Welcome back to regular programming. Let’s kick things off with a deep dive into a niche within field services. It looks a lot like the HVAC roll-up play on the surface—but the labor model changes the economics in an important way.
State of Play
Private equity has been pouring tons of capital into field services businesses over the last few years. According to industry panels, ~85% (!) of residential and commercial services transactions in 2023 involved private equity, a stark jump from 20% back in 2018.
Source: Workwave
Why the rush? Field services sits at the intersection of everything private equity loves in roll-ups: recurring revenue, fragmented markets, and operational complexity that rewards disciplined operators over mom-and-pop businesses.
Today, we’re breaking down the multi-site facilities (a sub-segment of broader field services) services playbook.