Provider of non-discretionary residential heating, ventilation and air condition (HVAC), plumbing, and residential services in the Midwest, United States.

INVESTMENT | 2020

OWNERSHIP | Minority

Performance 2025 

In 2025, Heartland continued to take market share and maintained its strong position in the Midwest U.S. Despite softer industry-wide demand, the company grew its core HVAC offering and improved profit margins through pricing initiatives and labor efficiencies. Heartland’s Plumbing & Electrical segments continued to deliver double-digit year-on-year growth, reinforcing the benefits of adjacency expansion in a softer HVAC environment. The management team is confident in the strength of the platform and feels that the systems, process standardization, corporate support, and brand leadership are in place to execute the 2026 plan.