Percheron Capital

What Percheron Capital does

Percheron Capital is a private equity firm that acquires and builds category-defining essential services businesses across North America, operating from headquarters in San Francisco and a regional office in New York with an 80+ person team. Founded in 2020, the firm invests in resilient, service-based verticals including HVAC (residential and commercial), plumbing, pest control, car wash, tire and automotive service, foundation repair, fire and life safety, and veterinary services, with named portfolio companies such as Caliber Car Wash, Big Brand Tire & Service, McWilliams & Son, Lookout Pest Control, Any Pest Inc., SafeBasements / Vanterra Foundation Solutions, Solidaire HVAC & Energy Solutions, ASPYRE Fire & Life Safety, and Veritas Veterinary Partners.

At the center of the operating model is Percheron AI Ops, an in-house applied AI engineering team that develops proprietary, production-grade AI systems embedded into frontline service workflows at portfolio companies — a capability positioned as differentiated relative to typical PE operating teams. The firm explicitly describes these systems as not available off the shelf and as engineered alongside operators for real-world service delivery.

Percheron monetizes through standard private equity fund management economics: management fees on committed and invested capital plus carried interest on realized returns. Following the April 2026 close of Fund III at a $3.1 billion hard cap on an oversubscribed basis, total AUM exceeds $7.5 billion, with a globally diversified institutional LP base. The firm sources deals primarily through founder-led outreach and is marketed to founders as a Top Founder-Friendly Investor by Inc. for three consecutive years (2023, 2024, 2025). Strategic activity in 2025 — including the $1.625 billion Big Brand continuation vehicle, the Solidaire commercial HVAC platform (anchored by Enervise), and the launch of ASPYRE Fire & Life Safety — indicates a coordinated platform-build strategy with high-velocity add-on M&A rather than single-asset investing.

Name

Percheron Capital

Legal name

Percheron Investment Management LP

Website

https://percheroncapital.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

101–250 employees

Short description

Percheron Capital is a private equity firm with over $7.5 billion in AUM that acquires and builds category-defining essential services businesses across HVAC, plumbing, pest control, car wash, tire service, foundation repair, and fire/life safety, leveraging its proprietary in-house Percheron AI Ops platform across portfolio companies.

Ownership category

akta.pro rank

Product category

Private Equity / Investment Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

HoldCo / Permanent Capital ETA (FSANALAE)

Keywords

• Private equity firm
• Essential services investing
• Portfolio management
• Fund management
• Leveraged buyouts

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Private Equity Fund Management: Generates returns through ownership stakes in essential services businesses, supporting their growth via acquisitions and organic expansion. Revenue derived from fund management fees and carried interest on portfolio returns.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Percheron Capital is a private equity firm that invests in and builds category-defining essential services businesses across North America. The firm acquires majority stakes in resilient, service-based companies in HVAC, plumbing, pest control, car wash, tire service, foundation repair, fire/life safety, and veterinary services, supporting their growth through acquisitions, organic expansion, operational expertise, and its proprietary Percheron AI Ops platform.

Product overview

Percheron Capital is a private equity firm that builds category-defining Essential Services businesses, with over $7.5 billion in assets under management. The firm operates a portfolio of essential services companies across HVAC, plumbing, pest control, car wash, tire service, foundation repair, fire and life safety, and veterinary services. At the center of their value creation is Percheron AI Ops, an in-house AI engineering team that develops proprietary production-grade systems embedded into portfolio company workflows. The portfolio includes named platforms and acquired brands: ASPYRE Fire & Life Safety (fire and life safety platform), Solidaire HVAC & Energy Solutions (commercial HVAC platform), Vanterra Foundation Solutions (foundation repair), Big Brand Tire & Service (automotive services), McWilliams & Son (residential HVAC/plumbing), Caliber Car Wash (express car wash), Lookout Pest Control and Any Pest Inc. (pest control).

Differentiator

Problem solved

Functional benefit

Brands

• Percheron AI: In-house applied AI engineering team that develops and deploys proprietary production-grade AI systems for portfolio companies
• Percheron AI Ops

Products and services

• Percheron AI Ops In-house applied AI engineering platform that develops proprietary, production-grade AI systems embedded into portfolio company workflows to accelerate growth, automate frontline processes, and improve customer outcomes across essential services businesses.
• Solidaire HVAC & Energy Solutions National commercial HVAC services and energy solutions platform offering rapid expansion across the commercial HVAC sector, supported by Percheron's capital and Percheron AI Ops technology integration.
• ASPYRE Fire & Life Safety National fire and life safety services platform formed through foundational acquisition, supporting growth through investments in technology, infrastructure, and talent across the fire and life safety sector.
• Big Brand Tire & Service Tire and automotive service company that has expanded significantly through M&A (including the Burt Brothers Mountain West expansion), technology investment, and organic expansion under Percheron's ownership since 2021.
• Caliber Car Wash Leading express conveyor car wash platform operating a membership-based model with environmentally friendly practices, expanding in Southeast and Mid-Atlantic regions under Percheron's majority ownership.
• McWilliams & Son

Named customers8 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature1 record

Partnerships

Eleven partnerships are on record, tiered core and minor.

