Private Equity has come to town -Goodco, Haller, Bovard, Triangle, Gary and Sons, Topline - who are these guys really?

Private Equity has come to town

When Private Equity Comes to Town: What Homeowners Are Really Paying For

If you’ve heard about HVAC companies in State College being sold to firms backed by Goldman Sachs or Morgan Stanley, Pulte and others, here’s what’s happening — and it’s happening right now here in Centre County.

Twice a week, I get calls from homeowners asking for a second opinion. Their system has been condemned, or they’ve been quoted repair prices 2–3 times what they should cost. It's "unfair business practices" as defined by the state of PA Office of Consumer Affairs, but unfortunately there seems to be no consequence, and little defense againt a team of Big NY Bank attorneys.

At first, it was interesting to expose these companies. Now it’s simply overwhelming and discouraging. The bottom line? You’re getting ripped off by big New York banks and other rollup investment firms.

Young people fresh out of tech schools, with a gift for gab and a compassionate, trusting demeanor, are being recruited to sell, and only sell - everything and anything mechanical, plumbing or electric in your basement, and they are pulling down up to $125k in commissions — often with little or no real technical experience or training.

It begs the question: Why would any company in a small community risk its reputation like this?

Private Equity 101: The 5-Year Flip

Most private equity groups follow a predictable pattern: buy a company, extract value quickly, then sell it again in about five years. Once they’ve raised prices, expanded margins, and hit their financial targets, they flip the company to another private equity firm — one that expects even higher returns.

The PE owners move on, but the community they just finished squeezing is left with:

• Fewer independent options

• Permanently higher prices

• A local service landscape that no longer feels local

The Ripple Effect on Independent Companies

Even independent companies — the ones that actually live and work in the community — eventually have to raise prices just to stay competitive. Why?

• Labor costs rise as PE-backed companies offer aggressive wages and signing bonuses.

• Marketing costs surge due to heavy advertising spending.

• Equipment costs increase as manufacturers prioritize large-volume PE buyers.

• Customer expectations shift, pushing independents to add memberships, financing, or “premium” service options.

The result is marketwide inflation. Even the local businesses that care about reputation and community are forced to adjust prices upward.

The Bottom Line

When private equity enters a marketplace, it’s not just their prices that go up — they change the entire ecosystem. Homeowners end up paying more, and small communities lose the personal, trustworthy service they once relied on.

Independent companies are still here, still serving their neighbors, and still focused on fair pricing — but the PE-backed players have shifted the baseline, and it’s the customers who pay the cost.