Roll-Up Strategy Case Studies (2026): What the Top US PE Platforms Actually Did
Quick Answer
The top US roll-up case studies in 2026 demonstrate how PE-backed platforms execute industry consolidation across fragmented sectors. Heartland Dental (KKR + Ontario Teachers’ Pension Plan, ~2,500+ offices, largest US dental DSO) has grown from ~500 offices in 2012 to ~2,500+ by 2025 through ~200+ add-on acquisitions. Caliber Collision (Hellman & Friedman + OMERS, ~1,800+ locations) expanded from ~250 locations in 2014 to ~1,800+ today through systematic auto collision center acquisitions and the 2022 Service King merger. Mars Petcare Veterinary Health (~2,100+ vet hospitals across VCA + BluePearl + Banfield) consolidated multiple specialty + general practice acquisitions over 10+ years. Service Corporation International (NYSE: SCI, ~$4B+ revenue, ~16% US funeral market share) has run continuous death care consolidation since the 1960s, currently operating ~1,500+ funeral homes and ~470+ cemeteries. Apex Service Partners (Alpine Investors / Brightstar Capital Partners) closed ~60 HVAC add-ons in 2025. Blackstone-Champions closed at ~$2.5B at ~18.5x EBITDA in February 2026. Allied Universal (Warburg Pincus + CDPQ, ~800,000 employees) consolidated US security services through the 2021 $5B G4S acquisition. Mister Car Wash (NYSE: MCW, ~500+ locations) IPO’d at premium multiples after PE-backed roll-up. CT Strategic Partners runs retained buy-side mandates for PE platforms doing add-on acquisitions.
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The most successful US roll-up case studies in 2026 share a common pattern: tight thesis, premium platform acquisition, disciplined add-on cadence, standardized integration playbook, and 9-14x EBITDA exit multiples.
This guide covers the named PE platforms with specific transaction details, add-on cadence, and exit math (where disclosed).
What this guide covers
- Top US roll-up case studies: Heartland Dental (~2,500+), Caliber Collision (~1,800+), Mars Petcare Vet (~2,100+), SCI (~1,500+ funeral homes + 470+ cemeteries), Allied Universal (~800,000 employees), Apex HVAC (~60 add-ons in 2025), Mister Car Wash (~500+, IPO’d).
- Heartland Dental: KKR + OTPP, ~200+ add-ons over 10+ years.
- Caliber Collision: H&F + OMERS, ~1,800+ locations including 2022 Service King merger.
- Service Corp (NYSE: SCI): continuous consolidation since 1960s, ~16% US market share.
- Apex Service Partners: ~60 HVAC add-ons in 2025, Alpine Investors-backed.
- Blackstone-Champions: closed ~$2.5B at ~18.5x EBITDA Feb 2026.
| Named M&A activity | Sponsor / acquirer | Year | Notes |
|---|---|---|---|
| Heartland Dental KKR + OTPP | KKR + Ontario Teachers’ Pension Plan | 2012-2025 | ~500 to ~2,500+ offices. |
| Caliber Collision continued expansion | Hellman & Friedman + OMERS | 2014-2026 | ~250 to ~1,800+ locations including 2022 Service King merger. |
| Mars Petcare VCA + BluePearl + Banfield | Mars (private) | 2015-2017 | VCA ~$9.1B 2017, BluePearl 2015. ~2,100+ vet hospitals total. |
| Service Corp continued consolidation | NYSE: SCI | 1962-2026 | ~$4B+ revenue, ~16% US funeral market share. |
| Blackstone-Champions HVAC | Blackstone PE | Feb 2026 | ~$2.5B EV at ~18.5x EBITDA. One of highest HVAC multiples 2025-26. |
| Apex Service Partners HVAC velocity | Alpine Investors + Brightstar | 2024-2025 | ~60 HVAC add-ons closed in 2025. |
| Mister Car Wash IPO | NYSE: MCW (Leonard Green) | 2021 | ~500+ locations at IPO. Subscription-based recurring revenue model. |
| Allied Universal G4S acquisition | Warburg Pincus + CDPQ | 2021 | $5B G4S acquisition; ~800,000 employees globally. |
The buy-side process: what actually happens
Case Study 1: Heartland Dental (KKR + Ontario Teachers’ Pension Plan)
- Sector: Dental Service Organizations (DSOs).
- Platform acquisition: KKR acquired in 2012 from Hartford Financial.
- OTPP investment: 2018 strategic partnership.
- Add-on cadence: ~200+ add-ons over 10+ years.
- Scale: ~500 offices (2012) to ~2,500+ offices (2025).
- Operating playbook: standardized practice management, marketing, group purchasing, dentist career path.
- Exit math: 2018 recap at ~$6.5B; continued growth through 2025.
