Watchtower Capital: Buy Box & Recent Acquisitions

At a glance

EBITDA range	Up to $10M S2
Revenue range	Up to $100M S2
Check size	$10M to $100M S2
Deal types	Platform, Add-on S2
Geography	United States S2
Sectors	HVAC, Plumbing & Electrical, Construction Services

What Watchtower Capital buys

Watchtower Capital is a Charlotte private equity firm led by three managing partners who started their careers together at Sun Capital Partners. It buys control of founder- and family-owned companies in the United States, ideally with the seller keeping a stake, and looks for businesses with an enterprise value under $150 million, revenue of up to $100 million and EBITDA of up to $10 million. It expects to put $10 million to $100 million into each platform over the life of the investment. Its three target areas are commercial services, consumer services such as residential and home services, and B2B products such as value-added distribution and industrial equipment.

The firm keeps a concentrated portfolio of two platforms: Ally Services, a Mid-Atlantic HVAC and plumbing group formed in 2023, and Fence Builders, a Southeast fence and gate business formed in July 2025. Both grow by buying local companies, and the firm's site lists twelve of them, the newest being Carroll Mechanical, a Baltimore HVAC company, in September 2026. Small HVAC, plumbing and fencing firms in those regions are the likeliest fit.

Recent deals

Announced in the 24 months before November 2, 2026.

Date	Company	Type	Sector	Source
September 2026	Carroll MechanicalResidential HVAC repair and replacement company in Baltimore and central Maryland	Investment	HVAC, Plumbing & Electrical	Source
June 2026	Brabham FenceCommercial fence, gate and perimeter security contractor in Columbia and Charleston, South Carolina	Investment	Construction Services	Source
June 2026	Tim's FencingResidential and commercial fence and automated gate company in the Knoxville, Tennessee area	Investment	Construction Services	Source
Feb 2026	J Hood Services, Tri-County Aire and Above & Beyond ServicesThree residential HVAC companies in Virginia, Maryland and Delaware added to Ally Services, announced together; each kept its brand and staff	Add-on	HVAC, Plumbing & Electrical	Source
Jul 2025	Fence Builders and Green Hill FenceTwo family-owned fence and access control companies combined into a Southeast platform; both owners kept stakes and roles	Platform	Construction Services	Source

Portfolio by sector

From the firm's portfolio page S4.

Ally Services

Ally Services
SPS Mechanical
JF Plumbing & Heating
CarrFord
Honest Abe
East Coast Plumbing
Tri-County Aire
Above & Beyond Services
J Hood Services

Construction Services

Brabham Fence
Tim's Fencing

Fence Builders

Fence Builders
Green Hill Fence

HVAC, Plumbing & Electrical

Carroll Mechanical

Greymont’s take

How Watchtower Capital fits a seller

Watchtower suits owners of HVAC, plumbing, fencing and similar service businesses who want a hands-on partner and are open to keeping part of the company. The firm says it keeps every existing employee after closing, and Ally's 2025 add-ons kept their local names and staff. At Fence Builders, both owners stayed in leadership and kept ownership stakes, and both companies were bought directly rather than through an auction.

Watchtower is young, with its first platform in 2023, and it has not announced a committed fund. Its deals so far have brought in Aldine Capital Partners and Plexus Capital for debt and co-investment. An owner should ask where the equity for the deal comes from, how much of the price is cash at closing versus rolled equity, and what role the owner will have afterward, since the founders of Ally's first two companies moved into consulting roles at closing.

Questions owners ask

What size of company does Watchtower Capital buy?

Its criteria call for an enterprise value below $150 million, revenue of up to $100 million and EBITDA of up to $10 million, with platform companies based in the United States. It plans to invest $10 million to $100 million in each platform over time.

Is Watchtower buying HVAC and plumbing companies?

Yes. Its Ally Services platform, based in Rockville, Maryland, buys residential HVAC and plumbing companies across the Mid-Atlantic. It announced three add-ons in February 2026, and the firm's site lists Carroll Mechanical in Baltimore as a September 2026 investment.

Will I keep a stake if I sell to Watchtower?

The firm says it strongly encourages sellers to invest alongside it. In the July 2025 Fence Builders deal, both selling owners kept ownership stakes and stayed in leadership roles.

What happens to my employees after a sale to Watchtower?

Watchtower says it keeps all existing staff after a deal and usually adds new positions. Ally Services said its 2025 add-ons continue under their own brands with their existing employees.

Sources

S1Watchtower Capital home page Accessed November 2, 2026
S2Watchtower Capital: Investment Criteria Accessed November 2, 2026
S3Watchtower Capital: Investment Philosophy Accessed November 2, 2026
S4Watchtower Capital: Portfolio Accessed November 2, 2026
S5Watchtower Capital: Contact (Charlotte office) Accessed November 2, 2026
S6Watchtower Capital Completes Platform Investment in Fence Builders (July 16, 2025) Accessed November 2, 2026
S7Ally Services Completes Three Add-on Acquisitions in 2025 (February 12, 2026) Accessed November 2, 2026
S8Watchtower Capital Announces the Addition of Will Keesler as Managing Partner (June 25, 2025) Accessed November 2, 2026
S9Watchtower Capital Partners Completes First Platform Investment in Ally Services (June 26, 2023) Accessed November 2, 2026
S10Watchtower Capital: News Accessed November 2, 2026

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