Permira agrees to buy residential services platform Flint Group

By Abigail Summerville

NEW YORK, Nov 5 (Reuters) - Private equity firm Permira has agreed to acquire a majority stake in Flint Group, which provides residential heating, air conditioning, plumbing and electrical services, the firms told Reuters on Thursday.

The deal is valued at above $1.5 billion, according to people familiar with the matter, who said Kansas City, Missouri-based Flint Group had been exploring a sale with the help of investment banks.

Private equity firms are stepping up investments in the fragmented US home services market, attracted by its recurring customer demand, predictable cash flows and opportunities to build larger platforms through acquisitions of regional operators.

Earlier this year, Blackstone bought home services provider Champions Group for an undisclosed amount, and Apollo took a minority stake in Apex Service Partners at a valuation of $10 billion including debt, Reuters reported.

Permira is buying a majority stake in Flint Group from private equity firm General Atlantic, which invested in the company in 2023 when it had seven brands across five states. Now, the company operates and partners with 20 regional brands across 15 states. Industry veterans Trevor Flannigan and Collin Hathaway founded Flint Group in 2019.

“We are excited to bring Permira’s experience of backing and scaling leading consumer platforms, alongside our deep digital expertise, to help the team accelerate Flint’s growth and extend its market leadership," said Permira partner and co-head of consumer David Erlong, in a statement viewed by Reuters.

William Blair and Jefferies served as Flint Group's financial advisors while Goldman Sachs advised Permira. The firms expect the transaction to close by the end of 2026.

News publication Homepros reported last month that Flint Group was exploring a sale.