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Wrench Group
activeHVAC / Plumbing — Leonard Green / TSG Consumer / Oak Hill Capital
Deal Terms
Entry Year2016
Entry EV$2B
Entry Multiple10x
Leverage6x
Debt Amount$1.3B
Risk Metrics
LTV (est.)65%
Debt / EV0.65x
Notes
Residential HVAC/plumbing/electrical rollup. $1.3B debt refinancing (2025) led by Blue Owl and Oak Hill at SOFR+475bps. PE-backed home services consolidation: buy local plumbers at 4-6x, bolt onto platform, target exit at 12-15x. Homeowners pay higher prices as PE raises service call fees. The 'your plumber is now owned by Wall Street' deal.