SE Capital Partners Acquires Cardinal Heating and Air

S|E|Capital Partners Acquires Sierra Air Conditioning, Inc. and Sierra, LLC

January 2, 2020

HVAC & Mechanical

S|E|Capital Partners, a Chicago-based private investment firm, acquired Sierra Air Conditioning, Inc. and Sierra, LLC, closing the transaction on January 2, 2020. Sierra is a dominant residential HVAC installer and service provider in the Las Vegas market; the buyer sees the business as an ideal platform to expand its footprint and offerings.

Morgan Stanley Capital Partners Acquires Sila Heating & Air

May 26, 2021

HVAC & Mechanical

Funds affiliated with Morgan Stanley Capital Partners completed an acquisition of Sila Heating & Air Conditioning from Dubin Clark, acquiring the Northeast/Mid-Atlantic residential HVAC, plumbing and electrical services platform headquartered in King of Prussia, Pennsylvania. Morgan Stanley Capital Partners will partner with Sila's management to continue organic growth and pursue further add-on acquisitions across the region.

The SEER Group Acquires Swan Electric Plumbing Heating & Air

April 30, 2025

HVAC & Mechanical

The SEER Group has acquired Dallas-area Swan Electric Plumbing Heating & Air, marking SEER's 42nd partner brand and its entry into the Texas market. Venture Capricorn served as exclusive sell-side advisor; founders Scott Sarlay and Nicholas Riddell sold the business and will remain aligned with SEER as the company expands its regional footprint.

Redwood Services Partners with Cardinal Heating, Cooling, Plumbing & Electric

April 7, 2025

HVAC & Mechanical

Redwood Services has partnered with Cardinal Heating, Cooling, Plumbing, & Electric, marking Redwood’s 18th platform investment. The Ouimette family (founders/owners) will retain a significant minority stake while Cardinal’s team continues to operate under its existing brand as Redwood provides operational and financial support to accelerate growth in the Madison, Wisconsin market.

Cortec Group Completes Growth Recapitalization of Four Seasons Heating & Air Conditioning

November 1, 2022

HVAC & Mechanical

Cortec Group, via an affiliated investment vehicle led by Cortec Group Fund VII, completed a growth recapitalization of Four Seasons Heating & Air Conditioning on November 18, 2022, with CEO Dave Musial retaining a significant ownership stake. The investment will support Four Seasons’ organic expansion and an acquisitive growth plan across the Midwest; terms were not disclosed and senior debt was provided by Antares Capital, Adams Street Partners, MetLife Investment Management and Apogem Capital.

The SEER Group Acquires Alpine Heating & Air Conditioning

March 17, 2025

HVAC & Mechanical

The SEER Group has acquired Eugene, Oregon-based Alpine Heating & Air Conditioning, expanding SEER’s Oregon footprint. Alpine will continue to operate locally while gaining access to SEER’s operational resources and support to grow its residential and commercial HVAC services.