Case Study 2: Caliber Collision (Hellman & Friedman + OMERS)
- Sector: Auto collision repair.
- Platform acquisition: H&F acquired Caliber in 2014.
- Service King merger 2022: Combined Caliber + Service King for ~1,800+ locations.
- OMERS investment: 2019 partnership.
- Scale: ~250 locations (2014) to ~1,800+ today.
- Operating playbook: Insurance carrier DRP (Direct Repair Program) network, standardized estimating, supply chain consolidation.
Case Study 3: Mars Petcare Veterinary Health
- Sector: Veterinary care (general practice + specialty + ER).
- Brands: VCA Animal Hospitals (~1,000+) + BluePearl Pet Hospital (~115+ specialty) + Banfield (~1,000+ PetSmart clinics).
- VCA acquisition: Mars acquired in 2017 for ~$9.1B.
- BluePearl acquisition: Mars acquired in 2015.
- Scale: ~2,100+ vet hospitals total.
- Hold horizon: Mars is a perpetual hold (family / private), not exit-driven.
Case Study 4: Service Corporation International (NYSE: SCI)
- Sector: Death care (funeral + cemetery).
- History: Continuous consolidation since 1962.
- Scale: ~$4B+ revenue, ~1,500+ funeral homes, ~470+ cemeteries.
- Market share: ~16% US funeral home market.
- Operating playbook: Preneed contract sales, cemetery integration, crematorium ownership, direct-cremation infrastructure.
Case Study 5: Apex Service Partners (Alpine Investors / Brightstar)
- Sector: Residential HVAC.
- Platform acquisition: Alpine Investors backed.
- Add-on cadence: ~60 HVAC add-ons in 2025 (one of the most aggressive home-services consolidations).
- Recapitalization: 2024 Brightstar Capital Partners + GIC.
- Operating playbook: Standardized ServiceTitan deployment, branded customer experience, technician career path.
Case Study 6: Blackstone-Champions (Feb 2026 announcement)
- Sector: Residential HVAC.
- Transaction: Closed ~$2.5B EV at ~18.5x EBITDA February 2026.
- Significance: One of the highest multiples paid for an HVAC platform in 2025-26.
- Operating playbook: Continued consolidation under Blackstone PE.
Case Study 7: Mister Car Wash (NYSE: MCW)
- Sector: Express car wash.
- Platform acquisition: Leonard Green Partners 2014.
- IPO: 2021 at premium multiples.
- Scale: ~500+ locations.
- Operating playbook: Subscription-based recurring revenue model, standardized equipment, fleet density.
How an M&A advisor adds value (and where they don’t)
Common patterns across successful roll-ups
- Tight sector thesis. Each platform focused on one well-defined industry.
- Premium platform acquisition. Industry leader at 8-12x EBITDA anchors the consolidation.
- Disciplined add-on cadence. 1-15 add-ons per year depending on platform scale.
- Standardized OS deployment. ServiceTitan / Athena / proprietary systems across portfolio.
- Shared back-office. Accounting, HR, IT, procurement consolidated at platform level.
- Operating playbook standardization. Branding, marketing, customer experience repeatable.
- Cross-sell across customer base. Mining acquired customer databases for platform-level upsell.
Common patterns in struggling roll-ups
- Premium multiples on first add-ons. Anchors expectations; platform exit math doesn’t pencil.
- Operating system inconsistency. Each add-on on different OS = post-close chaos.
- Under-funded integration capacity. 70% of total cost is acquisition; 30% is integration.
- Cultural mismatch. Acquired family businesses resist standardization.
- Over-leverage. 6x+ total leverage constrains velocity.
- Sector mis-fit. Already-consolidated industries leave no runway.
How CT Strategic Partners supports add-on pipelines
- Retained 12-24 month mandate.
- Sector-exclusive engagements.
- 3-8 add-on closes per mandate (typical).
- End-to-end coverage. Sourcing → LOI → QoE → diligence → closing.
- Sector benchmark expertise. What’s market-standard in your sector.
Dangers and traps when buying a business
1. Picking a non-roll-uppable sector
Already-consolidated industries (top-5 > 60% share) leave no consolidation runway.
2. Over-paying for early add-ons
Premium multiples on first add-ons anchors expectations.
3. OS inconsistency across portfolio
Each add-on on different OS = post-close chaos.
4. Under-funded integration
70% of total cost is acquisition; 30% is integration.
5. Cultural mismatch
Acquired family businesses with strong cultures resist standardization.
6. Over-leverage
6x+ leverage constrains add-on velocity and exit flexibility.
7. Missing the exit horizon
Roll-up platforms without 5-7 year exit timing lose discipline.
8. Internal corp dev bandwidth constraint
1-3 internal staff can run 1-2 add-ons per year; high-velocity programs need external advisor support.
