Blackstone has agreed to acquire residential services provider Champions Group in a transaction valuing the business at approximately $2.5bn.

The buyout group is purchasing the company from Odyssey Investment Partners through its retail-focused perpetual private equity strategy, BXPE. Odyssey and management will retain a significant minority stake.

Champions, headquartered in Orange County, California, provides essential home services across heating, air conditioning, plumbing, and electrical systems. The company benefits from recurring, non-discretionary demand, as US households rely on repair and maintenance services irrespective of economic cycles.

The transaction reflects a broader repositioning within private equity portfolios. As rapid advances in artificial intelligence disrupt software valuations and re-rate technology assets, sponsors are increasing allocations to service-based businesses perceived as structurally resilient.

Odyssey invested in Champions, then known as Service Champions, in 2021. Financial terms of that acquisition were not disclosed.

“By bringing together best-in-class essential services under one umbrella, we have an opportunity to redefine what homeowners expect from a residential services provider – exceptional quality, reliability, and scale, all delivered locally,” said Michael Staub, Senior Managing Director, and Maury Bardovi, Managing Director at Blackstone. “This partnership positions Champions Group to set a new standard for the industry and create long-term value for customers, employees, and the communities it serves.”

The deal also highlights Blackstone’s continued expansion of its perpetual capital strategies. BXPE allows retail and wealth investors to access private equity exposure without traditional fund timelines, providing Blackstone with flexible capital for large-scale transactions.

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