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Here's your money briefing from Monday October 14th. I'm J.R. Wayland for the Wall Street Journal.

Private equity money isn't just for the heavy hitters on Wall Street.

PE firms are pouring money into skilled trade small

businesses just like the ones in your neighborhood that employ plumbers and

HVAC technicians. One company that we spoke to that said the technicians at the businesses they acquire get roughly a 20% paybum through an increase in both wages and bonuses and commissions.

We'll talk with Wall Street Journal reporter to Ping Chen, after the break. Hey Prime Members, did you know you could be listening to this show ad-free on Amazon Music?

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Amazon.com slash W.S.J.

That's Amazon.com slash W.S.J. Private equity firms have purchased nearly 800 skilled trade companies since

2022.

Wall Street Journal reporter Taping Chen joins me.

To ping, some plumbers and HVAC workers are becoming millionaires as a result of private equity buying their businesses.

Why are the PE groups doing this?

So private equity has made inroads and a lot of other industries where they're pursuing similar

strategies of buying up these smaller companies and rolling them up into bigger

entities and so a skill trades to a lot of investors seem similarly ripe with opportunity.

You're also talking about an industry where it's a lot of recurring

pretty predictable revenue, right?

Air conditioners are going to break, boilers are going to need upgrades,

...