LO3 Capital Provides Senior Debt Investment to Thermometer BAS Holdings for Recapitalization and HVAC Acquisition

LO3 Capital Provides Recapitalization Financing to Undisclosed National PEO and Workers' Compensation Services Provider

September 2, 2025

Insurance

LO3 Capital provided senior debt and preferred equity to support a U.S.-based owner-operator's recapitalization of a national provider of professional employer organization (PEO) and workers' compensation insurance services. The financing will facilitate an ownership transition, support technology enhancements, and fund growth initiatives to expand the company's national footprint and improve service automation.

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.

Therma Holdings Acquires Bel-Aire Mechanical

November 11, 2021

HVAC & Mechanical

Therma Holdings, a Blackstone portfolio company, has acquired Phoenix-based Bel-Aire Mechanical to expand its mechanical and plumbing services footprint in Arizona. The acquisition adds over 400 professionals and broadens Therma's capabilities and geographic reach across mission-critical end markets such as data centers, semiconductors, and biopharma.

Halmos Capital and Trivest Partner with Thermal Concepts to Launch Commercial HVAC Platform

May 31, 2022

HVAC & Mechanical

Halmos Capital Partners and Trivest Partners have partnered with Thermal Concepts, a Davie, Florida-based provider of commercial HVAC maintenance, repair and installation services, to form a platform in the commercial HVAC services industry. Founder Larry Maurer will remain CEO as the partners support Thermal Concepts’ growth across Florida and the Southeast.

Zero Carbon Systems Acquires Global Thermostat

May 22, 2024

Renewable Energy

Zero Carbon Systems has acquired Global Thermostat, combining Global Thermostat's decade-plus direct air capture technology with Zero Carbon Systems' large-scale engineering design and financial resources. The deal aims to accelerate deployment of low-cost, low-energy carbon dioxide removal at demonstration, commercial and megaton scales.

KLH Capital Recapitalizes Thorpe Specialty Services

August 31, 2022

Industrial Services

KLH Capital has completed a recapitalization of Thorpe Specialty Services, partnering with Thorpe management while prior sponsor The Capstreet Group sold its stake. Thorpe, a Houston-based provider of refractory, corrosion, scaffolding and insulation maintenance and engineering services with ~1,250 employees, will use the partnership to accelerate growth and scale across petrochemical, power, mining and other industrial end markets.