Family office-backed private equity firm making majority-control investments

NorthCurrent Partners

At a glance

Assets under management$500M (as of Oct 2026) S1
EBITDA range$2M to $12M S2
Revenue range$5M to $75M S2
Deal typesPlatform, Add-on S2
GeographyUnited States, Southeast, Midwest, Mid-Atlantic S2
SectorsHVAC, Plumbing & Electrical, Construction Services, Distribution

What NorthCurrent Partners buys

NorthCurrent Partners is a New York firm, founded in 2019, that calls itself the private equity arm of a family office. The family behind it grew a multi-generation business and sold it to private equity, and NorthCurrent now puts that family office's capital into majority-control stakes in American companies. It does not describe raising a fund from outside investors. It says the family backing lets it offer certainty, speed and flexible deal structures, and take a longer-term view. Its home page reports more than 35 acquisitions, more than 1,500 employees and over $500 million of investments under management.

Its main focus is residential and facility services, with value-added distribution and food ingredients also listed. New platforms should have $5 million to $75 million or more of revenue and $2 million to $12 million or more of EBITDA; add-ons start at $500,000 of EBITDA. It looks across the United States, mainly the Southeast, Midwest and Mid-Atlantic. Most deals are add-ons to Liberty Service Partners (HVAC, plumbing and electrical) or On Track Partners (garage doors), and managers can earn equity.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Jun 2026DB's Plumbing and DrainFamily-owned Woodbridge, Virginia plumber added to Liberty Service PartnersAdd-onHVAC, Plumbing & ElectricalSource
Apr 2026Arctic Breeze Air Conditioning & HeatingSecond-generation Palm Coast, Florida HVAC company added to Liberty Service PartnersAdd-onHVAC, Plumbing & ElectricalSource
Apr 2026HVAC & Plumbing UnlimitedLorton, Virginia HVAC and plumbing firm; Liberty's first Mid-Atlantic marketAdd-onHVAC, Plumbing & ElectricalSource
Feb 2026Carey's Seamless Gutters & Overhead DoorsSouthern Wisconsin gutter and garage door company added to On Track Partners; keeps its name and leadershipAdd-onConstruction ServicesSource
Dec 2025Hometown Plumbing, Electrical & HVACTri-Cities, Tennessee home services contractor added to Liberty Service PartnersAdd-onHVAC, Plumbing & ElectricalSource
Aug 2025Restivo's Heating & AirRhode Island HVAC company founded in 1936 added to Liberty Service Partners; the family keeps running itAdd-onHVAC, Plumbing & ElectricalSource
Feb 2025Current ElectricalHuntsville, Alabama backup power and electrical company added to Liberty Service PartnersAdd-onHVAC, Plumbing & ElectricalSource
Dec 2024Thomas Garage Door SalesCentral Indiana garage door company folded into On Track Partners' Fairmount DoorAdd-onConstruction ServicesSource
Nov 2024Wilson Heating & Air ConditioningSt. Augustine, Florida residential HVAC company added to Liberty Service PartnersAdd-onHVAC, Plumbing & ElectricalSource

Portfolio by sector

From the firm's portfolio page S3.

Platform Companies

  • Liberty Service Partners
  • On Track Partners
  • UGD
  • NorthCurrent Restoration

Select Partner Brands

  • Aire Care
  • AJ Door
  • Arctic Breeze Air Conditioning & Heating
  • Belle Air
  • Bob Garrett Services
  • Carey's Seamless Gutters & Overhead Doors
  • Certified Climate Control
  • Creeks Air
  • Current Electrical
  • DB's Plumbing & Drain
  • Duke's Garage Doors
  • Easy Electric
  • Fairmount Door
  • Hometown Plumbing, Electrical & HVAC
  • Hopkins Air
  • HVAC & Plumbing Unlimited
  • Luminous Electric
  • On Track Doors
  • Restivo's
  • Ridge Energy Savers
  • Storm Guardian
  • Tri-State Water, Power & Air
  • United
  • Wilson Heating & Air Conditioning

Greymont’s take

How NorthCurrent Partners fits a seller

NorthCurrent is a natural buyer for owners of residential HVAC, plumbing, electrical, generator and garage door companies in the Southeast, Midwest and Mid-Atlantic, including smaller shops with as little as $500,000 of EBITDA. A sale usually means joining Liberty Service Partners or On Track Partners while keeping your brand and local team. Carey's kept its name and leadership in February 2026, the Restivo family kept running Restivo's, and NorthCurrent says Tri-State grew from 120 to more than 200 employees after it bought in.

NorthCurrent ties its longer-term approach to its family office roots, but it does not say how long it plans to hold its platforms or whether Liberty or On Track will be sold one day. An owner should ask about the expected hold period, whether part of the price can be rolled into platform equity, and who will lead the business once the founder steps back.

Questions owners ask

Is NorthCurrent Partners a family office?

It describes itself as the private equity arm of a family office. The family grew a multi-generation business and sold it to private equity, and NorthCurrent now invests that capital in majority-control deals. Its site does not name the family.

What size business will NorthCurrent buy?

New platforms need $5 million to $75 million or more of revenue and $2 million to $12 million or more of EBITDA. Add-on companies can be as small as $500,000 of EBITDA.

What has NorthCurrent bought recently?

Liberty Service Partners added HVAC & Plumbing Unlimited in Virginia and Arctic Breeze in Florida in April 2026, then DB's Plumbing and Drain in Virginia in June 2026. On Track Partners added Carey's Seamless Gutters & Overhead Doors in Wisconsin in February 2026.

Does the founder stay after NorthCurrent buys in?

Usually the local team stays. On Track's February 2026 release says Carey's leadership and employees remain in place under its own name, and Restivo's said its family would keep operating the business after joining Liberty in 2025.

Sources

  1. S1NorthCurrent Partners home page (at a glance figures, approach) Accessed October 26, 2026
  2. S2NorthCurrent Partners: Our Approach and Investment Criteria Accessed October 26, 2026
  3. S3NorthCurrent Partners: Our Portfolio Accessed October 26, 2026
  4. S4NorthCurrent Partners: Our Team Accessed October 26, 2026
  5. S5Liberty Service Partners Expands into the Mid-Atlantic with Partnership with HVAC & Plumbing Unlimited (PR Newswire, April 21, 2026) Accessed October 26, 2026
  6. S6Liberty Service Partners Acquires Wilson Heating & Air Conditioning (PR Newswire, November 13, 2024) Accessed October 26, 2026
  7. S7On Track Partners Acquires Carey's Seamless Gutters & Overhead Doors (PR Newswire, February 24, 2026) Accessed October 26, 2026
  8. S8Liberty Service Partners Expands HVAC Services in Northeast with Partnership in Restivo's Heating & Air (PR Newswire, August 27, 2025) Accessed October 26, 2026
  9. S9Liberty Service Partners news releases on PR Newswire Accessed October 26, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with NorthCurrent Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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