Our POV in 2026
The top US roll-up case studies in 2026 all share the same execution pattern: tight thesis, disciplined cadence, standardized OS, shared back-office. The math works when sector fragmentation, recurring revenue, and demographic / regulatory tailwinds align.
The biggest divergence between successful and struggling roll-ups is integration capacity. Heartland Dental, Caliber Collision, and Mars Petcare Vet all over-invested in integration infrastructure. Struggling roll-ups under-invest.
For PE platforms building roll-ups in 2026, the math favors retained buy-side advisor mandate for add-on pipeline. Internal corp dev focuses on integration; external advisor on sourcing velocity.
Preparing to acquire: 6-12 months out
- Study top US roll-up case studies in your sector (or adjacent sectors).
- Define the fragmentation level (top-5 market share %).
- Identify the platform target ($50M-1B+ EV) to anchor the strategy.
- Map the add-on pipeline: 30-100+ qualifying companies.
- Build 100-day integration playbook before first close.
- Standardize OS choice across portfolio.
- Engage a retained buy-side advisor.
- Plan capital for 5-15 add-ons over 5-7 year hold.
- Define exit horizon and value-creation milestones.
- Schedule quarterly strategy reviews.
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About the Author
Christoph Totter is the founder of CT Acquisitions, a buy-side partner headquartered in Sheridan, Wyoming. We work directly with 100+ buyers, search funders, family offices, lower middle-market PE, and strategic consolidators, including direct mandates with the largest consolidators that other intermediaries cannot access. The buyers pay us when a deal closes, not the seller. No retainer, no exclusivity, no contract until close. Connect on LinkedIn · Get in touch
Roll Up Strategy Case Studies: Frequently Asked Questions
What are the top roll-up case studies in 2026?
Top US roll-up case studies include Heartland Dental (KKR + OTPP, ~2,500+ offices), Caliber Collision (Hellman & Friedman + OMERS, ~1,800+ locations), Mars Petcare Vet Health (~2,100+ vet hospitals across VCA + BluePearl + Banfield), Service Corporation International (NYSE: SCI, ~$4B+, ~16% US funeral market), Apex Service Partners HVAC (~60 add-ons in 2025), Blackstone-Champions HVAC ($2.5B at 18.5x Feb 2026), Mister Car Wash (NYSE: MCW, ~500+, IPO’d), Allied Universal (~800,000 employees).
How did Heartland Dental grow?
Heartland Dental (KKR + Ontario Teachers’ Pension Plan) grew from ~500 offices in 2012 (KKR platform acquisition) to ~2,500+ offices by 2025 through ~200+ add-on acquisitions. Operating playbook: standardized practice management, marketing, group purchasing, dentist career path.
How did Caliber Collision scale?
Caliber Collision (Hellman & Friedman + OMERS) grew from ~250 locations in 2014 (H&F platform acquisition) to ~1,800+ locations today through systematic auto collision center acquisitions and the 2022 Service King merger. Operating playbook: Insurance carrier DRP network, standardized estimating, supply chain consolidation.
What’s the typical add-on cadence?
Successful roll-up platforms close 1-15 add-ons per year. Heartland Dental ran ~20+ add-ons/year at peak. Caliber Collision ran ~50-100+ add-ons/year at peak (including the 2022 Service King merger). Apex Service Partners closed ~60 HVAC add-ons in 2025.
What’s a typical roll-up exit multiple?
Roll-up exit multiples in 2026 typically range 9-14x EBITDA. Mister Car Wash IPO’d at ~12-18x EBITDA in 2021. Blackstone-Champions closed at ~18.5x EBITDA in February 2026 (top of market for HVAC). Add-on entry multiples are 3-5x EBITDA, creating the 4-11x arbitrage spread.
Why do roll-ups fail?
Roll-ups fail when (1) sector is already consolidated (top-5 > 60% share), (2) premium multiples paid on first add-ons anchor exit expectations, (3) operating systems are inconsistent across portfolio, (4) integration capacity is under-funded, (5) leverage exceeds 6x and constrains velocity, (6) cultural mismatch resists standardization.
What’s the role of a buy-side advisor in roll-ups?
PE platforms doing roll-ups typically have 1-3 internal corp dev staff who can manage 1-2 add-ons per year. Platforms with retained buy-side advisor mandates run 3-8 add-ons per year. Internal corp dev focuses on integration; external advisor handles proprietary off-market sourcing.
How does CT Strategic Partners support roll-ups?
CT runs retained buy-side mandates for PE-backed roll-up platforms. Sector-exclusive 12-24 month engagements covering 3-8 add-on closes. Proprietary off-market sourcing (800-2,000+ outreach touches per engagement), end-to-end QoE / legal / tax / operational diligence, integration handoff at closing. Lighter retainer + larger success fee at each closing.