NexCore’s Playbook: Building an HVAC Empire One Acquisition at a Time

DALLAS, TX – February 12, 2026 – In a decisive move signaling a broader consolidation trend, commercial HVAC services provider NexCore closed 2025 with an aggressive expansion, acquiring three specialized firms in the Northeast. The Dallas-based company, formed less than three years ago, is rapidly assembling a national footprint in the highly fragmented, multi-billion-dollar commercial heating, ventilation, and air conditioning market.

The acquisitions of Connecticut’s Action Air Systems and Massachusetts-based Accutemp Engineering and FX Automation have pushed NexCore’s total workforce to over 900 employees across six operating hubs. This strategic push is emblematic of a well-defined private equity playbook designed to roll up regional leaders into a national giant.

The Buy-and-Build Blueprint

Behind NexCore's rapid ascent is its partnership with Trinity Hunt Partners, a Dallas-based private equity firm with over $2 billion in assets under management. Trinity Hunt specializes in a “buy-and-build” strategy, a model perfectly suited for industries like commercial HVAC services, which are characterized by thousands of small, privately-owned operators. The U.S. commercial HVAC market, valued at over $35 billion, is ripe for such consolidation.

Trinity Hunt's approach involves acquiring a strong platform company—in this case, NexCore, formed in March 2023—and then aggressively pursuing add-on acquisitions of smaller, successful businesses. The goal is to build scale, expand geographic reach, and centralize key functions while preserving the local operational strengths of the acquired companies. The three 2025 acquisitions bring NexCore's total to eleven since its inception, demonstrating the velocity of this strategy.

“NexCore’s success in partnering with high-quality businesses and executives demonstrates the platform’s ability to establish a strong foothold in a highly fragmented industry,” said Garrett Greer, a Partner at Trinity Hunt, in a recent statement. He noted that the newly acquired firms “represent the type of partners we seek to continue attracting as we expand our platform.”

This model allows the combined entity to leverage greater purchasing power, invest in technology and training that individual small businesses cannot afford, and offer a more comprehensive suite of services to a larger client base.

A Strategic Bet on Smart Buildings

The recent acquisitions are not just about adding size; they are a calculated move to deepen NexCore's technical capabilities, particularly in the high-growth area of building automation. While Action Air Systems and Accutemp Engineering bring robust traditional mechanical contracting and maintenance services, the acquisition of FX Automation is particularly telling.

FX Automation, acquired as a “tuck-in” to Accutemp, specializes in commercial HVAC controls and building automation systems (BAS). This move brings critical in-house expertise that aligns with the most powerful trends shaping the commercial real estate landscape: energy efficiency, sustainability, and smart building technology. The global push for Net Zero Energy buildings and stricter environmental regulations are transforming HVAC from a simple utility into a complex, data-driven system.

Modern commercial clients are no longer just looking for temperature control; they demand systems that reduce energy consumption, improve indoor air quality (IAQ), and provide predictive maintenance alerts through IoT sensors. By integrating FX Automation, NexCore can now offer a more holistic solution, managing everything from the physical ductwork and machinery to the sophisticated software that optimizes its performance. This capability provides a significant competitive advantage, as automated systems can reduce a building's energy costs by 10% to 30% while enhancing occupant comfort and productivity.

Balancing National Scale with Local Roots

A central challenge in any roll-up strategy is integrating diverse company cultures without alienating the employees and customers who made the acquired businesses successful in the first place. NexCore’s leadership publicly emphasizes a commitment to overcoming this hurdle by preserving the local identity and community ties of its new partners.

Action Air Systems in Connecticut and Accutemp Engineering in Massachusetts are not just assets on a balance sheet; they are businesses with decades-long reputations built on customer service and local expertise. Pre-acquisition reviews consistently praised both firms for their professionalism and reliability. NexCore CEO Steve Knowles has stressed that this local strength is a core part of the value proposition.

“As NexCore approaches its third anniversary, we are proud and excited to welcome Action Air, Accutemp, and FX Automation to the NexCore family,” Knowles stated. “These companies are deeply rooted in their communities and share our commitment to customer service and employee experience.”

This philosophy, which Trinity Hunt often refers to as a “Do No Harm” approach, is crucial for retention and continued performance. The strategy aims to empower local leaders with national resources—such as enhanced benefits, technology platforms, and career development opportunities—rather than imposing a rigid, top-down corporate structure.

To manage this expanding national enterprise, NexCore has also invested heavily in its own leadership infrastructure over the past 18 months. The company has built out its C-suite with key hires, including Brian Nienstedt as Chief Development Officer to spearhead the acquisition strategy, Brandt Walker as Chief Operating Officer to oversee integration and service delivery, Al Rollins as Chief HR Officer to manage a growing and diverse workforce, and Troy Scott as Chief Financial Officer. This team is tasked with the complex job of weaving together disparate regional companies into a cohesive, efficient national leader, proving that successful consolidation requires as much investment in people and processes as it does in the acquisitions themselves.