HOCKLEY, Texas--(BUSINESS WIRE)--P3 Services (or “P3”), a provider of end-to-end plumbing services from installation to retrofit, maintenance, and repair services for the multi-family, light commercial, and single-family end-markets, is proud to announce the acquisition of Anchor Plumbing (“Anchor”) located in San Antonio, TX. P3 Services is a platform investment of Stellex Capital Management (“Stellex”). This marks the 2nd acquisition by P3 in 2023, and the 11th acquisition since the initial creation of the platform. The Anchor team will remain under the operational leadership of President, Paul Arguijo.
The recent acquisition of Anchor demonstrates P3 Services’ continued expansion into high-growth metro service areas (“MSAs”), with the goal of building geographic dominance as a one-stop-shop for end-to-end plumbing solutions in the Southeast, Southwest, and Northwest regions of the United States. At the time of its original acquisition of P3 Services, Stellex aimed to provide P3 with the capital and resources necessary to facilitate expansion through organic growth and strategic acquisitions. Over the last 18 months, P3 has materially expanded its maintenance and repair services capabilities in neighboring high-growth MSAs in an effort to create more value for its customers and provide better opportunities for its employees.
Since acquiring P3 Services in January 2022, Stellex and the newly assembled executive team have successfully completed eight acquisitions in key geographies. In leveraging the Company’s scale, geographic density, and acquisition playbook, P3 Services has become the acquirer of choice for many independent plumbing companies. As P3 Services continues evaluating acquisition targets in its pipeline, the executive team, led by Terry Young (CEO of P3), and Chad Lusco (CEO of Services Division), remains focused on M&A integration and organic growth.
“I am thrilled to continue leading this next phase of growth for the business. In partnership with Stellex and the P3 teams, we are focused on continuing our track record of strategic acquisitions, serving to expand our reach and providing the highest standard in quality and reliability for our customers,” said Mr. Lusco. “As we continue growing in our target markets, we will work alongside our customers to provide best-in-class service, from installation, to retrofit, to maintenance and repair services.”
About P3 Services
P3 Services is a provider of end-to-end plumbing services from installation to retrofit, maintenance, and repair services across multi-family residential, single-family residential and light commercial buildings. P3 operates in three markets under separate brands and entities, and shares consolidated corporate resources; the Company operates as Peltram Plumbing (“Peltram”) and Patriot Plumbing, Heating, and Cooling (“Patriot”) in the Northwest market, Precision Plumbing (“Precision”), Air Care Heating and Cooling (“Air Care”), Universal Plumbing (“Universal”), and Cottrell & Co., Inc. Plumbing (“Cottrell”) in the Southeast market, and Power Plumbing (“Power”), Premier Plumbing (“Premier”), and Anchor Plumbing (“Anchor”) in the Southwest market.
Additional information may be found at www.p3services.com.
About Stellex Capital Management LLC
Stellex is a global, multi sector investment firm with offices in New York, Detroit, Pittsburgh, and London with over $2.6 billion in assets under management. Founded in 2014, Stellex seeks to identify and deploy capital in opportunities that have the potential to provide growth, stability, and operational improvement. Portfolio companies benefit from Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight, and access to capital. Sectors of particular focus include both tech-enabled and data services, business services, industrial manufacturing, aerospace & defense, government services, transportation, logistics and food.
Additional information may be found at www.stellexcapital.com.