• ASPYRE Fire & Life SafetycoreStrategic or Co-development Partner · 12 November 2025Percheron Capital announced the launch of ASPYRE Fire & Life Safety platform through a foundational acquisition. The platform represents Percheron's entry into the fire and life safety sector as part of its essential services investment strategy.
• Vanterra Foundation SolutionscoreStrategic or Co-development Partner · 5 November 2025Vanterra Foundation Solutions continued rapid growth in 2025 as a Percheron Capital portfolio company in the foundation solutions sector.
• Burt BrothersminorStrategic or Co-development Partner · 30 October 2025Big Brand Tire & Service acquired Burt Brothers as part of its Mountain West expansion, supported by Percheron Capital's growth strategy.
• Big Brand Tire & ServicecoreStrategic or Co-development Partner · 2 October 2025Percheron Capital closed a $1.625 billion recapitalization of Big Brand Tire & Service through a single-asset continuation vehicle. The transaction was oversubscribed and involved significant growth strategies including M&A, technology, and organic expansion since Percheron's investment in 2021.
• Solidaire HVAC & Energy Solutions (Enervise)coreStrategic or Co-development Partner · 16 September 2025Percheron Capital launched Solidaire HVAC & Energy Solutions, a national platform for commercial HVAC services, through the acquisition of Enervise. The platform aims for rapid expansion and supports growth through investments in technology, infrastructure, and talent.
• EnervisecoreStrategic or Co-development Partner · 16 September 2025Enervise was acquired by Percheron Capital to form the foundation of Solidaire HVAC & Energy Solutions, a national commercial HVAC services platform.
• SafeBasementscoreStrategic or Co-development Partner · 31 October 2023Percheron Capital acquired SafeBasements, a foundation repair and basement waterproofing company based in Minnesota, marking its first partnership in the foundation repair industry. Deb Dulsky was appointed as CEO to lead the company's growth leveraging extensive experience in residential services.
• Lookout Pest ControlcoreStrategic or Co-development Partner · 28 June 2023Percheron Capital partnered with Lookout Pest Control, a pest control company based in Georgia, to support growth through acquisitions and organic expansion. The firm focuses on pest and termite control services.
• Any Pest Inc.coreStrategic or Co-development Partner · 28 June 2023Percheron Capital partnered with Any Pest Inc., a pest control company based in Tennessee, to support growth through acquisitions and organic expansion. The firm focuses on pest and termite control services.
• McWilliams & SoncoreStrategic or Co-development Partner · 15 August 2022Percheron Capital acquired a majority stake in McWilliams & Son, a Texas-based residential HVAC and plumbing company. The deal allows the company to leverage strategic support and operational resources to accelerate market development and expand further with Percheron's backing.
• Caliber Car WashcoreStrategic or Co-development Partner · 16 December 2021Percheron Capital acquired a majority stake in Caliber Car Wash, a leading express conveyor car wash platform. The acquisition aims to support Caliber's growth in the Southeast and Mid-Atlantic regions, leveraging its membership model and environmentally friendly practices.

Scale indicators6 records

Recent moves4 records

Expansion highlights6 records

Direct peers

• The Vistria Group: Chicago-based middle-market PE firm explicitly focused on essential services in healthcare, education, and financial services — the closest thematic and scale comparable to Percheron's essential services thesis.
• Audax Group: Boston-based PE firm with a dedicated services practice and a long-standing buy-and-build model in fragmented services categories — directly comparable thesis and execution playbook to Percheron.
• The Riverside Company: Global middle-market PE investor with a strong services franchise and a buy-and-build approach; comparable fund size range and sector overlap with Percheron's essential services focus.
• Gryphon Investors: San Francisco-based middle-market PE firm with a meaningful services and consumer practice — directly overlapping Percheron's geography, fund size, and category-defining growth orientation.
• Sentinel Capital Partners: Services-focused middle-market PE firm investing in fragmented services businesses with a buy-and-build strategy; directly comparable to Percheron's essential services roll-up approach.
• Webster Equity Partners: Boston-based PE firm exclusively focused on services and consumer companies, frequently building platforms through add-on M&A — closely aligned with Percheron's model in services consolidation.
• Sterling Investment Partners: Middle-market PE firm historically focused on consumer and services businesses with operating expertise — directly comparable to Percheron's essential services thesis and operating-partner model.
• Frontenac Company: Chicago-based lower-middle-market PE firm with a long-standing focus on services and consumer businesses using a buy-and-build playbook — closely comparable in fund size and sector focus to Percheron.

Broad incumbents

• Trilantic North America: Established middle-market PE firm with a services-oriented portfolio and meaningful AUM — comparable scale and lower-middle-market focus, though with broader sector exposure than Percheron.
• Genstar Capital: Large middle-market PE firm with a services and consumer franchise and significant AUM — comparable scale and platform-building orientation though broader sector mandate than Percheron.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/percheroncapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries8 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Percheron Capital