Last week, a member of our sales team came to me with a great question:
“How do I help a homeowner in Newton understand the difference between Endless Energy and some of the bigger HVAC companies?”

The customer wanted a locally based, privately owned company to install a new heat pump system. While Endless Energy isn’t headquartered in Newton, we’re just down the street in Marlborough—and we’re still family-owned, Massachusetts-based, and frequently working in Newton and surrounding towns.

Here’s where things got interesting.

The Changing Landscape of HVAC Ownership

It turns out that most of the companies we were competing against were no longer independently owned. One didn’t even have its own HVAC installation teams —they subcontract all HVAC installs!

Over the last few years, private equity and venture capital firms have aggressively acquired HVAC companies across Massachusetts. This shift has its pros and cons.

On the plus side, PE firms have improved some back-end efficiencies and brought down equipment costs for many. But it’s also led to:

  • Increased marketing spend (driving up customer acquisition costs)

  • Labor inflation as firms compete for skilled technicians

  • And in some cases, pressure to prioritize profits over customer service

Let’s be clear: Being owned by private equity doesn’t mean a company is bad. Many of them continue to offer quality work. But if you’re specifically looking to support a locally owned HVAC company, you’ll need to dig a little deeper than you used to.

Who’s Independent—and Who’s Not? (As of May 1, 2025)

We asked our team to research 15 well-known HVAC and home services companies in Massachusetts. Here’s what we found:

Company Ownership
Boston Standard Owned by Goldman Sachs [source]
Elephant Energy VC-backed (CO-based); subcontracts MA installs
Forge VC-backed by Eclipse Ventures and NextView Ventures [source]
GEM Owned by HomeX Services [source]
Gervais Mechanical Owned by Strikepoint Group Holdings
Heritage Owned by Apex Service Partners
Landry Mechanical Privately Held ✅
Muirfield Mechanical Services Owned by Apex Service Partners
New England Ductless Owned by Goldman Sachs
NETR Owned by Goldman Sachs
Nicholson Plumbing & Heating Owned by Strikepoint Group Holdings
Rodenhiser Home Services Privately Held ✅
Quail Services Owned by Apex Service Partners
Rycor Owned by HOP Energy (NY-based)
Tetra VC-backed; subcontracts MA installs

Why A Privately Held Local HVAC Company Might Matter to You

Why does any of this matter? The truth is it might not. Like I said many of the companies above are outstanding companies and do great work. However if these things are important to you as a consumer, you may want to do your research on your local HVAC company:

  • A locally invested team

  • Direct accountability (you probably want to avoid subcontractors, like you get at big box stores)

  • A company that’s focused on long-term relationships, not short-term returns

At Endless Energy, we’re proud to remain family-owned and Massachusetts-based since the beginning. No institutional investors. No gimmicks. Just the same mission we’ve always had:

Endless Comfort. Endless Solutions. Endless Care.

Matt Kidd
CEO