time: 30-60 days Buyer must establish bonding relationship. Capacity depends on buyer financials, experience. May limit large project bids initially.
✓
Operational Vehicle Titles and Registrations Critical
Cost: $1K-2K DMV fees Time: 14-30 days Transfer all service vehicle titles to buyer entity. Verify no liens. Update insurance and registrations.
✓
Operational Software Licenses (accounting, dispatch, estimating)
Cost: $2K-5K license transfers/setup Time: 14-30 days QuickBooks, field service management software, estimating tools. Some may require new licenses vs. transfer.
✓
Operational Phone Numbers and Business Email/Domain
Cost: $500-1K Time: 7-14 days Transfer business phone numbers, email domain, website hosting to maintain customer continuity.
✗
Operational Key Employee Retention Agreements Critical
Cost: $50K-75K stay bonuses Time: Pre-closing negotiation Implement retention bonuses for top 10 employees (GM, operations manager, lead techs, estimators) to prevent departure during transition.
Potential Deal Breakers
- HVAC contractor license — if buyer cannot qualify or hire licensed contractor within 30-45 days, deal cannot close legally
- General liability and workers comp insurance — no lapse permitted or business cannot operate. Must secure coverage before closing.
- Facility lease assignment — landlord refusal or onerous terms (triple rent deposit, personal guarantee) could kill deal economics
- Key employee departures — loss of GM, operations manager, or 3+ lead technicians pre-closing creates operational continuity risk
06 — Post-Acquisition Plan
100-Day Integration Playbook
Days 1-90
Stabilization & Retention
Secure key employees, customers, and operational continuity
- Announce ownership transition to all employees with stay bonus plan for top 10 personnel ($50K-75K pool)
- Send personal letters to top 20 customers (representing ~40% revenue) introducing new ownership and confirming service continuity
- Complete license transfer, insurance assignment, vendor account updates within 30 days to avoid service disruption
- Implement weekly leadership meetings (GM, operations manager, service manager) to monitor backlog, cash flow, employee morale
Months 4-6
Revenue Mix Optimization
Shift toward higher-margin recurring service revenue
- Analyze profitability by customer segment — exit low-margin construction projects below 20% gross margin
- Launch maintenance contract sales initiative targeting existing commercial customers — goal 30% of revenue from recurring within 12 months
- Implement flat-rate service pricing vs. time-and-materials to improve service margins from 27% to 32%+
- Hire dedicated service coordinator to increase maintenance contract renewal rate from est. 70% to 85%+
Months 7-12
Operational Efficiency
Improve gross margin and cash flow through better systems
- Implement field service management software (ServiceTitan or similar) to reduce administrative labor 15-20%
- Negotiate volume pricing with major suppliers (HVAC equipment, plumbing materials) to reduce COGS 2-3 percentage points
- Optimize technician routing and scheduling to increase billable hours from est. 60% to 70%+ utilization
- Develop apprenticeship program with local technical schools to build talent pipeline and reduce reliance on expensive journeyman hires
Year 2+
Growth & Exit Optionality
Scale revenue and position for strategic exit
- Execute 2-3 tuck-in acquisitions of smaller HVAC competitors in Austin metro to reach $10M+ revenue scale
- Expand service offerings into adjacent trades (electrical, controls automation) to increase wallet share with existing commercial customers
- Build predictable $4M+ recurring maintenance revenue base (60% of total) to support 7-8x EBITDA exit multiple
- Engage M&A advisor to position business for sale to Apex Service Partners, Sila Services, or regional platform at 24-month mark
Value Creation Waterfall (3-Year Outlook)
Acquisition Price
$2.2M
+ Organic Revenue Growth (15%/yr)
+$2.1M Rev
+ Margin Expansion (to 20% EBITDA)
+$250K EBITDA
+ Multiple Expansion (3.5x → 5.5x)
+$2.0M uplift
Est. Enterprise Value (Year 3)
$5.5M – $7.0M
07 — Final Recommendation
Our Verdict
Verdict: Conditional — Proceed to LOI
PASS at $8.5M asking price or CONDITIONAL BUY at $6-6.5M with revenue mix verification. The asking price of 7.2x SDE creates negative cash flow under SBA financing and exceeds market comps by 30-40%. At a renegotiated $6.5M (5.5x SDE), deal becomes workable with $205K annual cash flow. However, critical information gaps (revenue mix, customer concentration, backlog) create material risk. Only proceed if: (1) Seller provides full financial transparency showing 50%+ recurring service revenue with 30%+ gross margins, (2) Top 10 customers represent <30% of revenue with multi-year contract terms, (3) Price reduced to $6-6.5M range enabling positive cash flow, (4) Key employees commit to 2-year retention agreements.
Recommended Next Steps
- Counter offer at $6.5M (5.5x SDE) with 30-day due diligence period and price adjustment based on revenue mix verification
- Request detailed CIM including 3-year P&L, customer list with revenue breakdown, current backlog report, employee roster with compensation
- Engage HVAC industry consultant ($5K-10K) to assess operational quality, equipment condition, competitive positioning
- Conduct management meetings with owner, GM, operations manager, service manager to assess culture fit and transition readiness
- Obtain insurance quotes for general liability, workers comp, commercial auto to validate transfer cost assumptions
- Secure SBA 7(a) lender pre-qualification at revised $6.5M purchase price before submitting formal LOI
Suggested Offer Structure
$6.0M - $6.5M (5.1-5.5x SDE) structured as $650K down payment (10%), $5.85M SBA 7(a) loan, seller note $0-500K at 6% over 5 years subordinated to SBA. Inventory financed separately via working capital line. Offer contingent on revenue mix verification (50%+ service), customer concentration <30% in top 10, key employee retention, clean license/insurance transfer.
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Related Resources
Sources
BizBuySell Listing #2507134 · U.S. Census Bureau — Williamson County Population Estimates 2024-2026 · PrivCo HVAC Industry M&A Report 2025 · Comfort Systems USA 10-K Filing (J&S Mechanical acquisition) · Texas Department of Licensing & Regulation — HVAC Contractor Requirements · HVAC Industry Labor Shortage Analysis 2025 · Apex Service Partners Deal Activity Report 2025