Insight

Alpine completes $3.4bn continuation fund for Apex Service Partners

Based in Tampa, Florida, Apex is a residential HVAC, plumbing and electrical services company.

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  • The fund will be used for Apex’s next stage of growth
  • The fund’s backers include Blackstone Strategic Partners, HarbourVest Partners, Lexington Partners, and Pantheon
  • Alpine specializes in investments in the software and services industries

Alpine Investors has closed its $3.4 billion single-asset continuation fund for Apex Service Partners.

Based in Tampa, Florida, Apex is a residential HVAC, plumbing and electrical services company.

The fund will be used for Apex’s next stage of growth.

“Apex has a unique model that is built on combining leading brands with exceptional people,” said Graham Weaver, founder and CEO of Alpine Investors in a statement. “The result is that Apex creates outstanding experiences for its customers and continues to experience explosive growth. We believe the extraordinary people at Apex have only begun to scratch the surface of the market opportunity ahead of them.”

The fund’s backers include Blackstone Strategic Partners, HarbourVest Partners, Lexington Partners, and Pantheon.

Evercore Inc. acted as lead financial advisor along with J.P. Morgan and Cowen for the transaction and Kirkland & Ellis served as legal counsel to Alpine. Morrison Foerster served as debt counsel.

Alpine specializes in investments in the software and services industries. Based in San Francisco, New York and Salt Lake City, Alpine has $16 billion in assets under management as of June 30, 2023.